research@cordros.com

11 February 2016

Nigerian Breweries PlcFull Year Ended December 2015 Result

Income Statement (N'bn) FY15 FY14 y/y % ∆ Q4'15 Q4'15 q/q Q4'15 y/y Q3'15 Q2'15 Q1'15 Q4'14 30-Sep-15 30-Jun-15 FY'14

Revenue 293.91 266.37 10.34% 78.99 24.89% 10.14% 63.25 81.75 69.92 71.63 214.92 151.67 266.37

Cost of Sales 151.44 130.79 15.79% 37.22 15.16% 17.85% 32.32 44.48 37.43 31.01 114.22 81.90 130.79

Gross profit 142.46 135.58 5.07% 41.77 35.06% 3.03% 30.93 37.27 32.50 40.62 100.70 69.77 135.58

OPEX 80.72 70.44 14.59% 22.43 1.25% 11.83% 22.15 19.87 16.26 20.30 58.29 36.13 70.44

Other income 0.48 1.72 -71.82% 0.13 42.58% -119.93% 0.09 0.14 0.13 0.53 0.36 0.27 1.72

Net finance cost 7.71 5.40 42.88% 2.51 9.73% -60.74% 2.29 0.99 1.93 1.98 5.20 2.92 5.40

Profit before tax 54.51 61.46 -11.30% 16.95 157.93% -10.04% 6.57 16.55 14.44 18.88 37.56 30.99 61.46

Taxation 16.46 18.94 -13.11% 5.07 170.55% -20.76% 1.87 5.18 4.34 6.19 11.39 9.51 18.94

Profit after tax 38.06 42.52 -10.50% 11.88 152.89% -5.89% 4.70 11.38 10.10 12.69 26.18 21.48 42.52

Ratio Analysis FY15 FY14

Gross margin 48.47% 50.90%

OPEX margin 27.46% 26.44%

Cost of sales margin 51.53% 49.10%

PBT margin 18.55% 23.07%

PAT margin 12.95% 15.96%

Tax rate 30.19% 30.82%

*RoAA 10.79% 14.13%

*RoAE 22.11% 29.90%

EPS (N) 4.80 5.62

*PE 20.84x 29.88x

BVPS(N) 21.73 22.26

PBV 4.60 7.55

DPS 3.60 3.50

Payout Ratio 3.85 0.62

*Trailing Source: NSE, Cordros Research