San Miguel Brewery Hong Kong Ltd. expects to incur a consolidated net loss for the year ended 31 December 2015 as compared to the net profit of the Group for the same period in 2014. The Board considers that the net loss is mainly attributable to: (i) the volume loss due to the non-renewal of the distribution agreements with Anheuser-Busch InBev China Sales Company Limited and Anheuser-Busch InBev International GmbH & Co KG in 2014 as disclosed by the company on 15 October 2014; (ii) the operating costs associated with the sales and marketing operations of the affected products are sustained, redirected and reinvested in the development of new premium/craft brands in the Company's portfolio.