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    eröffnet am 13.08.06 02:15:51 von
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     Ja Nein
      Avatar
      schrieb am 13.08.06 02:15:51
      Beitrag Nr. 1 ()
      Zugegeben, eine Menge zu lesen, aber ich denke, dass es sich lohnt.
      Bisher starkes Wachstum, eine wirklich ordentliche Dividende und Übernahmephantasie.


      Lakeport Brewing Income Fund is an Ontario-based brewery focused on producing value-priced, quality beer for the Ontario take-home market. Lakeport pioneered the “24 for $24” value segment. Lakeport produces nine proprietary beer brands, two of which, Lakeport Honey Lager and Lakeport Pilsener, are amongst the top-selling brands in the province. Lakeport has approximately 200 full-time employees at its production facility in Hamilton, Ontario. The Fund's units trade on the TSX under the symbol TFR.UN (TFR stands for ‘two-four’).

      Lakeport Brewing Income Fund Second-Quarter Sales Up 21%; EBITDA Up 17%
      8/3/2006

      HAMILTON, ON, Aug. 3, 2006 (Canada NewsWire via COMTEX News Network) --

      << - Market share continues to exceed 11% of The Beer Store sales - Lakeport introduction of cans is a "home run" success - Gross margin increases by 120 basis points from the same period last year >>

      Lakeport Brewing Income Fund (TSX: TFR.UN) an Ontario-based brewer of value-priced, quality beer, today announced that it sustained its growth momentum in volume, market share, sales, and earnings through the second quarter of 2006.

      "By every measure, it was another outstanding quarter for Lakeport," said Teresa Cascioli, Chair and Chief Executive Officer. "We achieved great growth in sales and profitability. Our marketing initiatives in the latter part of 2005 and first part of this year are all helping to drive our growth, including the launch of our leading brands in cans, our new packaging design, and expansion into new sales channels. Lakeport's growth and financial performance is truly exceptional given the extremely competitive environment where the number of value brands offered increased substantially from a year ago."

      Lakeport completed its initial public offering on June 21, 2005. However, to provide meaningful information, the Fund's second-quarter and first-half results ending June 30, 2006 are compared with the respective 2005 periods, including when Lakeport was privately owned.

      Gross sales rose 21 percent to $43.5 million for the 2006 second quarter, compared with $36.1 million for the same period last year. The growth is attributable to a number of factors, notably the continued excellent performance of Lakeport's three leading proprietary brands - Lakeport Honey Lager, Lakeport Pilsener, and Lakeport Light. Sales of these brands increased 29 percent in the 2006 quarter compared with a year earlier and accounted for more than 90 percent of the company's sales of proprietary beer. Lakeport Strong and Lakeport Ice also enjoyed solid growth from their year-earlier sales levels.

      "We hit a home run with the introduction of cans. Lakeport Honey Lager, Lakeport Pilsener, and Lakeport Light were all made available in 355 ml cans," said George Croft, the Fund's President and Chief Operating Officer. "From almost nothing, we gained more than a 10 percent share of The Beer Store's sales of beer in cans. Moreover, we believe that the growth of our Lakeport can business has led to more consumers switching to Lakeport thus improving our bottle performance. Other initiatives that helped drive sales in the second quarter included our redesigned packaging and our strategic marketing plans."

      Gross profit margin improved to 42.9 percent of net revenue in the 2006 second quarter or $7.7 million, compared with 41.7 percent of net revenue or $6.6 million in the 2005 period. Lakeport maintains a razor focus on managing costs and the improvement is attributable to achieving further operating efficiencies resulting from a higher proportion of proprietary beer sales, the contribution of cash-flow enhancing capital projects, and higher pricing on smaller packaging sizes. Energy conservation programs succeeded in offsetting cost increases. Other factors included brewing efficiencies and overall favorable raw material pricing. Selling, general, and administrative (SG&A) expenses increased to $2.8 million, 16.7 percent higher in the 2006 quarter compared with a year earlier, mainly reflecting the costs of being a publicly owned company and additions to personnel to accommodate the growth of the business.

      EBITDA (earnings before non-controlling interest, interest, taxes, depreciation, and amortization expense) was $4.9 million in the 2006 second quarter, up 17 percent from $4.2 million in the 2005 period.

      Net earnings for the 2006 second quarter were $3.2 million, or $0.56 per unit (basic and diluted).

