Activity
of the
report
company
KEY FIGURES FOR 2022
3 BRANDS
are among the best-selling vodkas according to The Millionaires’ Club ranking in 2022
stores sell our products in Russia
+
stores in group-owned retail chain
+
IMPORTED BRANDS
+
OWN BRANDS
50
%
+
NET PROFIT
119
%
+
REVENUE
30
%
+
EBITDA
66
100
+
MILLION 9L CASES
18.7
PRODUCTION VOLUME
OVERALL SALES
MILLION LITERS
139
168,000
1,350
EMPLOYEES
13,000
THE CHIEF
EXECUTIVE OFFICER
MESSAGE FROM
KONSTANTIN PROKHOROV,
CEO
BELUGA GROUP is a key player in the alcohol sector of the Russian economy. The group focuses on sustainable long-term development, addressing the interests of a wide range of stakeholders, including consumers, partners, shareholders, and investors.

I hereby present the annual report on corporate activities in 2022. In this period, fraught with major challenges and significant economic changes, BELUGA GROUP demonstrated the sustainability and resilience of each of its functions and the system as a whole. Thanks to a combination of factors, including our vertically integrated business model, diversified portfolio, expert team, and a collection of strong in-house and representative brands, we were able to adapt to the new realities, ensure the continuity of our operations, and seize new opportunities.
BELUGA GROUP ended the year as the leading Russian producer of alcoholic beverages in key categories
  • +6.8%

