Headline Results
2014
TShs’ m
2013
TShs’ m
%
change
Total
Revenue 979,651 892,017 10
Gross
Profit 502,538 442,190 14
Opera...
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Tanzania Breweries Limited FY 2014 financial results

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Tanzania Breweries Plc listed on the Dar es Salaam Stock Exchange has released its full year results. Check out insights into this company in their presentation which appears below.
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Tanzania Breweries Limited FY 2014 financial results

  1. 1. Headline Results 2014 TShs’ m 2013 TShs’ m % change Total Revenue 979,651 892,017 10 Gross Profit 502,538 442,190 14 Operating Profit 297,794 263,192 13 Basic earnings per share 680 579 17 Dividend per share 450 300 50 Tanzania Breweries Limited Tanzania Breweries Limited today announces its results for the year ended 31st March 2014. Highlights are as follows: clear beer, alcoholic fruit beverages and non- alcoholic beverages within Tanzania. 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. 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, Amarula Cream 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. 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. Financial Review The Tanzania Breweries Limited Group of Companies (TBL) has delivered another sound set of results despite challenging market conditions for the year ended 31st March 2014. Annual lager volumes grew by 4% driven by double digit growth in the premium and affordable segments as well as steady growth in the mainstream category. Wines and Spirits volumes declined over the year due to soft trading conditions. Volumes for opaque beer are significantly up on prior year mainly due to the acquisition of Darbrew Limited in 2013. Sales revenue growth of 10% over last year was driven by the higher volumes and inflationary price increases. Operating profit ended the period 13% ahead of prior year mainly due to production efficiencies as well as cost savings. The Tanzanian Shilling remained stable over the period which benefitted the cost of imported production materials. Total cash generated from operations amounted to Tshs 313 billion, of which Tshs 86 billion was utilised to pay corporate tax, while the remaining amount funded capital expenditure, repayment of bank borrowings, interest expenses. Dividends of Tshs 134 billion were paid to shareholders. The growth in earnings was achieved largely as a result of higher 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 Group Statement of Profit or Loss and other comprehensive income Financial statements for the year ended 31st march 2014 Statement of financial position as at 31st march 2014 2014 TShs’ M 2013 TShs’ M ASSETS Non-current assets Property, plant and equipment 474,670 426,662 Intangible assets 48,981 49,343 investment 88 88 523,739 476,093 10 Current assets Inventories 145,195 126,448 Accounts receivable 96,985 86,357 Bank and cash balances 11,090 49,442 253,270 262,247 Total Assets 777,009 738,340 5 equity Share capital 29,493 29,493 Share premium 45,346 45,346 Retained earnings 479,007 415,275 Other reserves (10,888) (13,195) 542,958 476,919 Non-controlling interests 9,645 10,683 Total equity 552,603 487,602 13 liabilities Non-current liabilities Borrowings 2,250 1,875 Deferred income tax liabilities 48,454 41,415 Provisions 829 447 51,533 43,737 Current liabilities Trade and other payables 116,056 129,505 Borrowings 54,642 71,724 Income tax liabilities 2,175 5,772 172,873 207,001 Total Liabilities 224,406 250,738 Total equity and liabilities 777,009 738,430 5 Attributable to owners of the parent Share capital TShs’ M Share premium TShs’ M Other reserves TShs’ M Retained earnings TShs’ M Non controlling Interest TShs’ M Total equity TShs’ M Year Ended 31 March 2014: Balance at 1st April 2013 Comprehensive income: Profit for the year Cash flow hedge fair value gain (net) Total comprehensive income Transaction with owners Dividends paid Balance at 31 March 2014 Group Statement of changes in Equity 196,450-- - - - - - - 7,257 203,707 206,096 (141,095) 552,603 2,307 2,307 - 82 2,389 (10,888) 7,339 (8,377) 9,645 196,450 (132,718) 479,00745,346 29,493 45,346 (13,195) 415,275 10,683 487,602 29,493 Group Statement of Cash Flows 2014 TShs’ M 2013 TShs’ M % Change Cash flow from operating activities: Cash generated from operations 312,614 294,382 Interest paid (5,118) (8,721) Income tax paid (85,750) (69,917) Net cash inflow from operating activities 221,926 215,744 3 Cash flows from investing activities Purchase of property, plant and equipment (101,850) (102,209) Purchase of intangible assets (147) (518) Interest received 2,918 5,597 Purchase of subsidiary - (8,816) Cash acquired with subsidiary - 57 Proceeds from disposal of property, plant and equipment 211 1,071 Net cash used investing activities (98,868) (104,818) -6 Cash flows from financing activities Dividends paid to company shareholders (133,685) (145,566) Dividends paid to non controlling interest (8,377) (7,514) Proceeds from borrowings 3,000 - Repayments of from bank borrowings (55,850) (10,343) Purchase of own shares - 9 Net Cash used financing activities (194,912) (163,414) Net Increase in cash and cash equivalents (71,854) (52,488) Cash and cash equivalents at the start of the year 34,551 92,901 Exchange loss on cash and cash equivalent (3,469) (5,862) Cash and Cash Equivalents at year end (40,772) 34,551 -218 2014 TShs’ M 2013 TShs’ M Revenue 979,651 892,017 10 Cost of sales (477,113) (449,827) Gross profit 502,538 442,190 14 Selling and distribution costs (142,650) (126,719) Administrative expenses (61,617) (52,873) Other income (39) (3,803) Derivative (expense)/ income (438) 4,397 Operating profit 297,794 263,192 13 Finance income 2,684 4,998 Finance costs (7,759) (14,377) Profit before income tax 292,719 253,813 15 Income tax expense (89,012) (76,685) Profit for the year 203,707 177,128 15 Other comprehensive income Fair value gains transferred to receivables 143 494 Fair value gains/(losses) transferred to payables 2,246 (1,532) Profit for the year attributable to: Non-controlling interests 7,339 9,741 Equity holders of parent company 198,757 166,349 Basic earnings per share (Tshs) 679.7 579.1 17 Diluted earnings per share (Tshs) 666.1 567.4 17 Total comprehensive income for the year 206,096 176,090 17 206,096 176,090 % Change % Change Company Profile Tanzania Breweries Limited (TBL), a subsidiary of SABMiller. TBL manufactures sells and distributes

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