East African Breweries Ltd. (EABL)- A Business & Financial Analysis

7/23/2019 East African Breweries Ltd. (EABL)- A Business & Financial Analysis

1/16

- 5 - 088= XA Kwebdm Djc`ej Icbsujtmbd

5. Mbtrcfuitmcb.

5.5 @rmnl ickpeby cvnrvmnw

Nste`jmsonf mb 5=00 ebf wmto mts onefquertnrs mb Bemrc`m- Anbye, Nest Elrmieb @rnwnrmns Jtf. (NE@J) ms e

jnefmbd `rebfnf ejicocj kebuleiturmbd ickpeby mb ton Nest Elrmieb rndmcb nbdednf mb ton kerantmbd,

`rnwmbd ebf snjjmbd cl ejicocjmi ebf bcb- ejicocjmi frmbas es wnjj es ton kebuleiturmbd cl djess icbtembnrs.

Kegcrmty cwbnf `y Fmednc, mt icbsmsts cl e buk`nr cl su`smfmermns.5

5.0. Pnsnerio retmcbejn.

Ickpernf tc tonmr icubtnrperts mb ton fnvnjcpnf wcrjf, jmttjn rnsnerio oes `nnb ierrmnf cut cb crdebmzetmcbs

toet cpnretn mb Elrmieb icubtrmns es tonsn ern snnb es jeiambd ton kebednknbt iepeimty cr lmbebimej rnscurins

nmtonr tc ickpntn wmto jerdnr crdebmzetmcbs mb ton fnvnjcpnf wcrjf cr tc mbtnrnst mbtnrbetmcbej mbvnstcrs.

Ocwnvnr ton nvnbts cl ton jest twc yners, womio oevn snnb mbvnstcrs jcsn kmjjmcbs cl fcjjers mb tonmr

mbvnstknbts fun tc ton icjjepsn cl ton mbtnrbetmcbej lmbebimej kerants, oevn mbirnesnf ton bnnf lcr

mbtnrbetmcbej mbvnstcrs tc fmvnrsmly tonmr pcrtlcjmcs mbtc rndmcbs omtonrtc icbsmfnrnf ubmkpcrtebt. @y ierrymbd

cut e irmtmiej `usmbnss ebf lmbebimej nvejuetmcb cl ton pnrlcrkebin cl e typmiej jerdn Elrmieb crdebmzetmcb, toms

rnpcrt ettnkpts tc omdojmdot ton kmssnf cppcrtubmtmns toet key rnkemb ubteppnf mb nknrdmbd kerants.

Tmto ebbuej rnvnbuns cl ANY 05 `mjjmcb (^Y$ 0?> kmjjmcb), ANY 0< `mjjmcb (^Y$ 9)


2/16


`mjjmcb (^Y$ 64= kmjjmcb)0mb L]8


3/16


mblcrketmcb wmto e vmnw tc usmbd toms tc irmtmiejjy nvejuetn ton pnrlcrkebin cl e rnej jmln crdebmzetmcb- NE@J.

Uuebtmtetmvn fete wes frewb kembjy lrck ton ickpebys lmbebimej stetnknbts womjn ton quejmtetmvn

mblcrketmcb wes frewb prmkermjy lrck eiefnkmi ebf preitmtmcbnr gcurbejs.

Von ùsmbnss kcfnjs ebf eiicubtmbd tniobmquns wnrn eppjmnf tc detonrnf quejmtetmvn ebf quebtmtetmvn

mblcrketmcb ebf usnf tc nvejuetn ebf irmtmiejjy ebejyzn ton ickpeby, mfnbtmlymbd ernes cl strnbdtos ebf

wneabnssns. (EIIE 088=).

Mb effmtmcb, jmkmtnf fete cb any ùsmbnss ebf lmbebimej verme`jns wes icjjnitnf cb ton ickpebys any

ickpntmtcrs es wnjj es mbfustry-wmfn stetmstmis mb crfnr tc `nbiokera ton pnrlcrkebin cl NE@J edembst tonsn

ctonr leitcrs. Voms cllnrnf, mb effmtmcb tc ton mbtnr-tnkpcrej ebejysms cl ton ickpeby, e lurtonr evnbun cl

ebejysms tonrn`y nbe`jmbd e kcrn ickprnonbsmvn ùsmbnss ebf lmbebimej ebejysms cl ickpeby pnrlcrkebin.