    The group’s overall sales reached 18.7 million  9L cases

  • +30%

    revenue

  • +66%

    EBITDA

  • +119%

    net profit

The group’s overall sales reached 18.7 million 9L cases
+6.8%
revenue
+30%
EBITDA
+66%
net profit
+119%
One of the most important factors behind our consistent success over the past 23 years has been our ability to treat challenges as room for growth — something we once again did last year
VISION
MISSION
To be the best alcohol company that sets high standards for responsible business and industry, with the products that are always number one for consumers in any category and every outlet.
WE FILL BRANDS WITH HIGH QUALITY AND EMOTIONS TO RAISE GLASSES FULL OF CHEER AND GOOD SPIRITS.
THE CHAIRMAN OF THE BOARD OF DIRECTORS
MESSAGE FROM
NIKOLAY BELOKOPYTOV, CHAIRMAN OF THE BOARD OF DIRECTORS
BELUGA GROUP’s priority for 2022 was to maintain all operations at a traditionally high level. The group’s qualitative and quantitative performance during that period has proved its sustainability and confirmed that its medium- and long-term development strategies
of the last few years have been fundamentally correct.
Notable strategic areas of operations in the reporting period included the following
The results achieved by BELUGA GROUP amid the objectively challenging conditions of 2022 continue the company’s upward trend and testify to its confident market positions ensured by top-notch leadership, expert team, correct and efficiently implemented development strategy, and quality brands loved by consumers.
THE INDUSTRY
POSITION IN
Today, BELUGA GROUP is one of the leading producers of spirits: as of the year’s end, the company holds a strong leading position among the largest producers of vodka, cognac, whiskey, and flavored liqueurs.
BELUGA GROUP is the largest alcohol company in Russia, a leading producer of vodka and distilled beverages, and one of the country’s key importers of spirits.
talented employees
13,000
The ruA+ (stable) rating assigned by Expert RA (the largest Russian rating agency) in April 2022 objectively corroborates the stability
of the group’s business
HISTORY
COMPANY
The Beluga brand enters the markets in Europe, Middle East, and the USA, where the company opens its first overseas representative office. The Duty Free channel undergoes active development. The company expands its portfolio with the Myagkov brand. In response to the growth of the cognac sector of the Russian market, the group also launches the Golden Reserve brand; expands its product ranges, and increases production volumes.
Synergy group is founded. The goal is to dominate the industry in all respects—that is, the quality and range of products, production technologies, and business scale. The production unit and the distribution chain are established and developed.
In 2002, the company acquires its first distillery, the Ussuriyskiy Balsam factory. Over a 5-year period, the company expands to 6 factories, steadily develops them and increases production volumes. By 2006, the company becomes one of Russia's largest alcohol market players, ranking 4th by output.
The group acquires the Beluga and Belenkaya brands and holds its IPO, with its market capitalization exceeding USD 1 billion.
The company becomes a Top-3 alcohol producer in Russia with output of more than 140 million liters.
The company starts building its imported brand portfolio, signing contracts for exclusive distribution with William Grant & Sons and Camus cognac house. The company develops its own unique distribution system. Beluga Allure and Beluga Transatlantic Racing series from the Beluga brand family hit the markets. WineLab starts operations.
The Beluga brand enters the North American and Chinese markets. The group launches its own Fox & Dogs scotch, Doctor August tinctures, and Bastion brandy. BELUGA GROUP begins its cooperation with Latvijas Balzams, a leading liquor producer in the Baltic region. The Zarya Center for Contemporary Art opens in Vladivostok.
Two strategically important brands, Torres Brandy and Ron Barceló, are added to the company's import portfolio. The group turns wine distribution into a separate business division, launching collections of wines from France, Spain, Italy and other countries.
The group is a solid Top-3 brandy producer in Russia, retaining its lead in the vodka market. The company signs a one-of-a-kind agreement with Bacardi on bottling William Lawson’s whisky at its own production facility. The group launches the Beluga Hunting Berry and Beluga Hunting Herbal bitters, the limited-edition Beluga Epicure (a joint project with Lalique), and the Tiflis Treasure brandy.
The company maintains its lead in Russia’s market in terms of vodka, spirits, whisky, and brandy production. Imports grow rapidly: sales of partner brands double, wine division expands by 86 %. The portfolio is further complemented by imported brands Vecchia Romagna, Benchmark, Amaro Montenegro, Buffalo Trace and Plantation and the group’s own new products Snow Owl and Copper Horse vodka, Ardeli Russian brandy, and VOGUE champagne. Synergy undergoes corporate rebranding and becomes BELUGA GROUP.
