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Brewery loses eleven billion

HomeAYV NewsBrewery loses eleven billion

Brewery loses eleven billion

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This was disclosed during the Annual General Meeting of the SLBL held at the company’s canteen on Friday.

Stakeholders, proxy and members of the media were updated on the business environment, operating results, sales and marketing, amongst other activities of the company.
According to the re-appointed Chairman, Board of Directors, Mr Boudewijn Haarsma, 2014 operations were negatively affected by the Ebola outbreak; coupled with the challenges of the supply chain which decreased net revenue by 12.4% as compared to 2013 from Le 63.9bn to Le 55.9bn.
“Consequently, results from operating activities significantly declined, amounting to a loss of Le11 billion as against a positive result of Le 4 billion Leones recorded in 2013,” he maintained.

He cited the closure of bars, entertainment centres and outlets, restriction of movement; coupled with high operational cost due to unavailability of electricity, the poor state of equipment and machinery as some of the reasons responsible for the decline.
Mr Haarsma maintained that to ensure growth and sustainable business, the Management and Board initiated a transformational agenda and implemented a clear plan focused on investing in people’s development, production equipment and top-line growth, coupled with tight cost management.
The Board Chairman disclosed that the company recorded 17 percent growth in sale in the first part of 2014 over 2013, explaining that such situation changed at the end of 2014 with a decline of 13 percent drop in sales which was further worsen by the ban on night clubs, public gathering, cinemas, etc.
Mr Haarsma stated that 2014 supply chain was mainly focused on improving quality and reduce supply chain cost as a way of improving efficiencies and lower cost, adding that ‘despite the challenges we continued to brew and supply the market with Star, Guinness, Mutzig and Maltina during the ebola crisis period’.
It was disclosed that SL Brewery invested a total of Le 28.1 billion in their business as they will continue with the implementation of their programmes to ensure security of supply and future growth, stating that their distribution processes, commercial and commercial chain were also improved.
At the end of the meeting, members of the Board of Directors including that of Chairman were reappointed to make them eligible to operate until the next AGM.

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