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Nigerian Breweries Plc 2015 Corporate Rating Report – Nigerian Breweries Plc Nigerian Breweries Plc Rating Assigned: This is a company that possesses very strong financial condition and very strong capacity to meet local currency obligations as and Aa when they fall due. Outlook: Stable ATING ATIONALE Issue Date: September 2015 R R Expiry Date: 30 June 2016 Nigerian Breweries Plc (“Nigerian Breweries”, “NB” or “the Company”) is Previous Rating: None the premier and largest brewing company in Nigeria. NB’s rating is underlined by the Company’s dominant position in the Industry; highly experienced and stable Board of Directors; and competent management Industry: team. The rating is also supported by NB’s strong financial condition Breweries which is validated by good profitability, low leverage, good cash flow and adequate working capital. Outline Page Rationale 1 Nigerian Breweries is a subsidiary of Heineken, the third largest global Company Profile 3 player in the Brewery Industry with international ratings of Baa1 by Financial Condition 5 Moody’s and Bbb+ by Standard and Poor’s. Ownership, Mgt & Staff 8 Outlook 10 Financial Summary 11 During the year ended 31 December 2014, NB’s turnover decreased slightly by 1% to ₦266 billion but its profit before tax margin remained strong, while its three-year weighted average return on equity of 46% Analysts: and three-year average profit before tax as a percentage of sales ratio of Olusegun Owadokun 23% are well above our benchmarks. In the same vein, cash flow [email protected] indicators such as operating cash flow as a percentage of sales (35%) Isaac Babatunde and operating profit margin (25%) surpass our expectations. Leverage [email protected] remains low, with 86% of liabilities as non-interest bearing. The Company’s interest cover is also very good at 17 times. Agusto & Co. Limited UBA House (5th Floor) The continuous decline in global crude oil prices since the last quarter of 57, Marina 2014 has negatively impacted the Nigerian economy leading to a Lagos devaluation of the Naira by the Central Bank of Nigeria (CBN) from Nigeria N168/$ to N197/$. Manufacturers and businesses which are heavily www.agusto.com dependent on imported raw materials have been operating under strains. However, Agusto & Co expects this to have a minimal impact on the Company’s profitability as about two-thirds of the Company’s inputs are sourced locally. In addition, the conclusion of the merger with The copyright of this document is reserved by Agusto & Co. Limited. No matter contained herein may be reproduced, duplicated or copied by any means whatsoever without the prior written consent of Agusto & Co. Limited. Action will be taken against companies or individuals who ignore this warning. The information contained in this document has been obtained from published financial statements and other sources which we consider to be reliable but do not guarantee as such. The opinions expressed in this document do not represent investment or other advice and should therefore not be construed as such. The circulation of this document is restricted to whom it has been addressed. Any unauthorized disclosure or use of the information contained herein is prohibited. Nigerian Breweries Plc Consolidated Breweries Plc with the expanded and diversified product offering is projected to significantly improve sales in the short to medium term. Based on the aforementioned, we have assigned NB a rating of ‘Aa’ with a stable outlook. Strengths •Strong demand for products. •Diversified product offering •Strong Parent Company •Qualified and experienced management team. •Market leadership •Good profitability •Strong Cash flow •Low leverage Weakness •Asset-liability mismatch Challenges •Poor state of infrastructure in the country •Security issues especially in the North-East •Stiff competition •Declining consumer disposable income 2 Nigerian Breweries Plc PROFILE OF NIGERIAN BREWERIES PLC Incorporated in November 1946 as a limited liability Company, Nigerian Breweries became a public limited liability company and was listed on the Nigerian Stock Exchange (NSE) in 1973. NB is currently the second most capitalised stock on the NSE with market capitalisation of ₦0.9 trillion as at 20 August 2015. The major shareholders of the Company are: Heineken N.V Group of the Netherlands holding (54.29%) through its subsidiaries (Heineken Brouwerijen B.V. (38.68%) and Distilled Trading International B.V. (15.61%). The remaining equity of 45.71% is held by Nigerians, foreign individuals and other institutional investors. The Heineken N.V. group is the world’s third largest beer manufacturer by volume with operations in more than 70 countries, producing notable international brands such as Heineken. The Company built its first brewery in Lagos and recorded a landmark when the first bottle of Star lager beer was rolled off at the brewery bottling lines in June 1949. In 1957, the second brewery was commissioned in Aba; Kaduna brewery was established