The group purchases Golubitskoe Estate winery in the Taman Peninsula, Krasnodar Region, and opens a new business division, now producing premium wine from its own grapes. The company rolls out the production of Troublemaker Irish whiskey and Green Baboon gin. The following international brands join the imported wine portfolio: Masi Agricola, Frescobaldi Group, Billecart-Salmon, Gérard Bertrand, Familia Torres. The partnership agreement with Bacardi is renewed for another five years.
Golubitskoe Estate premium still wines and Eagle’s Rock bourbon are introduced to the market. Beluga enjoys the best results in its history, selling its products in over 100 countries and in 264 airports around the world. The group signs a contract for the exclusive distribution of Torres wines and premium RIEDEL glasses. BELUGA GROUP becomes one of the Top-3 importers of spirits and wines in Russia. WineLab becomes the second biggest player in Russian alcohol retail. December 29, 2019 marks the 20th anniversary of BELUGA GROUP.
The group launched new products — a collection of Tête de Cheval premium sparkling wines, along with Orthodox and PARKA vodkas. Beluga sales in the United States are 30% up compared to the previous year. The group’s import portfolio is expanded by NOY brandy, Mateus and Silk & Spice wines, and Sandeman port. Beluga is the only alcohol company on the Forbes 200 Largest Private Russian Companies list. The group opens Golubitskoe Art Foundation in Taman. WineLab wins Retail Week Awards 2020 as Fastest-Growing Food Retail Chain.
The company performs a secondary public offering (SPO), raising RUB 5.6 billion. The group acquires a controlling stake in Chugunovsky Ethanol Plant and signs exclusive distribution agreements with Rémy Cointreau, De Kuyper Royal Distillers, and Southern Comfort. The company opens its1,000th WineLab store in December. Beluga shows double-digit growth; its sales abroad exceed domestic sales for the first time. The company issues its first sustainability report and introduces ESG principles into its operations.
The group adds 30+ promising brands from France, Scotland, Ireland, Japan, and other countries to its import portfolio. A customs warehouse opens in Istra. The WineLab retail chain grows by 35% and launches a points-based loyalty program in addition to its discount one. The program reaches 5.9 million members.
1999
2022
2021
2020
2019
2018
2017
2016
2014-15
2013
2011-12
2010
2008-09
2007
2002–06
HISTORY
COMPANY
The Beluga brand enters the markets in Europe, Middle East, and the USA, where the company opens its first overseas representative office. The Duty Free channel undergoes active development. The company expands its portfolio with the Myagkov brand. In response to the growth of the cognac sector of the Russian market, the group also launches the Golden Reserve brand; expands its product ranges, and increases production volumes.
Synergy group is founded. The goal is to dominate the industry in all respects—that is, the quality and range of products, production technologies, and business scale. The production unit and the distribution chain are established and developed.
In 2002, the company acquires its first distillery, the Ussuriyskiy Balsam factory. Over a 5-year period, the company expands to 6 factories, steadily develops them and increases production volumes. By 2006, the company becomes one of Russia’s largest alcohol market players, ranking 4th by output.
The group acquires the Beluga and Belenkaya brands and holds its IPO, with its market capitalization exceeding USD 1 billion.
The company becomes a Top-3 alcohol producer in Russia with output of more than 140 million liters.
The company starts building its imported brand portfolio, signing contracts for exclusive distribution with William Grant & Sons and Camus cognac house. The company develops its own unique distribution system. Beluga Allure and Beluga Transatlantic Racing series from the Beluga brand family hit the markets. WineLab starts operations.
The Beluga brand enters the North American and Chinese markets. The group launches its own Fox & Dogs scotch, Doctor August tinctures, and Bastion brandy. BELUGA GROUP begins its cooperation with Latvijas Balzams, a leading liquor producer in the Baltic region. The Zarya Center for Contemporary Art opens in Vladivostok.
Two strategically important brands, Torres Brandy and Ron Barceló, are added to the company’s import portfolio. The group turns wine distribution into a separate business division, launching collections of wines from France, Spain, Italy and other countries.
The group is a solid Top-3 brandy producer in Russia, retaining its lead in the vodka market. The company signs a one-of-a-kind agreement with Bacardi on bottling William Lawson’s whisky at its own production facility. The group launches the Beluga Hunting Berry and Beluga Hunting Herbal bitters, the limited-edition Beluga Epicure (a joint project with Lalique), and the Tiflis Treasure brandy.
