Bralirwa Ltd

Ticker code BRL Industry Beverages (Alcoholic) Brasseries et Limonaderies du Rwanda
Kicukiro P. O. Box 131
Kigali-Rwanda
Tel: (+250) 252 587 200 / 582 993
ISIN RW000A1H63N6 Sector Consumer/Non-Cyclical
Initial Listing 31 January 2011 Financial Year End 31 December
Website http://bralirwa.com Results Released Half-yearly
 Period: 31-Dec-10 31-Dec-11 31-Dec-12 31-Dec-13 31-Dec-14
 Unit: RWF '000s RWF '000s RWF '000s RWF '000s RWF '000s
 Statement type: Audited Audited Audited Audited Audited
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Revenue 52,798,554 64,958,343 76,987,101 78,503,492 79,238,392
Cost of sales -27,115,035 -30,707,194 -42,446,376 -46,665,254 -50,012,827
           
Gross profit 25,683,519 34,251,149 34,540,725 31,838,238 29,225,565
Other income 1,477,387 1,682,127 1,980,930 2,357,403 1,964,714
Selling and distribution expenses -2,076,175 -3,211,288 -3,666,704 -4,105,035 -4,122,113
Administrative expenses -10,239,784 -11,519,258 -7,142,372 -7,782,738 -7,412,654
Other operating expenses -315,020 -1,025,155 -446,929 -313,675 -203,251
Results from operating activities 14,529,927 20,177,575 25,265,650 21,994,193 19,452,261
Net finance cost -128,077 -84,121 -353,267 -373,724 -682,437
Share of joint venture losses - -88,899 51,101 -300,000 -
Profit before income tax 14,401,850 20,004,555 24,861,282 21,320,469 18,769,824
Income tax expense -4,071,307 -5,346,846 -5,834,010 -5,861,531 -5,527,666
Total comprehensive income for the year 10,330,543 14,657,709 19,027,272 15,458,937 13,242,158
           
Employment of Funds
Fixed assets 18,160,813 21,979,754 40,452,303 54,688,451 66,417,611
Investments 128,000 51,101 - - 3,765,668
Long term debtors and prepayments 9,224 9,224 9,224 9,224 9,224
Current assets 20127463 27,762,792 34,065,303 36,839,141 36,991,728
Current liabilities -21,749,473 -29,294,200 -41,164,246 -49,312,213 -57,487,424
Loans and borrowings -23,031 - -2,548,411 -4,363,760 -3,225,400
Deferred income & taxation 841,028 -917,713 -801,022 -2,674,455 -5,757,136
Total net assets 15,811,968 19,581,734 30,013,151 35,186,388 40,714,271
Funds Employed
Share capital 385,714 514,285 514,285 514,285 5,142,850
Share premium 84,857 84,857 84,857 84,857 84,857
Other reserves 2,200,560 2,071,990 2,071,990 2,071,990 2,071,990
Retained earnings 13,423,230 17,006,748 27,342,019 35,515,256 33,414,574
Shareholders' Funds 16,094,361 19,677,880 30,013,151 35,186,388 40,714,271
Statistics
EBIT 14,529,927 20,177,575 25,265,650 21,994,193 19,452,261
EBITDA 17,540,283 23,765,922 29,646,527 27,159,249 26,143,162