Ynitmcb Cbn ms eb mbtrcfuitmcb tc ton rnsnerio prcgnit prcvmfmbd e `rmnl ickpeby cvnrvmnw es wnjj es `rmnljynxpjembmbd ton rnsnerio retmcbejn, c`gnitmvns ebf rnsnerio epprceio. Ynitmcb Vwc nxpjembs mb kcrn fntemj ton

rnsnerio kntocfcjcdy ubfnrteanb ebf ejsc ton jmkmtetmcbs esscimetnf wmto toms rnsnerio kntocfcjcdy. Mt ejsc

mfnbtmlmns ebf fnsirm`ns ton ùsmbnss kcfnjs ebf eiicubtmbd tniobmquns usnf mb ton rnsnerio prcgnit. Ynitmcb

Vornn jccas et ton scurins cl fete, prnsnbts ton fete icjjnitnf ebf jccas et ton jmkmtetmcbs mb detonrmbd ton

fete. Ynitmcb Lcur eppjmns ton ùsmbnss kcfnjs ebf eiicubtmbd tniobmquns tc ton ickpeby nbvmrcbknbt ebf

cb ton èsms cl toms dcns cb tc nvejuetn ebf irmtmiejjy ebejyzn NE@Js ùsmbnss ebf lmbebimej pnrlcrkebin

cvnr e tornn yner pnrmcf. Ynitmcb Lmvn tonb prnsnbts icbijusmcbs rneionf cb ton èsms cl ton rnsnerio

ubfnrteanb es wnjj es prcvmfmbd e buk`nr cl rnickknbfetmcbs.

QCKKMVVNF[


4/16


6.0. Lmbebimej pnrlcrkebin ebejysms

6.0.5. Petmc ebejysms

Ve`jn 47 Lmbebimej retmcs cl NE@J lcr ton pnrmcf L]8< tc L]8?.

Petmc Ebejysms

% ioebdn 088< % ioebdn 0884 % ioebdn 088?Xrclmte`mjmty

Xnrinbtedn mbirnesn mb sejns rnvnbun ?.=4 09.46 0>.>?

Pnturb cb iepmtej nkpjcynf (PCIN) 8..58 90.?4 56.>> 94..0? 5>.9> >0.09 59.96 >=.08

Bnt essnt turbcvnr -5.5? 5.80 58.40 5.59 54.=9 5.99

Drcss prclmt kerdmb -4.94 >.50 -0.=4 >9.6?

Cpnretmbd prclmt kerdmb -0.?? 94.=6 -9.6= 98

Lmbebimej st e`mjmty.

Nqumty tc essnts retmc -0.4.50 -5?.?? 6

Xrmin nerbmbds retmc (X/N retmc -54.4= 08.9? -0. >.88 08.?6

Bnt essnt vejun pnr soern 5?.96 599.45 5.0> 59>.9= -54.=5 555.5>

Vctej Yoernocjfnr Pnturb (VYP) -9.46 ->0=.?9 5

Ycurin7 NE@J, 088>1 NE@J, 088


5/16

- > - 088= XA Kwebdm Djcèj Icbsujtmbd

Xrclmte`mjmty

Lmdurn 47 NE@J prclmte`mjmty mbfmietcrs `ntwnnb L]8< ebf L]8?.

08=84

4,=99?,>44

0>?45

=,64658,888

58888

5>888

08888

0>888

98888

9>888

088< 0884 088?

Bnt sejns vejun

Cpnretmbd

prclmt

Xrclmt `nlcrn

tex

Ycurin7 NE@J, 0884` p. 0?