The company maintains its lead in Russia’s market in terms of vodka, spirits, whisky, and brandy production. Imports grow rapidly: sales of partner brands double, wine division expands by 86%. The portfolio is further complemented by imported brands Vecchia Romagna, Benchmark, Amaro Montenegro, Buffalo Trace and Plantation and the group’s own new products Snow Owl and Copper Horse vodka, Ardeli Russian brandy, and VOGUE champagne. Synergy undergoes corporate rebranding and becomes BELUGA GROUP.
The group purchases Golubitskoe Estate winery in the Taman Peninsula, Krasnodar Region, and opens a new business division, now producing premium wine from its own grapes. The company rolls out the production of Troublemaker Irish whiskey and Green Baboon gin. The following international brands join the imported wine portfolio: Masi Agricola, Frescobaldi Group, Billecart-Salmon, Gérard Bertrand, Familia Torres. The partnership agreement with Bacardi is renewed for another five years.
Golubitskoe Estate premium still wines and Eagle’s Rock bourbon are introduced to the market. Beluga enjoys the best results in its history, selling its products in over 100 countries and in 264 airports around the world. The group signs a contract for the exclusive distribution of Torres wines and premium RIEDEL glasses. BELUGA GROUP becomes one of the Top-3 importers of spirits and wines in Russia. WineLab becomes the second biggest player in Russian alcohol retail. December 29, 2019 marks the 20th anniversary of BELUGA GROUP.
The group launched new products — a collection of Tête de Cheval premium sparkling wines, along with Orthodox and PARKA vodkas. Beluga sales in the United States are 30% up compared to the previous year. The group’s import portfolio is expanded by NOY brandy, Mateus and Silk & Spice wines, and Sandeman port. Beluga is the only alcohol company on the Forbes 200 Largest Private Russian Companies list. The group opens Golubitskoe Art Foundation in Taman. WineLab wins Retail Week Awards 2020 as Fastest-Growing Food Retail Chain.
The company performs a secondary public offering (SPO), raising RUB 5.6 billion. The group acquires a controlling stake in Chugunovsky Ethanol Plant and signs exclusive distribution agreements with Rémy Cointreau, De Kuyper Royal Distillers, and Southern Comfort. The company opens its 1,000th WineLab store in December. Beluga shows double-digit growth; its sales abroad exceed domestic sales for the first time. The company issues its first sustainability report and introduces ESG principles into its operations.
The group adds 30+ promising brands from France, Scotland, Ireland, Japan, and other countries to its import portfolio. A customs warehouse opens in Istra. The WineLab retail chain grows by 35% and launches a points-based loyalty program in addition to its discount one. The program reaches 5.9 million members.
1999
2022
2021
2020
2019
2018
2017
2016
2014-15
2013
2011-12
2010
2008-09
2007
2002–06
PRIORITY BUSINESS
AREAS
The company’s priority business areas are production, marketing, and distribution of its own brands as well as exclusive distribution of its partners' products.
Own brands
HOUSE OF BRANDS
Barrel Club, Beluga Hunting, Captain’s Collection, Devil’s Island, Doctor August, Eagle’s Rock,  Fox & Dogs, Golubitskoe Estate, Green Baboon, Tête de Cheval, Troublemaker, USURI, VOGUE.
OTHER CATEGORIES
VODKA
Arkhangelskaya, Belenkaya, Beluga,
Copper Horse, Eagle’s Rock, Myagkov, Orthodox, PARKA, Russian Ice, Severnoe Zoloto, Snow Owl, Staraya Moskva, Tsar, Zimnyaya Doroga.
RUSSIAN BRANDY
Ardeli, Bastion, Golden Reserve,
Le Lion de Pierre, Tiflis Treasure.
Imported brands
SPIRITS
Agavita, Antidote, Baron Roland, Canerock,
Cliff Allen, Disaronno, Egan’s, Fitzwilliam, Greign, Highland Mist, Irish Rover, Lady Jane,
Name & Nature, Noy, Plantation, Riga Black 1752, Riga Black Balsam, Ron Barceló, The Busker, The Galtee Mountain Boy, The Hakuto, The Lothaire, The Mankai, The Observatory, The San-In, Three Scottish Brothers, Torres Brandy, Xenta.
WINE
Attems, Barton & Guestier, Bellavista, Berton, Billecart-Salmon, Calvet, Canevel,
Cheval Quancard, Concha y Toro, Concilio,
Cono Sur, Danzante, Duca di Salaparuta, Faustino, Finca Las Moras, Fournier,
Gerard Bertrand, Gran Castillo, JP. Chenet,
Louis Latour, Luce, Markus Molitor, Masi, Montelvini, Obikwa, Old Tbilisi, Pasqua, Piccini, Sella & Mosca, Simonnet-Febvre,
Tenuta Carretta, Tiflis Treasure, Topf, Torres, Trivento, Vranken Pommery, Zonin1821.
HIGHLIGHTS
OF THE YEAR
Brand updates
New SKUs
In 2022, BELUGA GROUP expanded its in-house brand lines with high-demand SKUs: small-volume and large-volume. For example, the Tête de Cheval Brut line now features 1.5-l magnum and 0.375-l miniature bottles. The small-volume version, which contains precisely half of the standard bottle, was created primarily for events where sparkling wine is served by the glass: theaters, bars, and small group meetings. A magnum bottle of Tête de Cheval Brut, in turn, is a great gift option and the perfect choice for large-scale events.
Product relaunches
New flavors
Brand redesign
New partnerships and imported brands
BRAND MARKETING ACTIVITIES
Beluga & Beluga Hunting
RANKINGS
place