Period ended: 31-Dec-10 31-Dec-11 31-Dec-12 31-Dec-13 31-Dec-14
Unit: RWF '000s RWF '000s RWF '000s RWF '000s RWF '000s
Statement type: Audited Restated Restated Audited Audited*
View original statement: Download Download Download Download Download
Revenue 52,798,553 64,958,343 76,987,101 78,503,492 79,238,392
Cost of sales -27,115,035 -30,707,194 -42,446,376 -46,665,254 -50,012,827
Gross profit 25,683,518 34,251,149 34,540,725 31,838,238 29,225,565
Other income 5,850,355 1,682,127 1,980,930 2,357,403 1,964,714
Selling and distribution expenses -6,449,142 -3,211,288 -3,666,704 -4,105,035 -4,122,113
Administrative expenses -10,239,784 -11,519,258 -7,142,372 -7,782,738 -7,412,654
Other operating expenses -315,020 -1,025,155 -446,929 -313,675 -203,251
Total expenses -17,003,946 -15,755,701 -11,256,005 -12,201,448 -11,738,018
Results from operating activities 14,529,927 20,177,575 25,265,650 21,994,193 19,452,261
Finance income 120,614 376,136 682,704 701,349 1,907,461
Finance costs -248,691 -460,257 -1,035,971 -1,075,073 -2,589,898
Net finance cost -128,077 -84,121 -353,267 -373,724 -682,437
Share of loss of the joint venture - -88,899 -51,101 -300,000 -
Profit before income tax 14,401,850 20,004,555 24,861,282 21,320,469 18,769,824*
Income tax expense -4,071,307 -5,346,846 -5,834,010 -5,861,531 -5,527,666*
Profit and total comprehensive income for the year  10,330,543 14,657,709 19,027,272 15,458,938 13,242,158*
*Note: On 14 August 2015, Bralirwa restated the company's 2014 full year statement of comprehensive income as follows.
Reported   Restated   Net changes
Profit before tax 18,769,824   16,055,085   -2,714,739
Income tax expenses -5,527,666 -4,794,686 732,980
Profit after tax 13,242,158   11,260,398   -1,981,760
Earnings per share (EPS) - diluted 12.87 10.95 -1.92

Period ended: 30-Jun-13 31-Dec-13 30-Jun-14 31-Dec-14 30-Jun-15
Period length: 6 months 6 months 6 months 6 months 6 months
Unit: RWF m RWF m RWF m RWF m RWF m
Statement type: Restated Audited Unaudited Audited Unaudited
View original statement: Download Download Download Download Download
Income Statement
Volume (000 Hls) 783 867 805 877 858
Revenue 37,010 41,493 37,949 41,289 40,474
           
Results from operating activities 10,266 11,728 8,310 11,142 6,271
Net finance (expenses)/income -6 -368 -86 -596 -1,104
Profit before income tax 10,260 11,060 8,224 10,546 5,167
Income tax expenses -2,616 -3,246 -2,090 -3,438 -1,483
Profit after tax 7,644 7,814 6,134 7,108 3,684

Period ended: 31-Dec-10 31-Dec-11 31-Dec-12 31-Dec-13 31-Dec-14
Unit: RWF '000s RWF '000s RWF '000s RWF '000s RWF '000s
Statement type: Audited Restated Restated Audited* Audited*
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Assets          
Non-current assets
Property, plant and equipment 18,160,813 21,979,754 40,452,303 54,688,451 66,417,611
Intangible assets 259,362 86,922 - - -
Other investments 9,224 9,224 9,224 9,224 9,224
Investment in joint venture 128,000 51,101 - - 3,765,668
Total non-current assets 18,557,399 22,127,001 40,461,527 54,697,675 70,192,503
Current assets
Inventories 11,366,532 16,369,732 16,333,890 21,800,004 24,377,189
Receivable from related parties 65,568 71,276 269,683 2,734,878 1,484,426
Trade receivables - net 3,343,634 4,985,494 6,928,607 7,501,836 6,458,712
Other receivables - net 568,490 272,217 811,047 1,939,845 1,878,650
Tax recoverable - - - 304,718 1,409,908
Cash and cash equivalents 4,783,239 6,064,073 9,722,075 2,557,860 1,382,843
Total current assets 20,127,463 27,762,792 34,065,303 36,839,141 36,991,728
Total assets 38,684,862 49,889,793 74,526,830 91,536,816 107,184,231
           
Equity
Share capital 385,714 514,285 514,285 514,285 5,142,850
Share premium 84,857 84,857 84,857 84,857 84,857
Other reserves 2,200,560 2,071,990 2,071,990 2,071,990 2,071,990
Retained earnings 13,423,230 17,006,748 27,342,019 32,515,256* 33,414,574*
Total equity 16,094,361 19,677,880 30,013,151 35,186,388 40,714,271
Non-current liabilities
Loans and borrowings - - 2,548,411 4,363,760 3,225,400
Deferred income 36,865 19,853 1,421 169,682 -
Deferred tax liability 804,163 897,860 799,601 2,504,773 5,757,136
Total non-current liabilities 841,028 917,713 3,349,433 7,038,215 8,982,536
Current liabilities
Bank of overdraft - - - - -
Loans and borrowings 23,031 - 451,589 10,052,021 17,661,863
Payable to related parties 1,496,924 2,388,494 2,660,600 3,872,494 3,991,391
Trade payables 3,723,500 7,711,614 17,581,908 16,246,349 17,307,926
Deposit on returnable containers 8,310,817 10,575,510 12,325,086 13,313,187 13,450,328
Other Payables and expenses 6,323,541 6,414,240 6,159,496 5,817,632 5,075,916
Deferred income 18,432 18,432 18,432 10,530 -
Current income tax payable 1,853,228 2,185,910 1,967,135 - -
Total current liabilities 21,749,473 29,294,200 41,164,246 49,312,213 57,487,424
Total liabilities 22,590,501 30,211,913 44,513,679 56,350,428 66,469,960
Total equity and liabilities 38,684,862 49,889,793 74,526,830 91,536,816 107,184,231
*Note: On 14 August 2015, Bralirwa restated the company's 2014 full year statement of financial position as follows.
31-Dec-13 31-Dec-14
Retained Earnings       32,515,256 33,414,574
Net adjustments -2,705,155 -4,686,915
Restated retained earnings       29,810,101 28,727,659

