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
2010 2011 2012 2013 2014
Growth Rates (Year-on-Year)
Total Revenue 16.1% 23.0% 18.5% 2.0% 0.9%
Gross Profit 30.1% 33.4% 0.8% -7.8% -8.2%
Net Income 62.8% 41.9% 29.8% -18.8% -14.3%
EBIT 49.2% 38.9% 25.2% -12.9% -11.6%
EBITDA 41.9% 35.5% 24.7% -8.4% -3.7%
Accounts Receivable 29.0% 48.3% 42.3% 42.2% -22.4%
Inventories -5.8% 44.0% -0.2% 33.5% 11.8%
Total Assets 4.3% 29.0% 49.4% 22.8% 17.1%
Profitability
Return on Assets 26.7% 29.4% 25.5% 16.9% 12.4%
Return on Net Assets 62.5% 71.7% 57.0% 36.6% 28.8%
Return on Equity 64.2% 74.5% 63.4% 43.9% 32.5%
Margins
Operating Margin 27.5% 31.1% 32.8% 28.0% 24.5%
Gross Margin 48.6% 52.7% 44.9% 40.6% 36.9%
Net Profit Margin 19.6% 22.6% 24.7% 19.7% 16.7%
Selling & General Expenses Margin 31.6% 22.7% 14.0% 15.1% 14.6%
EBIT Margin 27.5% 31.1% 32.8% 28.0% 24.5%
EBITDA Margin 33.2% 36.6% 38.5% 34.6% 33.0%
Liquidity
Current Ratio (times) 0.9 0.9 0.8 0.7 0.6
Quick Ratio (times) 0.4 0.4 0.4 0.2 0.2
Days Inventory Outstanding 157.7 164.8 140.6 149.1 168.5
Days Sales Outstanding 20.9 23.8 29.1 40.5 41.9
Days Payable Outstanding 83.9 80.1 130.6 141.3 143.7
Cash Conversion Cycle 94.7 108.5 39.1 48.4 66.6
Solvency
Total Debt/Total Equity 0.1% 0.0% 10.0% 41.0% 51.3%
Total Debt/Total Capital 0.1% 0.0% 9.1% 29.1% 33.9%
Total Liabilities/Total Assets 58.4% 60.6% 59.7% 61.6% 62.0%