Tanzania Breweries Limited Press Announcement

Transcription

1 Tanzania Breweries Limited Press Announcement Headline Results Tanzania Breweries Limited today announces its results for the six month period ended 30 th September Highlights are as follows: TShs m TShs m % Change Revenue 480, ,009 9 Gross Profit 235, ,028 9 Operating Profit 127, ,926 4 Basic earnings per share (TShs) Dividend per share (TShs) Financial Review Tanzania Breweries Limited Group of Companies has delivered a solid set of results for the six months ended 30 th September 2013 despite challenging market conditions. Revenue growth of 9% over last year was driven by volume growth as well as inflationary price adjustments. Operating profit ended the period 4% ahead of prior year. The Tanzanian Shilling remained stable over the period which benefitted the cost of imported production materials. Total cash generated from operations amounted to TShs 158 billion, of which TShs 35 billion was utilised to pay corporate tax, while the remaining TShs 123 billion funded interest and capital expenditure as well as paying dividends to Company shareholders valued TShs 45.5 billion. The growth in earnings was achieved largely through increased sales volumes, improved efficiencies as well as focused cost management whilst operating in a challenging environment. I would like to thank the Board, management and employees for their efforts and continued support as well as our customers, consumers and all stakeholders for their loyalty. R. M. Goetzsche Managing Director Date (1)

2 Company Profile Tanzania Breweries Limited (TBL) is a subsidiary of SABMiller. TBL manufactures, sells and distributes clear beer, opaque beer, alcoholic fruit beverages and non-alcoholic beverages within Tanzania. TBL has controlling interest in Tanzania Distilleries Limited and Darbrew Limited. TBL s most popular clear beer brands include Safari Lager, Kilimanjaro Premium Lager, Ndovu Special Malt, Castle Lager and Castle Lite. Other prominent brands associated with the TBL group are Konyagi Gin, Zanzi Cream Liqueur and Redds Premium Cold. The TBL group is listed on the Dar es Salaam Stock Exchange, employs about 1,700 people and is represented throughout the country with four clear beer breweries, a distillery, an opaque business, a malting facility and 10 distribution depots. TBL as a major player in the beverage sector is committed to the export of its products to niche and neighboring markets under the East Africa common market trading arrangement. Overview of SABMiller SABMiller is one of the world s largest brewers with brewing interest or distribution agreements in over 60 countries across six continents. The group brands include premium international brands such as Miller Genuine Draft, Peroni Nastro Azzurro, Grolsch, Fosters and Pilsner Urquell, as well as an exceptional range of market leading local brands. SABMiller is listed on the London and Johannesburg stock exchanges. (2)

3 GROUP S STATEMENT OF PROFIT OR LOSS FOR THE SIX MONTHS ENDED 30 SEPTEMBER % TShs' M TShs' M Change Revenue 480, ,009 9 Cost of sales (244,587) (223,981) Gross profit 235, ,028 9 Selling and distribution costs (75,349) (64,499) Administrative expenses (32,567) (29,293) Other income (271) 690 Operating profit 127, ,926 4 Finance costs (3,100) (7,708) Profit before income tax 124, ,218 8 Income tax expense (37,525) (34,845) Profit for the period 86,725 80,373 8 Attributable to : Equity holders of the parent 82,508 75,505 Non-controlling interests 4,217 4,868 86,725 80,373 8 Total number of shares in issue 294,928, ,928,463 Less: Treasury shares (5,898,596) (5,898,596) Weighted ave.number of shares in issue 289,029, ,029,867 Basic earnings per share (Tsh) Diluted earnings per share (Tsh) Interim dividend per share (Tsh) (3)

4 GROUP S STATEMENT OF FINANCIAL POSITION AS AT 30 SEPTEMBER 2013 ASSETS 30-Sep 30-Sep ,012 % TShs' M TShs' M Change Non current assets Intangible assets 49,086 40,596 Property plant and equipment 448, ,191 Investments Prepaid lease Current assets 498, , Inventories 130, ,841 Accounts receivable 92,775 82,590 Bank and cash balances 38,267 90, , ,165 Total assets 760, ,027 7 EQUITY Share capital 29,493 29,493 Share premium 45,346 45,346 Other reserves (11,376) (12,209) Retained earnings 453, , , ,545 Non-controlling interests 10,460 10,938 Total equity 527, ,483 9 Non-current liabilities Borrowings 1,875 59,600 Deferred income tax 41,715 34,262 Provisions ,325 94,310 Current liabilities Trade and Other payables 146, ,465 Income tax payable 7,840 11,506 Borrowings 32,787 6,561 Dividends payable 2,130 1, , , Total equity and liabilities 760, ,027 7 (4)

5 GROUP S STATEMENTS OF CASH FLOWS FOR THE SIX MONTHS ENDED 30 SEPTEMBER % TShs' M TShs' M Change Cash generated from operating activities Operating profit 127, ,926 4 Adjusted for: Depreciation & amortisation 18,737 15,661 Loss (Profit) on sale of property plant and equipment (38) (52) Other non-cash items 440 1, , ,000 5 Changes in working capital 11,414 (18,842) Cash generated from operations 157, , Interest paid (3,441) (7,802) Taxation paid (35,157) (28,340) Net cash inflow from operating activities 119,305 85, Cash flows from investing activities Purchase of property plant and equipment (42,089) (27,742) 52 Proceeds from disposals 111 1,288 Net cash used in investing activities (41,978) (26,454) 59 Cash flows from financing activities Dividends paid to group shareholders (45,546) (33,942) Dividends paid to minority shareholders (4,436) (24,881) (Decrease) / Increase in non-group indebtedness (38,898) (5,171) Net cash used in financing activities (88,880) (63,994) 39 Net increase/(decrease) in cash and cash equivalents (11,553) (5,432) Cash and cash equivalents at 1 April 34,551 92,902 Cash and cash equivalents at 30 September 22,998 87,470 (74) (5)

6 GROUP S STATEMENT OF CHANGES IN EQUITY FOR THE SIX MONTHS ENDED 30 SEPTEMBER 2013 GROUP Non Share Share Other Retained controlling capital premium reserves earnings Interest Total TShs' M TShs' M TShs' M TShs' M TShs' M TShs' M Balance at 1 April ,493 45,346 (12,209) 336,410 6, ,110 Net profit after tax ,505 4,868 80,373 Balance at 30 September ,493 45,346 (12,209) 411,915 10, ,482 Balance at 1 April ,493 45,346 (13,195) 415,275 10, ,602 Net profit after tax ,508 4,217 86,725 Cash flow hedge fair value gain - - 1,819 - (4) 1,815 Interim dividend (44,239) (4,436) (48,675) Balance at 30 September ,493 45,346 (11,376) 453,544 10, ,467 (6)