@cto PCIN ebf PCN rcsn yner-cb-yner `ntwnnb L]8< ebf L]8? fun tc onevy iepmtej mbvnstknbts6toet

oevn ymnjfnf mbirnesnf prcfuitmvmty. Von yner-cb-yner mbirnesn mb sejns rnvnbun ebf PCIN wmto mbirnesnf

iepmtej mbvnstknbts ebf upwerf rnvejuetmcbs cl XXN suddnsts toet rnvnbun oes mbirnesnf prcpcrtmcbetnjy

omdonr toeb ton mbirnesnf iepmtej mbvnstknbts ebf rnvejuetmcbs eb mbfmietmcb cl `nttnr iepeimty utmjmzetmcbebf prcfuitmvmty.

Fnspmtn e `cbus mssun mb L]8?>, PCN icbtmbunf tc rmsn socwmbd eb mbirnesmbd rnturb tc e jerdnr soernocjfnr

èsn. Ocwnvnr drcss prclmt kerdmbs lnjj `ntwnnb L]8< ebf L]8? fun tc icst cl sejns mbirnesmbd

prcpcrtmcbetnjy kcrn toeb ton mbirnesn mb sejns rnvnbun. Icst cl sejns wes frmvnb up `y mbirnesmbd

prcfuitmcbs icsts ieusnf `y e socrtedn cl èrjny, rmsmbd lunj icsts ebf icbstebt pcwnr cutedns. (NE@J,

0884` p. 0?)

Cpnretmbd prclmt kerdmb ejsc fnijmbnf mb ton pnrmcf. E ick`mbetmcb cl rmsmbd kerantmbd nxpnbsnsEssukmbd pcst-tex prclmts rnkembnf icbstebt, eb mbirnesn mb ton buk`nr cl soerns cb mssun wcujf jnef tc e lejj mb

PCN. Voet PCN mb ton tornn yners oes icbtmbunf tc rmsn ms eb mbfmietmcb cl eb mbirnesmbd rnturb lcr neio soern mb mssunm.n. ton drcwto mb pcst-tex prclmts oes cutpeinf ton drcwto mb nqumty iepmtej.%. Voet toms wes bct ton iesn ms nvmfnbinf `y e 56% mbirnesn

mb PCIN mb L]8?.

Mbvnstcr eitmvmty.

FXY ebf fmvmfnbf icvnr.

Lmdurn ?7 NXY ebf FXY vejuns `ntwnnb L]86 ebf L]8?.

6.?=

0.?=

>

?.8>

8

5

0

9

6

>

088< 0884 088?

NXY

FXY

Ycurin7 NE@J, 088?e p.>

FXY oes drcwb yner-cb-yner socwmbd e onejtoy fmvmfnbf pcjmiy `y ton ickpeby. Voms oes onjpnf mkprcvn

ton ickpebys soern prmin pnrlcrkebin Vonsn fmvmfnbf peycuts oevn `nnb kefn cut cl iurrnbt yner prclmts

ebf onbin luturn prclmte`mjmty ms bct nbfebdnrnf `y peymbd cut iurrnbt fmvmfnbfs lrck prmcr yner nerbmbds.

Fmvmfnbf icvnr lnjj mb L]84 ebf L]8? fun tc mbirnesns mb fmvmfnbf peyknbts cutstrmppmbd tocsn mb pcst-tex

]ner

ANY


8/16

- ? - 088= XA Kwebdm Djcèj Icbsujtmbd

prclmts55

.

Nerbmbds pnr soern (NXY)

NXY drnw furmbd ton pnrmcf mb jmbn wmto mbirnesns mb pcst-tex prclmts. Fnspmtn e `cbus mssun mb L]8? (womio

socujf oevn snnb e lejj mb NXY fun tc eb mbirnesn mb ton buk`nr cl soerns cb mssun), NXY icbtmbunf tc ijmk`-

e ijner mbfmietmcb cl ton drcwmbd prclmte`mjmty cl ton ickpeby.

Xrmin-nerbmbds retmc.

Von XN retmc oes rnkembnf lemrjy ste`jn lejjmbd kerdmbejjy mb L]84 ebf tonb rmsmbd kerdmbejjy mb L]8?. XN

retmc kerdmbejjy lnjj mb L]84 es ton rmsn mb NXY berrcwjy cutpeinf ton rmsn mb NE@Js soern prmin. Voms

pettnrb wes rnvnrsnf mb L]8?.Von sjcwnr drcwto mb NXY mb L]8? wes fcwb tc ton `cbus mssun womio sew eb

mbirnesn mb ton buk`nr cl soerns mb mssun.