      Distributable cash for the quarter amounted to $4.1 million ($0.58 per unit), exceeding the distributions declared during the quarter of $0.31 per unit, or $2.2 million. The results of the quarter and the six month period ended June 30, 2006 should not be considered representative of a 12-month period of distributable cash, particularly as Lakeport's business is somewhat subject to seasonality with sales building up through the second quarter and generally reaching peak levels in the third quarter. The Fund determines the level of distributions after giving consideration to the cash required for cash flow enhancing capital, satisfaction of debt service obligations, amounts necessary to reduce the taxable income of the Fund, working capital reserves, and other reserves considered advisable by the Fund's Board. The Fund's trustees periodically review and reassess the appropriateness of the Fund's distribution levels based on historical and anticipated operating results.

      Six-Month Results

      -----------------

      The growth achieved in the 2006 second quarter followed a very strong first-quarter performance, resulting in gross sales for the first half of the year increasing 18.8 percent to $72.7 million, compared with $61.2 million in the fist six months of 2005. Gross profit for the 2006 first half was $12.4 million or 40.3 percent of net revenue, up from $10.3 million, or 38.9 percent of net revenue in the 2005 period. SG&A expenses increased to $4.8 million, compared with $3.7 million in the 2005 first half, a 30 percent increase reflecting the factors described for the second quarter of 2006 as well as higher investments in marketing activities in the first quarter aimed at further building brand equity and consumer awareness approaching the important summer season.

      EBITDA for the 2006 first half was $7.7 million, up 16.2 percent from $6.6 million a year ago. Net earnings were $4.5 million or $0.78 per unit in the first six months of 2006. Distributable cash amounted to $6.1 million in the first half of 2006, or $0.85 per unit, while actual distributions were $4.4 million or $0.61 per unit.

      "We have declared Lakeport's message of `Great Beer. Fair Prices' to be the beer anthem of Ontario. It is evident consumers are continuing to show their appreciation for both the price and the quality of Lakeport's brands, as well as the convenience of being able to buy them through all of The Beer Stores' channels and the LCBO in a broad range of formats, now including cans. In view of all this, our outlook understandably remains very positive," said Ms. Cascioli.[...]

      http://www.stockhouse.ca/news/news.asp?newsid=3829592&tick=T…


      Lakeport Brewing market share hits record in July total exceeds 12% at The Beer Store
      8/10/2006

      HAMILTON, ON, Aug. 10, 2006 (Canada NewsWire via COMTEX News Network) --

      Lakeport Brewing Income Fund (TSX: TFR.UN) an Ontario-based brewer of value-priced, quality beer, today announced that its market share of The Beer Store's sales for home consumption exceeded 12 percent for the month of July 2006.

      "This is great news for Lakeport. Thanks to Ontario's beer drinkers, we continue to grow our brands, setting new highs in our market share in the important month of July," said Lakeport President and Chief Operating Officer George Croft. "In the face of intense competition, this is truly impressive performance and reinforces that we continue to build strong and growing brand equity. We are especially proud to be the largest Ontario-based brewer and have our loyal drinkers to thank," added Croft.

      Lakeport Honey Lager continues to be the number one honey beer in Ontario. Lakeport Light continues to be one of the fastest-growing light beers and Lakeport Pilsener is one of the top 10 brands in Ontario.

      "This achievement further validates Lakeport's important position in the Ontario beer industry and certainly confirms that we are sustaining our great sales momentum," stated Teresa Cascioli, Lakeport's Chair and Chief Executive Officer. "'Great Beer. Fair Prices' continues to be the beer anthem of Ontario. We want to sincerely thank each and every one of our drinkers for making this record market share possible."
      [...]

      http://www.stockhouse.ca/news/news.asp?newsid=3840230&tick=T…




      Der "Clou" ist neben dem starken Wachstum die Dividende:

      Lakeport Brewing Income Fund Increases Monthly Cash Distributions For second time in 2006 by $0.02 cents per Unit From $0.11 to $0.13 per Unit
      8/3/2006

      HAMILTON, ON, Aug. 3, 2006 (Canada NewsWire via COMTEX News Network) --

      Lakeport Brewing Income Fund (the Fund) (TSX: TFR.UN), an Ontario-based brewer of value-priced, quality beer, today announced that its Trustees approved an increase in the monthly cash distributions by 18 percent from $0.11 to $0.13 per trust unit. The distribution of $0.13 per unit will be payable on September 15, 2006 to unitholders of record on August 31, 2006.

