Sunbird Tourism Limited

Ticker code SUNBIRD Industry Hotels & Motels 28 Glyn Jones Road
Sunbird Mount Soche
P.O. Box 376
Blantyre, Malawi
ISIN MW000A1C5ML9 Sector Services
Initial Listing 8 December 2002 Financial Year End 31 December
Website www.sunbirdmalawi.com Results Released Half-yearly
31-Dec-10 31-Dec-11 31-Dec-12 31-Dec-13 31-Dec-14
  MWK'000 MWK'000 MWK'000 MWK'000 MWK'000
           
Statement of comprehensive income
Revenue 4,189,792 3,941,692 5,548,769 8,498,610 10,356,508
Cost of sales -1,097,741 -1,100,111 -1,517,871 -2,213,132 -2,371,126
Gross profit 3,092,051 2,841,581 4,030,898 6,285,478 7,985,382
Results from operating activities 550,063 343,650 800,449 1,590,449 1,973,737
Finance expenses -45,342 -89,309 -558,265 -1,025,441 -904,199
Profit before income tax 504,721 254,341 242,184 565,008 1,069,538
Income tax expenses -157,424 -96,923 -67,582 -109,880 -374,389
Profit for the year 347,297 157,418 174,602 455,128 695,149
Total other comprehensive income for the year -19,058 -46,280 2,048,384 78,721 -
Total comprehensive income 328,239 111,138 2,222,986 533,849 695,149
Profit attributable to:
Owners of the company 307,916 114,998 166,276 453,993 695,149
Non-controlling interests 39,381 42,420 8,326 1,135 -
Total comprehensive income attributable to:
Owners of the company 290,858 68,718 2,214,660 532,714 695,149
Non-controlling interests 37,381 42,420 8,326 1,135 -
Statement of financial position 
Assets
Non-current assets 9351711 10,259,835 13,604,404 13,757,269 14,140,977
Current assets 1,107,219 1,092,196 1,628,171 1,969,844 2,485,657
Total assets 10,458,930 11,352,031 15,232,575 15,727,113 16,626,634
Equity and liabilities
Equity attributable to equity holders 5,051,372 5,070,389 7,265,049 7,730,241 8,371,415
Non-controlling interest 56,890 84,197 80,428 - -
Total equity 5,108,262 5,154,586 7,345,477 7,730,241 8,371,415
Non-current liabilities 4,300,802 4,636,703 5,147,337 5,347,350 5,704,652
Current liabilities 1,049,866 1,560,742 2,739,761 2,649,522 2,550,567
Total liabilities 5,350,668 6,197,445 7,887,098 7,996,872 8,255,219
Total equity and liabilities 10,458,930 11,352,031 15,232,575 15,727,113 16,626,634

Period ended: 31-Dec-10 31-Dec-11 31-Dec-12 31-Dec-13 31-Dec-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
Revenue 4,189,792 3,941,692 5,548,769 8,498,610 10,356,508
Cost of sales -1,097,741 -1,100,111 -1,517,871 -2,213,132 -2,371,126
Gross profit 3,092,051 2,841,581 4,030,898 6,285,478 7,985,382
Other income 24,627 175,557 41,424 47,032 82,058
Administrative and other expenses -2,566,615 -2,673,488 -3,271,873 -4,742,061 -6,093,703
Results from operating activities 550,063 343,650 800,449 1,590,449 1,973,737
Finance expenses -45,342 -89,309 -558,265 -1,025,441 -904,199
Profit before income tax 504,721 254,341 242,184 565,008 1,069,538
Income tax expenses -157,424 -96,923 -67,582 -109,880 -374,389
Profit for the year 347,297 157,418 174,602 455,128 695,149
           
Other comprehensive income, net of tax
Defined benefit plan - actuarial losses -14,697 - - - -
Severance provision reversals - deferred tax - -46,280 - - -
Revaluation of property, plant and equipment net of deferred tax -4,361 - 2,048,384 78,721 -
Total other comprehensive income for the year -19,058 -46,280 2,048,384 78,721 -
Total comprehensive income 328,239 111,138 2,222,986 533,849 695,149
           
Profit attributable to:
Owners of the company 307,916 114,998 166,276 453,993 695,149
Non-controlling interests 39,381 42,420 8,326 1,135 -
Total comprehensive income attributable to:
Owners of the company 290,858 68,718 2,214,660 532,714 695,149
Non-controlling interests 37,381 42,420 8,326 1,135 -