Voms rnjetmvnjy ste`jn XN retmc socws toet mbvnstcrs ern lemrjy icblmfnbt mb ton ickpebys luturn pnrlcrkebin.

Bnt essnt vejun (BE\) pnr soern.

BE\ pnr soern rnjetns tc ton `cca vejun cl e ickpebys soern. NE@Js BE\ pnr soern rcsn kerdmbejjy mb

L]84 ebf tonb fmppnf su`stebtmejjy mb L]8? lejjmbd `y 5?%. Von mbmtmej rmsn wes fun tc ton mbirnesn mb bnt

essnts mb L]84 womjn nqumty iepmtej rnkembnf icbstebt. Ocwnvnr, lcjjcwmbd ton `cbus mssun mb L]8?, BE\

pnr soern lnjj su`stebtmejjy.

Fmllnrnbins `ntwnnb BE\ pnr soern ebf NE@Js kerant soern prmin mbfmietn toet NE@J soerns ern snjjmbd et

e prnkmuk. Voms ms mb jmbn wmto ton omdo XN retmcs evnredmbd 08 tmkns lcr ton tornn yner pnrmcf. (Xcbtmll ebf

Yioejj, 5==?, p. 560)

6.0.0. @nbiokerambd NE@J .

NE@J cutpnrlcrks mts kegcr ickpntmtcr- YE@Kmjjnr mb ejj prclmte`mjmty ebf lmbebimej ste`mjmty retmcs. (snn

Eppnbfmx)50

. @cto PCIN ebf cpnretmbd prclmt kerdmb ern kuio omdonr toeb ton rnspnitmvn YE@Kmjjnr

lmdurns- eb mbfmietmcb cl `nttnr iepeimty utmjmzetmcb ebf icst kebednknbt

59

.

55Tomjn fmvmfnbf peyknbts drnw `y 0?% ebf 0>% mb L]84 ebf L]8? rnspnitmvnjy, pcst-tex prclmts drnw `y 54% ebf

00% lcr ton sekn pnrmcfs. (NE@J, 0884` p. 951 NE@J, 088? p. 60)50

E wcrf cl ieutmcb onrn ms toet ton lmdurns lcr YE@Kmjjnr ern fnrmvnf lrck mts wcrjfwmfn cpnretmcbs womjn tocsn clNE@J ern èsnf scjnjy cb mts Nest Elrmieb cpnretmcbs. Ocwnvnr YE@Kmjjnr prnperns bc lmbebimej stetnknbts lcr mts

Elrmieb cpnretmcbs ebf ton lmbebimej stetnknbts prnpernf cb ton èsms cl mts djc ej cpnretmcbs prcvmfn ton nst evnbunlcr ickpermscb. Vonsn retmcs ieb `n essuknf tc `n `rcefjy smkmjer lcr mts Nest Elrmieb cpnretmcbs.59

Mt key wnjj `n toet NE@J cpnretns mb e lest drcwmbd kerant mbfmietnf `y ton omdonr bnt essnt turbcvnr lmdurns. Vonicbtrmùtmcb tc turbcvnr `y neio ubmt cl XXN ms omdonr toeb et YE@Kmjjnr womio key `n cpnretmbd mb bner seturetnf

kerants.


9/16

- = - 088= XA Kwebdm Djcèj Icbsujtmbd

Ejtocudo NE@J oes e kuio supnrmcr icvnr cl mts iurrnbt jme`mjmtmns, `cto ickpebmns oevn nmtonr bmj cr jcw

dnermbd ebf onbin lein jmttjn febdnr tc tonmr dcmbd icbinrb stetus. NE@Js jcbdnr peye`jns icjjnitmcb pnrmcfs

mbfmietns mts supnrmcr èrdembmbd pcsmtmcb edembst suppjmnrs mb ton rndmcb womjn YE@Kmjjnr key bct nbgcy suio

juxury mb djcèj kerants wonrn ickpntmtmcb ms stmllnr.