Period ended: 31-Dec-10 31-Dec-11 31-Dec-12 31-Dec-13 31-Dec-14
Unit: RWF '000s RWF '000s RWF '000s RWF '000s RWF '000s
Statement type: Audited Restated Restated Audited Audited
 View original statement: Download Download Download Download Download
Operating activities
Profit before tax 14,401,850 20,004,555 24,861,282 21,320,469 18,769,824
Adjustments for:
-105,668 10,634 - 313,919 1,189,704
Finance costs (interest) 120,384 46,813 138,948 -119,331 -1,651
Depreciation 3,010,356 3,588,347 4,380,877 5,165,056 6,690,901
Amortisation of intangible assets 260,557 173,120 86,922 - -
Gain on sale of property, plant and equipment -401,451 -317,985 -43,155 -82,616 -115,926
Share of loss of the joint venture - 88,899 51,101 300,000 -
Equity-settled share-based payment transactions -105,668 10,634 - - -
17,286,028 23,594,383 29,475,975 26,897,497 26,532,852
Changes in working capital 
Changes in receivables and prepayments -981,993 -1,345,587 -2,481,944 -1,702,026 1,104,319
Changes in related party balances 85,399 885,862 73,699 -1,253,301 -2,396,319
Changes in inventories 695,406 -5,003,200 35,842 -5,466,114 -2,577,185
Changes in payables and accued expenses 970,552 6,343,506 11,365,126 -689,322 457,002
Changes in deferred income -17,015 -17,012 -18,432 160,359 -180,212
Cash generated from operating activities 18,038,377 24,457,952 38,450,266 17,947,093 22,940,457
Interest received 5,827 57,906 149,289 119,331 1,651
Interest paid -126,211 -104,719 -288,237 -313,919 -1,189,704
Income tax paid -4,149,286 -4,920,467 -6,151,044 -6,428,212 -3,380,493
Net cash flow used in/from operating activities 13,768,707 19,490,672 32,160,274 11,324,293 18,371,911
           
Investing activities
Proceeds from sale of property, plant and equipment 484,359 317,985 43,155 82,616 673,990
Purchase of property, plant and equipment -4,090,009 -7,407,288 -22,853,426 -19,401,205 -18,978,125
Purchase of intangible assets -518725 -690 - - -
Investment in joint venture -126,000 -12,000 - -300,000 -
Net cash used in investing activities -4,250,375 -7,101,983 -22,810,271 -19,618,589 -18,304,135
Financing activities
Proceeds from loans and borrowings - - 3,000,000 3,000,000 5,611,493
Repayment of loans and borrowings -265,813 -23,031 - -635,643 -999,913
Dividends paid -9,330,166 -11,084,824 -8,692,001 -10,285,700 -7,714,275
Net cash flow used in financing activities -9,595,979 -11,107,855 -5,692,001 -7,921,343 -3,102,695
           
Increase in cash and cash equivalents -77,647 1,280,834 3,658,002 -16,215,639 -3,034,919
Movement in cash and cash equivalents
Cash and cash equivalents at 1 January 4,860,960 4,783,239 6,064,073 9,722,075 -6,493,564
Bank overdrafts -74 - - - -
Net decrease/increase in cash and cash equivalents -77,647 1,280,834 3,658,002 -16,215,639 -3,034,919
           
Cash and cash equivalents as at 31 December  4,783,239 6,064,073 9,722,075 -6,493,564 -9,528,483