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Nigeria Breweries 2015 H1 results shows pre-tax profits dipped by 8.5% to N30.9billion.
Key Highlights
- Higher cost of sale
- Higher operating expenses
- Higher interest cost
- Higher debts
- Lean cash
| NBL | |||
| Jun-2015 | 2015 H1 | 2014 H1 | %age Change |
| N’m | N’m | ||
| Income Statement | |||
| Revenue | 151,673 | 141,496 | 7.2% |
| Cost of sales | (81,904) | (71,349) | 14.8% |
| Gross Profit | 69,770 | 70,147 | -0.5% |
| Operating Expenses | (36,132) | (35,137) | 2.8% |
| Operating Profit | 33,638 | 35,010 | -3.9% |
| Other Income | 269 | 656 | -59.0% |
| Finance Charges | (2,917) | (1,784) | 63.5% |
| Profit Before Tax | 30,990 | 33,882 | -8.5% |
| Taxation | (9,512) | (10,010) | -5.0% |
| Profit after Tax | 21,478 | 23,872 | -10.0% |
| Tax as a %age of PBT | 30.69% | 29.54% | |
| Balance Sheet | 2015 H1 | 2014 FY | |
| Short term borrowings | 20,000 | 7,794 | 156.62% |
| Long term borrowings | 24,550 | 24,670 | -0.49% |
| Inventories | 28,073 | 28,478 | -1.42% |
| Trade & Other Receivables | 32,599 | 18,544 | 75.79% |
| Trade & Other Payables | 78,224 | 83,283 | -6.07% |
| Working Capital | (66,747) | (61,303) | 8.88% |
| Total Assets | 359,192 | 349,229 | 2.85% |
| Net Assets | 165,690 | 171,964 | -3.65% |
| Retained Earnings | 96,431 | 102,815 | -6.21% |
| Cash & Cash Equivalents | 2,914 | 5,700 | -48.89% |
| Net Cash from Operations | 31,948 | 60,860 | -47.51% |
| Net Cash Invested | (17,422) | (28,591) | -39.06% |
| Indices | |||
| Eps (Naira) | 1.27 | 1.33 | -4.5% |
| Outstanding Shares | 7,563 | 7,563 | |
| Debt to Equity | 0.27 | 0.19 | 42.4% |
| Gross Profit Margin | 46.0% | 49.6% | -7.21% |
| Operating Profit Margin | 22.2% | 24.7% | -10.37% |
| Profit Margin | 14.2% | 16.9% | -16.06% |
| SGA as a %age of Gross Profit | 51.8% | 50.1% | 3.39% |
| Interest Cost as a percentage of Operating Profit | 8.7% | 5.1% | 70.21% |
| Average Finance Cost | 7.6% | ||
| Asset Turnover % | 42.8% | ||
| Return on Equity | 12.7% | ||
| Return on Asset | 9.5% | ||
| ROA Factor | 1.9 | ||
| Inventory Turnover | 2.9 | ||
| Net Asset Turnover | 0.9 |
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