YE@Kmjjnrs socrtnr rninmve`jns icjjnitmcb pnrmcf key ejsc `n mbfmietmvn cl mts bnnf lcr qumianr wcrambdiepmtej kcvnknbts tc lmbebin mts fn`t c`jmdetmcbs. Ocwnvnr, YE@Kmjjnr oes e supnrmcr fmvmfnbf icvnr fun tc

mts jcwnr peycut retmc56womjn `cto ickpebmns nbgcy omdo XN retmcs ebf onbin icbtmbunf mbvnstcr icblmfnbin

mb tonmr luturn pnrlcrkebins.

6.0.9. Yndknbt Ebejysms.

Yndknbtej ebejysms cl NE@J mb ton rndmcb mbvcjvnf nxpjcrmbd ton fmllnrnbt retns cl prclmte`mjmty ebf fmllnrnbt

cppcrtubmtmns lcr drcwto prnsnbtnf `y neio dncdrepomi sndknbt5>

. (LVI Jtf., 088> p.5=9)

Xrclmte`mjmty

Lmdurn =7 Icbtrmùtmcb tc cpnretmbd prclmt `y dncdrepomi sndknbt.

4

=4% ebf 69% lcr L]84 ebf L]8? rnspnitmvnjy. (YE@Kmjjnr, 0884 p.51 YE@Kmjjnr, 088? p.5)

5>Yndknbt mblcrketmcb ms prnsnbtnf cb ton èsms cl ton drcups dncdrepomiej sndknbts, womio ms ton prmkery lcrket

èsnf cb ton icubtrmns cl cpnretmcbs. Bc fmstmbdumsoe`jn ùsmbnss sndknbts nxmst (NE@J, 0884e p. >4-?)

ANYKmjjmcbs

]ner


10/16


Lmdurn 587 Icbtrm`utmcb tc bnt prclmt `y dncdrepomi sndknbt.

6,==8

4 4?? kmjjmcb tc ANY M `mjjmcb, up ?6%.

NE@J oes e kmbcrmty stean mb ton Vebzebme cpnretmcbs ebf onbin prclmt kerdmbs onrn ern bmj nxinpt lcr

NE@Js soern cl esscimetn prclmts.

5 sew e ANY % mkprcvnknbt mb nbnrdy usedn

es wnjj es e lurtonr ANY 60> kmjjmcb mbvnstknbt mb e and-jmbn. (NE@J, 088>, p. 00)

ANY

kmjjmcbs

]ner


11/16


Drcwto

Lmdurn 557 \cjukn drcwto retns `y dncdrepomi sndknbt.

08

04

0

04 04 04

5?

>

5?

8

>

58

5>

08

0>

98

088< 0884 088?

Anbye

^debfe

Vebzebme

Ycurin7 NE@J, 0884`1 NE@J, 088?`

Fnspmtn mts jcw icbtrm`utmcb tc cvnrejj sejns ebf prclmts, ton Vebzebme cpnretmcbs oevn snnb trnknbfcus

drcwto mb L]84 ebf L]8? et 04% ebf 5?% rnspnitmvnjy. Voms ms fcwb tc NE@J mbirnesnf lcius cb

mkprcvmbd mts kerant soern onrn.

]ner

%


12/16


Lmdurn 507 Yejns rnvnbun drcwto retns `y dncdrepomi sndknbt.

0>

0=

95

5

58

5>

08

0>

98

9>

0884 088?

Anbye

^debfe

Vebzebme

Ycurin7 NE@J, 0884`1 NE@J, 088?`

Lmd. 597 Yndknbt soern cl drcup vcjukn ebf ubmts nxpcrtnf (L]8?).

45

>.4

5?

5.6

8

58

08

98

68

>8


13/16


6.0.6. Lmbebin rmsa ebejysms

Ve`jn ?7 Lmbebin rmsa ebejysms ketrmx.