AMONG the most trendy vodka brands

5
place
among the best-selling global vodka brands
8
Our flagship Beluga brand placed high in the annual Drinks International 2022 rating.
DISTRIBUTION
BELUGA GROUP’s distribution platform consists of several complementary channels: direct sales, including group-owned WineLab retail outlets, and sales through independent distributors.

In 2022, the commercial department focused on maintaining sales stability, growing key brand sales, bolstering the discount stores segment, enhancing the customer-centric approach, and developing B2B projects, including an online store that allows retail outlet representatives to place orders for products and a portal for streamlining work with distributors. As a result, the group’s sales hit an alltime high for the third year in a row.
BELUGA GROUP has the largest distribution chain in the Russian alcohol industry. It enables the company to sell the entire range of inhouse and imported products across Russia. Consumers are able to purchase the group’s brands and its partners’ products in various Russian cities thanks to the daily efforts of more than 1,200 BELUGA GROUP sales employees.
RETAIL
In the reporting period, WineLab, the group-owned retail chain, continued its quantitative and qualitative development, maintaining a focus on relevant markets: Moscow, St. Petersburg, the Moscow and the Leningrad Regions, and the Far East.
  • +35%

    The number of stores increased

    and exceeded 1,350 outlets

  • +52.3%

    The total own retail sales

    increased compared to 2021

The number of stores increased

and exceeded 1,350 outlets

+35%

The total own retail sales

increased compared to 2021

+52.3%
PRODUCTION
  • +7.9%

    the production unit’s efficiency increased

  • +6.7%

    labor productivity grew

+7.9%
the production unit’s efficiency increased
labor productivity grew
+6.7%
BELUGA GROUP’s production facilities are not only numbers and volumes, but also an amalgam of rich cultural heritage, centuries-old traditions, and unique recipes the company is justly proud of, with modern approaches and equipment.
LOGISTICS
The combined warehouse and transport logistics team is working tirelessly to enhance the performance of their departments and provide customers with quality services.
IMPORTS
The import portfolio dynamic totaled at
  • +13.8%

+13.8%
FOODSTUFFS
The company owns and runs food business, producing, marketing, and distributing dairy and meat products, crab sticks and ice cream.
This activity in the Far East is carried out by RODSTOR GROUP LLC, a subsidiary of BELUGA GROUP, which consists of three production sites, a distribution team and a chain of own convenience stores.
The group holds leading positions in the regions of presence. Marketing and sales of foodstuffs are carried out exclusively under the auspices of the local brands in the Far East. The products are distributed by direct sales through group-owned chain in the Sakhalin Region, Khabarovsk and Primorsky Territories. In other regions, products are available through distributors.
SUSTAINABLE DEVELOPMENT
AND CHARITY
CULTURAL INITIATIVES
AND VALUES
EMPLOYEES
COMPANY VALUES
Possibility of self-realization for employees
Team spirit
Constant push for development and innovation
Mutual responsibility and trust
Assertiveness and leadership
focusing HR on business needs
In 2022, the priority areas were:
strengthening the culture of workplace safety
improving systems for motivating and retaining key employees
developing a talent management project
FOR 2023
DEVELOPMENT PRIORITIES
The key areas of the company’s activities for 2023 are:
developing the loyalty program, and doubling
the e-commerce business.
Opening new WineLab stores
of imported goods, raw products, packaging, and materials.
Entering into partnerships with new suppliers
at warehouses and in logistics and retail.
Developing automated systems
in categories with growing demand.
Developing new products
Russian Cognac, Tinctures, Whiskey, Rum, and Gin.
Bolstering positions in the non-vodka categories:
of key high-margin premium brands, Beluga and Beluga Hunting, in Russia.
Priority development
in all alcoholic beverage categories through its unique business model, which includes a group-owned retail and distribution chain.
Reinforcing its leadership
for in-demand categories, in particular, whiskey and cognac.
Expanding production capacity
CORPORATE
MANAGEMENT
BELUGA GROUP’s corporate management is based on the following principles:
The group strives to build the best possible management model, taking decisions in line with the corporate strategy and working toward comprehensive adaptation to the Russian market and the specifics of the business. The best global practices adjusted to the specific needs of the industry serve as  a reference for the company.

Both the changing market and the company’s growth rate call for continuous improvement of the corporate management system. That is why BELUGA GROUP prioritizes this task in the interests of all its shareholders.
attention and respect to all parties interested in the group’s activities.
transparency of business operations, timely and full disclosure  of information;
strict observance of the current legislation;
push for the most efficient use of the company’s assets to obtain economic profit;
equal treatment of all shareholders of the company;