Question-and-Answer Session
Operator
Thank you. The question and answer session will be conducted electronically. (Operator Instructions). And we'll take our first question from Doug Lane of Jefferies.
Douglas Lane - Jefferies and Company
Yes hi good afternoon everybody. Chris, do you have an updated leverage number for post transaction? I think you said coming out of the quarter at 33 or 34 times net debt to EBITDA. Is there any change now with transaction to that number?
Christopher Biedermann
We'll see it forward basically including the full period of Russian Alcohols on a trailing 12 months pro forma basis in 34 including all that to Russian Alcohol.
Douglas Lane - Jefferies and Company
And why don't you adjust -- okay, okay that's right.
Christopher Biedermann
Obviously factoring the equity proceeds it would come down.
Douglas Lane - Jefferies and Company
Okay, lets move on to the business Bill. You mentioned improving trends, we're almost halfway through the quarter here. What's your take, you think that we could see positive volumes as soon as the third quarter or is this really more of a fourth quarter kind of call?
William Carey
As we're saying, that we're seeing an improved trend in Poland. I think we're saying that we think that the polish market will come down in half in terms of 9 to 10% decline to 5 to 6. Obviously our aim is to certainly do better in the market place which we were able to do in the first half of the year.
The Russian market, we haven't see any pickup in the last say three or four months; its been pretty much at 10 to 15 % decline but I think as we move in to the fourth quarter, that we are anticipating some pick up, we haven't really focused our numbers but I think that talking to other companies in Russia and retailers, most of us are expecting some pick up in the fourth quarter moving in to 2010. But right now I think John the consumer is relatively soft in Russia and I don't see any new change right now, that's best not giving any worse either (ph).
Douglas Lane - Jefferies and Company
Okay that's good to know. And if I remember right in both Poland and Russia you were talking about value numbers that were better than volume numbers, is this price increases or is it favorable mixed shift?
- To read the full transcript on Seeking Alpha, click here »
