Blantyre Hotels Limited

Ticker code BHL Industry Hotels & Motels 2 Hannover Avenue
Blantyre, Malawi
ISIN MW000A1C5MA2 Sector Services
Initial Listing 25 March 1997 Financial Year End 30 September
Website www.proteahotels.com/ryalls Results Released Half-yearly
2010 2011 2012 2013 2014
  MWK'000 MWK'000 MWK'000 MWK'000 MWK'000
Revenue 768,347 793,152 967,364 1,573,662 2,163,234
Cost of sales -344,817 -375,260 -509,435 -713,941 -960,273
Gross profit 423,530 417,892 457,929 859,721 1,202,961
Other income 1,368 6,123 5,848 10,015 3,772
Selling and administrative expenses -253,473 -264,475 -345,730 -634,412 -858,807
Results from operating activities 171,425 159,540 118,047 235,324 347,926
Finance income 12,148 14,299 31,064 2,797 13,619
Finance costs -42,220 -28,983 -21,760 -83,911 -130,564
Net finance costs -30,072 -14,684 9,304 -81,114 -116,945
Profit before income tax 141,353 144,856 127,351 154,210 230,981
Income tax expense -52,042 -49,085 -36,651 -45,077 -70,328
Profit for the year 89,311 95,771 90,700 109,133 160,653
Other comprehensive income
Items that will never be reclassified to profit or loss
Revaluation of land and buildings - 287,137 338,000 - 2,479,046
Deferred tax on revaluation - -86,141 -101,791 - -743,713
Other comprehensive income for the year, net of tax - 200,996 236,209 - 1,735,333
Total comprehensive income for the year 89,311 296,767 326,909 109,133 1,895,986
Earnings per share (tambala)
Basic and diluted earnings per share 70 74 70 84 124
Assets
Non-current assets 1,530,800 1,790,383 2,137,908 2,531,625 5,041,411
Current assets 340,545 342,082 358,580 511,918 587,218
Total assets 1,871,345 2,132,465 2,496,488 3,043,543 5,628,629
Total equity 1,091,086 1,364,339 1,689,993 1,760,368 3,546,541
Non-current liabilities 572,256 538,436 564,806 1,003,501 1,610,907
Current liabilities 208,003 229,690 241,689 279,674 471,181
Total liabilities 780,259 768,126 806,495 1,283,175 2,082,088
Total equity and liabilities 1,871,345 2,132,465 2,496,488 3,043,543 5,628,629

Period ended: 30-Sep-10 30-Sep-11 30-Sep-12 30-Sep-13 30-Sep-14
Unit: MWK'000 MWK'000 MWK'000 MWK'000 MWK'000
Statement type: Audited Audited Audited Audited Audited
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Revenue 768,347 793,152 967,364 1,573,662 2,163,234
Cost of sales -344,817 -375,260 -509,435 -713,941 -960,273
Gross profit 423,530 417,892 457,929 859,721 1,202,961
Other income 1,368 6,123 5,848 10,015 3,772
Selling and administrative expenses -253,473 -264,475 -345,730 -634,412 -858,807
Results from operating activities 171,425 159,540 118,047 235,324 347,926
Finance income 12,148 14,299 31,064 2,797 13,619
Finance costs -42,220 -28,983 -21,760 -83,911 -130,564
Net finance costs -30,072 -14,684 9,304 -81,114 -116,945
Profit before income tax 141,353 144,856 127,351 154,210 230,981
Income tax expense -52,042 -49,085 -36,651 -45,077 -70,328
Profit for the year 89,311 95,771 90,700 109,133 160,653
           
Other comprehensive income
Items that will never be reclassified to profit or loss
Revaluation of land and buildings - 287,137 338,000 - 2,479,046
Deferred tax on revaluation - -86,141 -101,791 - -743,713
Other comprehensive income for the year, net of tax - 200,996 236,209 - 1,735,333
Total comprehensive income for the year 89,311 296,767 326,909 109,133 1,895,986
           
Earnings per share (tambala)
Basic and diluted earnings per share 70 74 70 84 124