in 1963 and Ibadan in 1982. In 1993, another brewery was commissioned in Enugu but was discontinued in 2004 as a result of the construction of Ama Brewery which was commissioned in October 2003. The Ama brewery is currently the largest and most modern brewery in Nigeria. In addition, an ultra-modern malting plant was acquired in Aba in 2008. Following the conclusion of the merger between the Company and Consolidated Breweries Plc (CB plc) in 2014, three breweries (located in Imagbon, Awo-Omamma and Makurdi) were added to the already existing eight breweries owned by NB. In total, NB currently operates eleven breweries and two malting plants, spread across Nigeria. Since the launch of Star lager beer in 1949, the Company’s product portfolio has expanded remarkably to include alcoholic beverages such as Gulder (1970), Legend Extra Stout (1992) and Heineken (re-launched in 1998) as well as non-alcoholic beverages like Maltina (1976), Amstel Malta (1994), Fayrouz (2006) and Climax (2010). Following the acquisition of Sona Systems and Life Breweries in 2011, Goldberg, Malta Gold and Life Continental were added to the Company’s product range. In 2014, Nigerian Breweries introduced a new line extension of the STAR brand called Star LITE, which contains 40% less calories compared to the regular Star. In addition, Legend Extra Stout extended its market penetration with a new look - a new stanoil and metalized label. In the same year, the Company introduced a new alcoholic beverage - ACE Passion Apple Spark, its first sparkling alcoholic drink. In February 2015, a new product called ACE Roots was launched as a healthy low sugar drink, being the second product to be launched under the ACE Series. On account of the merger with CB Plc, the following products were added to the Company’s product offerings: “33” Export lager beer, Williams dark ale, Turbo Kings dark ale, More lager beer, Maltex, Hi Malt and Breezer, which is a blend of rum and fruits (in three variants). By 2015, NB had 19 brands in the Nigerian market cutting across larger, stout, malt, ready-to-drink, carbonated soft drink and energy drinks. Nigerian Breweries is the market leader, controlling about two thirds of the lager market in Nigeria. The Company’s major competitor and key player in the stout market is Guinness Nigeria Plc (“Guinness”). NB’s 3 Nigerian Breweries Plc products are distributed across the country through seven major cities: Lagos, Abuja, Enugu, Ibadan, Kaduna, Aba and Benin. Dating back to 1986, the Company exports Gulder and Star to Europe and the West African sub-region. Nigerian Breweries’ Head Office is located at Iganmu House, 1 Abebe Village Road, Iganmu, Lagos. NB’s fifteen-member Board of Directors comprises six executive and nine non-executive directors. The Board is led by the Chairman - Chief Kolawole B. Jamodu (CFR), while the management team is led by Mr. Nicolaas A. Vervelde as Managing Director/CEO. In the year under review, Messrs Jasper C. Hamaker and Frank N. Nweke, Jr resigned from the Board, while Mr. Mark P. Rutten, Chief Samuel O. Bolarinde, Dr. Obadiah Mailafia and Mrs Ndidi O. Nwuneli were appointed as Directors. Table 1: Current Directors Chief Kolawole B. Jamodu (CFR) Chairman Mr. Nicolaas A. Vervelde Managing Director/CEO Mr. Mark P. Rutten Finance Director Mr. Franco Maggi Marketing Director (effective 1st September 2015) Mr. Hurbert I. Eze Sales Director Mr. Victor Famuyibo Human Resources Director Mr. Hendrik A. Wymenga Technical Director Mr. Roland Pirmez Non-Executive Director (effective 1st September 2015) Chief Samuel O. Bolarinde Non-Executive Director Dr. Obadiah Mailafia Non-Executive Director Mrs. Ndidi O. Nwuneli, MFR Non-Executive Director Mr. Olusegun S. Adebanji Non-Executive Director Mr. Atedo N. Peterside Non-Executive Director Mr. Sijbe Hiemstra Non-Executive Director Mrs. Ifueko M Omoigui-Okauru Non-Executive Director Source: Nigerian Breweries Plc 2014 Annual Report During the financial year ended 31 December 2014, the Company employed an average of 3,048 persons (2013: 3,193). Subsequent to the year end, the Company’s staff number increased to 3,981 largely due to the merger with Consolidated Breweries Plc. As at 31 December 2014, NB’s total assets stood at ₦349.7 billion. NB’s shareholders’ funds stood at ₦171.9 billion as at 31 December 2014. The Company generated a turnover of ₦266 billion and recorded a profit after tax of ₦42.5 billion in the year under review. The auditors, KPMG were replaced by Akintola Williams Deloitte in 2015 following the completion of 10 years required for rotation in accordance with the Corporate Governance rules. 4 Nigerian Breweries Plc FINANCIAL CONDITION ANALYSTS’ COMMENTS PROFITABILITY Nigerian Breweries Plc generates revenues from the Figure 1: Operating Profit Margin manufacture and sale of alcoholic and non-alcoholic beverages. During the year ended 31 December 2014, NB’s turnover 25% declined slightly to ₦266.4 billion from ₦268.6 billion recorded 20% in previous year.
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