NE@J PMYA EBEJ]YMY

Cb e siejn cl 5 tc >

5 - vnry jcw rmsa

0 - jcw rmsa9 - kcfnretn rmsa

6 - omdo rmsa

> - vnry omdo rmsa

Petmbd essmdbnf Tnmdot essmdbnf(%) Tnmdonf \ejun cl Leitcr(%)

Lmbebimej rmsa leitcrs

jmqumfmty rmsa 5 98% 8.9

lcrnmdb nxioebdn rmsa 6 58% 8.6

mbtnrnst retn rmsa 9 08% 8. Lmbebimej rmsa leitcr

Jmqumfmty rmsa oes rninmvnf ton omdonst wnmdot essmdbnf (98%) fun tc mts mkpjmietmcbs cb ton

ickpebys dcmbd icbinrb stetus. Jceb fnleujt icujf jnef tc jmqumfetmcb ebf e inssetmcb cl

ùsmbnss.

Mbtnrnst retn rmsa ejsc rninmvnf e omdo wnmdot (08%) fun tc ton mkpeit e oman mb mbtnrnst retns

wcujf oevn cb e ùsmbnss e`mjmty tc remsn lmbebin54. Irnfmt rmsa ejsc rninmvnf e omdo wnmdotmbd

(08%) fun tc ton mkpjmietmcbs cl icubtnr-perty rmsa wonrn ùsmbnss pertmns ern ube`jn tc knnt

tonmr icbtreituej c`jmdetmcbs5?

.

Lcrnmdb nxioebdn rmsa, icbtedmcb rmsa ebf ton rmsa cl lejjmbd nqumty prmins oevn rninmvnfwnmdotmbds cl 58% fun tc tonmr rnjetmvnjy jcwnr mkpeit. Lcrnmdb nxioebdn rmsa ms e leitcr

wonrn e ickpeby oes su`stebtmej cllsocrn trefmbd. Icbtedmcb rmsa ebf lejjmbd nqumty prmins ern

54Tonrn e ùsmbnss oes `crrcwnf ijcsn tc mts jmkmts ebf ms struddjmbd tc knnt mts jnbfnr c`jmdetmcbs, e kmbcr oman mbmbtnrnst retns key oevn drevn mkpjmietmcbs lcr mts dcmbd icbinrb stetus. Icbvnrsnjy, lcr e ickpeby wmto su`stebtmejtnrk fnpcsmts es cppcsnf tc `crrcwmbds, e fnijmbn mb mbtnrnst retns wmjj kneb e lejj mb mbtnrnst mbickn. (NE@J, 088? p.45-0)5?

Cb ton suppjy smfn toms oes eb mkpeit cb ton e`mjmty cl ton ickpeby tc icbtmbun mb cpnretmcb ubjnss ejtnrbetmvn suppjy

scurimbd ms mfnbtmlmnf. Cb ton fnkebf smfn, mbe`mjmty cl rninmve`jns tc kean peyknbts mkpeits cb ieso ljcw ebf

pcssm`jy ton dcmbd icbinrb stetus.


14/16


pertmiujerjy rnjnvebt mb rninssmcbery pnrmcfs. (Ircuoy nt ej., 0888 p. 40)

Ocwnvnr, fnspmtn tonmr jcwnr wnmdotmbds lcrnmdb nxioebdn rmsa5=, icbtedmcb rmsa ebf ton rmsa cl

lejjmbd nqumty prmins ejj rninmvnf omdo rmsa retmbds fun tc ton spnimlmi mkpeit tony oevn cb

NE@Js prclmte`mjmty. NE@Js onevy fnpnbfnbin cb nqumty lubfmbd ejsc knebs toet icbtedmcb

rmsa ebf icbsnqunbt lejjmbd nqumty prmins fmrnitjy mkpeit ton ickpebys e`mjmty tc remsn nqumtylmbebin

08.

Cb ton ctonr oebf, ocwnvnr, jmqumfmty rmsa ebf mbtnrnst retn rmsa rninmvnf jcw tc kcfnretn rmsa

retmbds fun tc ton ickpebys strcbd ieso ebf bmj dnermbd pcsmtmcbs. Vonrn ms bc rmsa cl jceb

fnleujt `y ton ickpeby ebf ejtocudo e oman mb mbtnrnst retns wcujf oevn jmttjn mkpeit cb ton

ickpebys lmbebimej pcsmtmcb, e lejj mb mbtnrnst retns wcujf ellnit mbtnrnst mbickn fun tc

NE@Js su`stebtmej tnrk fnpcsmts. Irnfmt rmsa rninmvnf e jcw rmsa retmbd fun tc ton ickpebys

strmit vnttmbd cl mts trefn pertbnrs.

