The Management of BRALIRWA PLC announce the following results for the year ended December 31, 2015.

Statement of Profit or Loss and other comprehensive income.

Refer to the glossary for definitions of terms
*Amount was restated for prior year adjustments

Jonathan Hall, Vice Chairman of the Board of Directors BRALIRWA Plc and Managing Director commented:


Sales volume and revenue grew strongly through the year. Total revenue increased by 9.5% in 2015 due to both product mix and growth in soft drinks volume. Total sales volume increased by 7.6% of which beer grew by 5.3% and soft drinks by 14%.
With regard to Soft Drinks, for the fourth year in a row no price increases were taken. With regard to beer, the mainstream beer portfolio was last increased in July 2011. This reflects an affordability focus in a market where there is growing competition across sectors.

Over the past four years Bralirwa has invested in both the brewery at Gisenyi and the Soft Drinks plant in Kigali. From the outset of this programme, investments have been financed through a combination of internally generated cash and debt. The financial impact is reflected in these results in a higher depreciation charge, increased debt resulting in a higher debt to equity ratio and increased net financing costs that include interest and the cost of currency translation.

To compensate this level of increased cost at a time when currency depreciation has impacted raw material and other costs is a challenge, particularly as passing on costs may not deliver value. Therefore, despite strong sales and revenue growth margins have remained under pressure in 2015 resulting in lower levels of profitability.

The excise tax issue with Rwanda Revenue Authority previously reported as a contingent liability was amicably settled during the year. The impact of the settlement has been taken into the 2015 Statement of Comprehensive Income with additional costs charged against 2015 results. This negatively impacted revenue by Rwf 2.5 billion and increased interest expenses by Rwf in 1.6 billion.
Earnings before Interest and Taxation (EBIT) declined by 49.2% to Rwf 13.05 billion. And Profit and total comprehensive income (Profit after Tax) for the year declined by 37.6%.

As previously announced in May 2015, the upgrading of our ERP accounting system brought to our attention that the previous system installed in 2010 had contained configuration weaknesses that led to an understating of production costs between 2010 and 2014.

The impact of the system weakness in previous years has been reflected in this Annual Report and Accounts by restating our 2014 comparative figures as well as the 2013 opening balances. As we highlighted at the time, this restatement has had no impact on cash. The impact has been taken in the balance sheet through a restatement of retained earnings.

Outlook 2016

Continued global uncertainties in the world economy will continue to impact African economies. In 2015 the Rwandan economy showed resilience and robust growth and we expect that this can continue through 2016 so long as external shocks are limited and manageable.

We therefore anticipate further top line growth in the current year, although cost pressures and constrained consumer spending power will continue to be challenging to the bottom line.


The payment of a cash dividend for 2015 of Rwf 5.00 (five Rwandan francs) per share of Rwf 5 (five Rwandan francs nominal value) will be proposed to the annual general meeting of shareholders.

The proposed dividend, if approved, will be paid on 27th June, 2016. The dividend represents 72.4% of the net profit of the year 2015.

Please take note that the payment will be subject to a withholding tax. The book close date for Bralirwa Plc shares will be 18th May, 2016, meaning that the final dividend will be paid to all shareholders, whose names appear in the Register of Shareholders at the close of business on 18th May, 2016.


Bralirwa Plc is a Rwandan company producing and selling beers and soft drinks. The Company’s beer brand portfolio includes Primus, Mützig, Legend, Amstel and Turbo King produced in the Gisenyi brewery and Heineken which is imported from Holland. Primus, the Company’s largest selling beer brand has been available to consumers since 1959. Since 1974, the Company has been producing and selling soft drink brands under a licensing agreement with The Coca-Cola Company. These include Coca Cola, Fanta Orange, Fanta Citron, Fanta Fiesta, Sprite, Krest Tonic and the Company’s own brand Vital’ O.

The Company was founded in 1957 with the construction of a brewery located in Gisenyi. Since 1971, Bralirwa Plc is a subsidiary of the Heineken Group, which holds 75% of the shares of Bralirwa Plc with the remaining 25% listed on the Rwanda Stock Exchange.
As a socially responsible company Bralirwa Plc supports a variety of projects from Education to Health and Environment.


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