ECONOMY

Mythos and Olympic breweries near merger

The Mythos and Olympic breweries are in the final stretch of their merger process, as a few days ago they signed their draft merger contract determining the details on the new company’s share capital and the share exchange ratio.

The new company will bear the name Olympic Brewery and after the merger its share capital will amount to 15,187,495 euros. According to the plan Olympic Brewery – the company that currently produces the Fix brand – will absorb Mythos Brewery, but the latter’s shareholders, that is the Carlsberg Group, will obtain 51 percent of the new company’s shares. The remaining 49 percent will belong to the old Olympic Brewery shareholders.

In 2014, the last year when Mythos Brewery published a financial report, the company had a turnover of 80.83 million euros, posting a 3.4 percent decrease from 2013. Its pretax earnings amounted to 10.98 million euros, while aftertax profits reached 4 million euros, from 2.98 million in 2013. Olympic Brewery’s turnover was 52.62 million euros last year, on a par with that of the year before, while its net losses grew in 2014 to 772,931 euros from 282,527 euros in 2013.