Bralirwa Plc, announces Annual results for the period to 31st December, 2014


The  challenging  trading  conditions  experienced  at  end  2013 continued  for  the first  half  of  2014.  The  second  half  of  the  year  showed  gradual  recovery, reflected in stronger volume growth particularly in the fourth quarter.


Total  revenue  grew  by 0.9%  in  2014  due  to  product  mix.  For  the second year in a row no price increases were taken.

2014  total  sales  volume  increased  by  1.9%.  Total domestic  sales increased  by  5.6%  of  which  beer  grew  by  6.4%  and  soft  drinks  by  3.7%.  Soft drinks  benefited  from  strong  growth  in  the  fourth  quarter, in  contrast  to  the preceding three quarters.  

The  Primus  50cl  pack  size launched in  third  quarter  2013, with  full  national distribution in  2014 supported the rejuvenation  of  the Primus brand  which  has driven  market  share  growth.

Turbo  King  50cl  launched  in  November  2014  showed  an  impressive  off-take, and  we  are  optimistic the brand  will  perform well in the coming years.


While  top  line  was  positive  the  absorption  of  additional  cost,  higher depreciation, increased  input  and  finance costs  and adverse foreign exchange impactedbottom  line  performance. Earnings beforeInterest  and  Taxation(EBIT)  declined  by  11.6%  to  Rwf 19,452 million (nineteen  billion,  four hundred  and  fifty  two  million  Rwandan  francs). Profit  after  Tax  for  the  year declined by
14.3% to  Rwf  13,242 million  (thirteen  billion,  two  hundred  and forty two million Rwandan francs).

Dividend 2014:  

The payment of a cash dividend for 2014 of Rwf 7.50 (seven Rwandan  francs fifty  cents)  per  share  of  Rwf 5.00(five Rwandan  franc) nominal value will be proposed to the annual general meeting of shareholders.

The  proposed  dividend,  if  approved,  will  be  paid  on 25 June  2015.  The dividend  per  share  in  2014 will amount  to  Rwf 7.50  per  share or  Rwf 7,714,275,000 (seven billion, seven hundred and fourteen million, two hundred and seventy five thousand Rwandan francs). This is the same dividend that was paid in 2013. Please note that the payment will be subject to withholding tax. The book clos date for Bralirwa Plc shares will be 22 May, 2015, with the final dividend paid to  all  shareholders  whose  names  appear  in  the  Register  of  Shareholders  at  the close of business on 25 May,2015.

In 2014, a 1:1 bonus share was issued. For like comparison, 2013 calculations are based on weighted ordinary
shares of 2014. Please refer to the Glossary for definitions in the appendix



2015 Early indications would suggest that 2015 should see some improvement, both in  the  wider  economic  context  and  also  overall  market.  There  remains  some uncertainty   with   the   global   economy   and   the   volatile   foreign   exchange environment  especially  relating  to  strengthening  of  the  US  $  against  other currencies.


Net realized sales proceeds after deduction of excise duties

Gross revenue
Revenue including of excise duties

Earnings before interest and taxes and net finance expenses.

Earnings before interest and taxes and net finance expenses before depreciation and amortization.

Net profit
Profit and total comprehensive income for the year (profit attributable to equity holders of the Company).Free operating cash flow
This represents the total of cash flow from operating activities, and cash flow from operational investing activities.

Earnings per share
Net profit divided by the weighted average number of shares – basic  – during the year.

Net debt
Non-current and current interest-bearing loans and borrowings and bank overdrafts less investments held for trading and cash.



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