Period ended: 31-Mar-13 30-Sep-13 31-Mar-14 30-Sep-14 31-Mar-15
Period length: 6 months 6 months 6 months 6 months 6 months
Unit: MWK'000 MWK'000 MWK'000 MWK'000 MWK'000
Statement type: Unaudited Audited Unaudited Audited Unaudited
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Turnover 682,068 891,594 972,428 1,190,806 1,287,622
Cost of sales -352,163 -361,778 -357,572 -602,701 -540,701
Gross profit 329,905 529,816 614,856 588,105 746,921
Other income 8,849 1,166 2,518 1,254 4,289
Operating expenses -246,124 -388,288 -436,610 -422,197 -526,922
Operating profit 92,630 142,694 180,764 167,162 224,288
Net finance costs -8,098 -73,016 -62,964 -53,981 -66,894
Profit before income tax 84,532 69,678 117,800 113,181 157,394
Income tax expenses -25,409 -19,668 -30,610 -39,718 -42,003
Profit for the period 59,123 50,010 87,190 73,463 115,391
Shares in issue ('000s) 129,192 129,192 129,192 129,192 129,192
Earnings per share (tambala) 46 38 67 57 89

Period ended: 30-Sep-10 30-Sep-11 30-Sep-12 30-Sep-13 30-Sep-14
Unit: MWK'000 MWK'000 MWK'000 MWK'000 MWK'000
Statement type: Audited Audited Audited Audited Audited
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Assets          
Non-current assets
Property, plant and equipment 1,522,387 1,790,059 2,132,535 2,528,415 5,040,238
Intangible assets 689 324 5,373 3,210 1,173
Deferred tax assets 7,724 - - - -
Total non-current assets 1,530,800 1,790,383 2,137,908 2,531,625 5,041,411
           
Current assets
Inventories 120,511 92,093 127,367 185,011 242,124
Trade and other receivables 85,795 106,894 133,935 182,113 204,027
Income tax receivable 3,850 - - 5,556 -
Cash and cash equivalents 130,389 143,095 97,278 139,238 141,067
Total current assets 340,545 342,082 358,580 511,918 587,218
Total assets 1,871,345 2,132,465 2,496,488 3,043,543 5,628,629
           
Equity
Share capital 32,112 32,298 32,298 32,298 32,298
Share premium 260,058 264,626 264,626 264,626 264,626
Revaluation reserve 600,361 795,424 1,022,335 1,010,980 2,740,866
Retained earnings 198,555 271,991 370,734 452,464 508,751
Total equity 1,091,086 1,364,339 1,689,993 1,760,368 3,546,541
           
Liabilities          
Non-current liabilities
Loans and borrowings 159,894 72,630 - 383,389 253,333
Employee benefits liabilities 23,983 - - - -
Obligations under finance leases 8,917 - - 17,424 12,881
Deferred tax liabilities 379,462 465,806 564,806 602,688 1,344,693
Total non-current liabilities 572,256 538,436 564,806 1,003,501 1,610,907
           
Current liabilities 
Trade and other payables 119,188 100,408 139,533 262,859 334,352
Loans and borrowings 79,342 88,453 77,308 12,012 95,000
Current income tax liabilities - 32,742 23,825 - 36,532
Obligations under finance leases 9,473 8,087 1,023 4,803 5,297
Total current liabilities 208,003 229,690 241,689 279,674 471,181
           
Total liabilities 780,259 768,126 806,495 1,283,175 2,082,088
Total equity and liabilities  1,871,345 2,132,465 2,496,488 3,043,543 5,628,629

Period ended: 31-Mar-13 30-Sep-13 31-Mar-14 30-Sep-14 31-Mar-15
Unit: MWK'000 MWK'000 MWK'000 MWK'000 MWK'000
Statement type: Unaudited Audited Unaudited Audited Unaudited
View original statement: Download Download Download Download Download
Assets          
Non-current assets
Property, plant and equipment 2,453,048 2,531,625 2,538,732 5,041,411 5,054,204
Current assets
Inventory 172,256 185,011 241,408 242,124 236,948
Trade and other receivables 152,787 182,113 196,126 204,027 232,774
Current income tax asset - 5,556 - - -
Cash and cash equivalents 64,612 139,238 94,470 141,067 59,060
Total current assets 389,655 511,918 532,004 587,218 528,782
Total assets 2,842,703 3,043,543 3,070,736 5,628,629 5,582,986
           
Equity and liabilities          
Shareholders' equity
Share capital 32,298 32,298 32,298 32,298 32,298
Share premium 264,626 264,626 264,626 264,626 264,626
Revaluation reserve 1,007,341 1,010,980 988,332 2,740,866 2,724,147
Retained earnings 406,094 452,464 510,626 508,751 609,056
Total shareholders' equity 1,710,359 1,760,368 1,795,882 3,546,541 3,630,127
           