      "We are pleased to announce another increase to our monthly cash distributions as we announce the results of the second quarter of 2006. Since completing our IPO in June 2005, we have rewarded the confidence of our unitholders by increasing the monthly distribution from the initial $0.896 per unit to $0.10 per unit in September 2005. We also made a special one-time year-end payment of 29 cents per unit for 2005. In June of this year we increased our distributions from $0.10 per unit to $0.11 per unit. In view of the growth of Lakeport's brand equity, the demand for Lakeport's great quality beer continues. Based on our strong financial performance, we are confident in increasing our cash distributions to unitholders," said Teresa Cascioli, Chair and Chief Executive Officer.



      Dazu kommt, dass es auf dem Markt in Ontario zur Konsolidierung kommen muss, da sich dort eine Menge von Brauereien tummelt.
      Ein Schritt wurde dazu am 11.08. gemacht, als eine Offerte für SLEEMAN BREWERIES gemacht wurde:
      Sapporo Announces Cash Offer of C$17.50 Per Share for Sleeman
      8/11/2006

      http://www.stockhouse.ca/news/news.asp?newsid=3843822&tick=A…


      DefinitelyMaybe
      Avatar
      schrieb am 13.08.06 08:51:15
      Beitrag Nr. 2 ()
      Antwort auf Beitrag Nr.: 23.425.660 von DefinitelyMaybe am 13.08.06 02:15:51
      Hallo !

      Ein Gewinner der Konsolidierung werden die kaum sein. Sie sind ein Trust ! Das bedeuted, der cashflow wird an die Anteilseigner verteilt und beim Empfänger versteuert. Die Firma zahlt weder Gewerbe noch Gewinnsteuer !! Abschreibungen sind für die Cashflowverteilung nicht relevant, die Firma kann daher bilanztechnish schwer im Minus sein, verteilt wird trotzdem. Zum Zukauf ist kein Geld da, es wird ja mit einem Zwangssatz von 90% der Cashflow an die Besitzer verteilt. Es können nur andere Brauereien mit Bezahlung von Aktien übernommen werden, die neuen Mitinnhaber werden sich das genau ausrechnen lassen.

      Übrigens, ca 250 Firmen an der TSX in diesem Status, leicht erkennbar mit .UN nach dem 3buchstabigen Code.

      Dividendenabstauber
      Avatar
      schrieb am 13.08.06 17:29:13
      Beitrag Nr. 3 ()
      Antwort auf Beitrag Nr.: 23.426.004 von Dividendenabstauber am 13.08.06 08:51:15Hi,

      dass das ein Trust ist, ist mir schon klar...aber wieso sollte die Firma nicht übernommen werden können? Lakeport ist sehr profitabel und baut seinen Marktanteil ständig auf Kosten der etablierteren Brauereien aus.
      Zum Thema Schulden:

      Lakeport has only $15 million of debt on its balance sheet.

      Takeover Also an Option for Competitors
      Another competitor response may be to acquire Lakeport. Lakeport’s current enterprise value is about $113 million, thus it would be a relatively small acquisition for large companies such as Molson-Coors or InBev. This may be the most efficient way to counter Lakeport if it continues to grow its market share at the expense of more profitable mainstream brands. However, there may be some competition bureau issues to be considered, especially for Molson-Coors as it is primarily a North American company. We are not incorporating any acquisition in our current valuation work for Lakeport.

      Quelle für beide Zitate: Scotia Capital

      DefinitelyMaybe
      Avatar
      schrieb am 13.08.06 20:31:00
      Beitrag Nr. 4 ()
      Hallo !

      Natürlich könnens übernommen werden. Selbst könnens einen Anderen nur gegen Aktien schlucken.
      Wenn in so einem Bericht der Marktwert um den Faktor 10 zu niedrig angegeben wird ist nicht von viel Fachkompetenz zu halten.

      www.teranet.ca

      Quoted Market Value 1,484,213,821 von TSX kopiert

      Dividendenabstauber
      Avatar
      schrieb am 13.08.06 20:34:37
      Beitrag Nr. 5 ()
      Hallo !

      Hab bei der url die falsche Taste gedrückt, jetzt ists richtig.


      www.lakeportbrewing.ca

      Dividendenabstauber

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      Avatar
      schrieb am 13.08.06 23:49:17
      Beitrag Nr. 6 ()
      Antwort auf Beitrag Nr.: 23.431.480 von Dividendenabstauber am 13.08.06 20:34:37:confused:
      Ich seh' hier:
      Quoted Market Value 103,887,389
      Dividend Yield 8.643
      Indicated Dividend Rate 1.56
      http://www.tsx.com/HttpController?GetPage=DetailedQuotePage&…

      DefinitelyMaybe
      Avatar
      schrieb am 26.09.06 23:13:50
      Beitrag Nr. 7 ()
      21.79:look:


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