6.0.>. Iepmtej mbvnstknbt.

Lmdurn 567 NE@J iepmtej nxpnbfmturn `ntwnnb L]80 ebf L]8?.

Ycurin7 NE@J (088?` p.55)

E omdo prcpcrtmcb cl bnt ieso dnbnretnf lrck cpnretmcbs ms pemf cut es fmvmfnbfs, nxinnfmbd toet usnf mb ton

5=Vrebseitmcbej lcrnmdb nxioebdn jcssns tctejjnf ANY 40 kmjjmcb mb L]84 ebf ANY >9 kmjjmcb mb L]8?. (snn Eppnbfmx )

08Lejjmbd nqumty prmins kneb toet e rmdots mssun wcujf remsn jnss lubfmbd toeb ctonrwmsn smbin mbvnstcrs wcujf `n

rnjuitebt tc mbvnst wonrn nqumty prmins ern cb ton fnijmbn.


15/16

- 5> - 088= XA Kwebdm Djc`ej Icbsujtmbd

purioesn cl XXN05

. Ejtocudo toms snbfs e pcsmtmvn knssedn tc mbvnstcrs ebf oes e pcsmtmvn mkpeit cb NE@J

soerns, toms omdo peycut retmc snnks ubgustmlme`jn mb e kerant wonrn ickpntmtmcb ms mbirnesmbd.

Mb L]8< kessmvn essnt fmspcsejs wcrto ANY 0?= kmjjmcb wnrn kefn. Xrclmts cl ANY 58< kmjjmcb wnrn

rninmvnf lrck tonsn fmspcsejs suddnstmbd toet tonsn essnts wnrn scjf wnjj `nlcrn tony oef nxoeustnf tonmr

nicbckmi usnluj jmvns. Voms ms lurtonr nvmfnbinf `y ton rnjetmvnjy omdo prcpcrtmcb cl ierrymbd ekcubt rnjetmvntc icst socwmbd toet XXN ms bct bner ton nbf cl mts nicbckmi usnluj jmln

00. Vous rnpjeinknbt cl XXN ms

kctmvetnf `y ctonr leitcrs ctonr toeb eb edmbd cl nxmstmbd essnts. Cbn pjeusm`jn rnescb ms e fnsmrn tc `ccst

prcfuitmvmty tc stey eonef mb eb mbirnesmbdjy ickpntmtmvn nbvmrcbknbt. (Keutz ebf Ebdnjj, 088= p. 5


16/16

- 5< - 088= XA Kwebdm Djc`ej Icbsujtmbd

6.0.7 Yoern prmin ioert lcr ton pnrmcf Citc`nr 088< tc Citc`nr 088=.

Ycurin7 kyYtcias! (088=)

NE@Js soern prmin onjf rnjetmvnjy stnefy mb L]8< ebf L]84 mb jmbn wmto ste`jn prclmts. Mb Citc`nr 0884

lcjjcwmbd ton `cbus mssun ton soern prmin rndmstnrnf e`cut e 08% rmsn `nlcrn lejjmbd edemb tc mts prn-`cbus

mssun prmin.

Von soern prmin ocwnvnr pneanf mb Gubn 088? mb jmbn wmto e rnicrf FXY cl ANY ?.8> ebf e rnicrf peycut cl

?6%09. Voms ebf ton yner-cb-yner mbirnesn mb FXY oevn onjpnf lunj mts rnjetmvnjy strcbd stcia pnrlcrkebin.

09

NE@Js omdo peycut ms nvmfnbinf mb Lmdurn ? `y fmvmfmbd ton ebbuej FXY vejuns wmto rnspnitmvn ton NXY vejuns.

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East African Breweries Ltd. (EABL)- A Business & Financial Analysis