Non-current liabilities
Loans and borrowings 333,035 383,389 347,567 253,333 231,458
Obligations under finance leases - 17,424 15,176 12,881 10,138
Deferred income tax liabilities 565,594 602,688 619,989 1,344,693 1,350,088
Total non-current liabilities 898,629 1,003,501 982,732 1,610,907 1,591,684
           
Current liabilities
Trade and other payables 182,321 262,859 243,195 334,352 228,100
Loans and borrowings 27,661 12,012 36,504 95,000 105,250
Current income tax liabilities 23,733 - 7,063 36,532 22,394
Obligations under finance leases - 4,803 5,360 5,297 5,431
Total current liabilities 233,715 279,674 292,122 471,181 361,175
Total liabilities 1,132,344 1,283,175 1,274,854 2,082,088 1,952,859
Total equity and liabilities  2,842,703 3,043,543 3,070,736 5,628,629 5,582,986

Period ended: 30-Sep-10 30-Sep-11 30-Sep-12 30-Sep-13 30-Sep-14
Unit: MWK'000 MWK'000 MWK'000 MWK'000 MWK'000
Statement type: Audited Audited Audited Audited Audited
View original statement: Download Download Download Download Download
Cash generated from operating activities 187,412 183,058 164,611 327,119 402,963
Interest paid -42,843 -29,004 -21,760 -83,911 -130,564
Income tax paid -2,581 -4,565 -48,358 -36,576 -29,949
Net cash from operating activities 141,988 149,489 94,493 206,632 242,450
           
Cash flows from investing activities
Purchase of property, plant and equipment -78,994 -29,652 -52,103 -473,800 -122,929
Proceeds from the sale of plant and equipment - 3,646 - 5,792 3,780
Interest received 4,609 788 446 358 459
Net cash used in investing activities -74,385 -25,218 -51,657 -467,650 -118,690
           
Cash flows used in financing activities
Dividend paid -25,690 -28,268 -28,431 -38,758 -83,975
Proceeds from finance lease - - 1,389 24,196 -
Repayment of finance lease liabilities -9,459 -10,865 -8,453 -2,992 -4,049
Proceeds from loans - - - 395,401 380,000
Proceeds from exercise of share options - 2,749 - - -
Repayment of loans -63,417 -75,181 -83,713 -77,308 -427,067
Net cash used in financing activities -98,566 -111,565 -119,208 300,539 -135,091
           
Net decrease/increase in cash and cash equivalents -30,963 12,706 -76,372 39,521 -11,331
Cash and cash equivalents at beginning of the year 161,352 130,389 143,095 97,278 139,238
Effect of exchange rate fluctuation on cash held - - 30,555 2,439 13,160
Cash and cash equivalents at end of the year 130,389 143,095 97,278 139,238 141,067
           
Decrease/increase in net working capital  -6,223 -20,150 -259 115,353 -116,207

Period ended: 31-Mar-13 30-Sep-13 31-Mar-14 30-Sep-14 31-Mar-15
Period length: 6 months 6 months 6 months 6 months 6 months
Unit: MWK'000 MWK'000 MWK'000 MWK'000 MWK'000
Statement type: Unaudited Audited Unaudited Audited Unaudited
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Cash generated from operations 76,011 253,548 134,458 281,668 N.A.
Interest paid -8,098 -75,813 -63,119 -67,445 N.A.
Income tax paid -24,713 -11,863 - -29,949 N.A.
Net cash from operations 43,200 165,872 71,339 184,274 N.A.
           
Other cash flows
Payments for property, plant and equipment -329,412 -144,388 -55,064 -67,865 N.A.
Loans received 333,035 62,366 - 380,000 N.A.
Proceeds from disposal of plant and equipment 7,200 -1,408 3,500 280 N.A.
Dividends paid -38,758 - -51,677 -32,298 N.A.
Repayment of loans -47,222 -30,086 -11,330 -415,738 N.A.
Interest received 314 44 155 304 N.A.
Net finance leases -1,023 22,227 -1,691 -2,360 N.A.
Net cash outflows -75,866 -91,245 -116,107 -137,677 N.A.
           
Decrease/increase in cash and cash equivalents -32,666 74,626 -44,768 46,597 N.A.
Cash and cash equivalents at beginning of period 97,278 64,612 139,238 94,470 N.A.
Cash and cash equivalents at end of period 64,612 139,238 94,470 141,067 N.A.