Period ended: 31-Dec-12 30-Jun-13 31-Dec-13 30-Jun-14 31-Dec-14
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: Audited Unaudited Audited Unaudited Audited
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Revenue 3,359,187 3,839,137 4,659,473 4,591,939 5,764,569
Cost of sales -887,445 -942,177 -1,270,955 -1,076,341 -1,294,785
Gross profit 2,471,742 2,896,960 3,388,518 3,515,598 4,469,784
Other income -5,356 15,525 31,507 52,253 29,805
Administrative and other expenses -1,864,537 -2,063,809 -2,676,376 -2,709,788 -3,383,915
Operating profit 601,849 848,676 743,649 858,063 1,115,674
Financing expenses -338,880 -513,519 -511,922 -464,342 -439,857
Profit/loss before tax 262,969 335,157 231,727 393,721 675,817
Income tax expense -49,039 -38,071 -71,809 -100,521 -273,868
Profit/loss for the period 213,930 297,086 159,918 293,200 401,949
           
Other comprehensive income
Deferred tax on severance provision reversals - - - - -
Revaluation surplus net of deferred tax 2,048,384 - 78,721 - -
Total other comprehensive income 2,048,384 - 78,721 - -
Total comprehensive income for the period 2,262,314 297,086 238,639 293,200 401,949
           
Profit attributable to:
Equity holders of the company 213,752 296,680 159,189 293,200 401,949
Non-controlling interests 178 406 729 - -
Profit for the period 213,930 297,086 159,918 293,200 401,949
Total comprehensive income attributable to:
Equity holders of the company 2,262,136 296,680 237,910 293,200 401,949
Non-controlling interests 178 406 729 - -
Total comprehensive income for the period 2,262,314 297,086 238,639 293,200 401,949

Period ended: 31-Dec-10 31-Dec-11 31-Dec-12 31-Dec-13 31-Dec-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
Assets          
Non-current assets
Property, plant and equipment 9168287 10,259,835 13,604,404 13,757,269 14,140,977
Investment in subsidiaries - - - - -
Deferred tax assets 183424 - - - -
Total non-current assets 9351711 10,259,835 13,604,404 13,757,269 14,140,977
           
Current assets
Inventories 445,969 457,553 515,723 784,936 917,849
Trade and other receivables 512,456 576,266 873,636 1,075,296 1,297,994
Amounts due from related parties - - - - -
Income tax recoverable - - 85,422 8,157 -
Cash and cash equivalents 148,794 58,377 153,390 101,455 269,814
Total current assets 1,107,219 1,092,196 1,628,171 1,969,844 2,485,657
Total assets 10,458,930 11,352,031 15,232,575 15,727,113 16,626,634
           
Equity and liabilities           
Equity  
Share capital 13,079 13,079 13,079 13,079 13,079
Share premium 1,966 1,966 1,966 1,966 1,966
Revaluation reserve 3,976,797 3,924,605 5,932,021 5,969,774 5,928,806
Retained earnings 1,059,530 1,130,739 1,317,983 1,745,422 2,427,564
Equity attributable to equity holders 5,051,372 5,070,389 7,265,049 7,730,241 8,371,415
Non-controlling interest 56,890 84,197 80,428 - -
Total equity 5,108,262 5,154,586 7,345,477 7,730,241 8,371,415
           
Non-current liabilities
Loans and borrowings 1,562,697 703,128 692,833 446,130 -
Corporate bond - 1,640,000 1,140,000 1,540,000 2,240,000
Obligations under finance leases 33,590 39,040 75,631 112,597 158,052
Employee benefits 580,064 308,221 358,107 333,052 363,090
Deferred income - government grants 78,995 62,929 46,864 30,799 39,249
Deferred tax liabilities 2,045,456 1,883,385 2,833,902 2,884,772 2,904,261
Total non-current liabilities  4,300,802 4,636,703 5,147,337 5,347,350 5,704,652
           
Current liabilities
Bank overdraft 92,421 318,599 325,000 305,398 156,985
Trade and other payables 678,112 1,013,989 1,444,226 1,649,607 1,827,977
Employee benefits 53,273 31,219 128,948 236,282 279,304
Loans and borrowings 103,102 153,847 287,706 370,276 -
Corporate bond - - 500,000 - -
Obligations under finance leases 36,024 19,645 37,816 50,324 60,399
Deferred income - government grants 16,065 16,065 16,065 16,065 28,324
Amounts due to related parties - - - - -
Income tax payable 70,869 7,378 - 21,570 197,578
Total current liabilities  1,049,866 1,560,742 2,739,761 2,649,522 2,550,567
Total liabilities  5,350,668 6,197,445 7,887,098 7,996,872 8,255,219
Total equity and liabilities 10,458,930 11,352,031 15,232,575 15,727,113 16,626,634

Period ended: 31-Dec-12 30-Jun-13 31-Dec-13 30-Jun-14 31-Dec-14
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: Audited Unaudited Audited Unaudited Audited
View original statement: Download Download Download Download Download
Assets          
Non-current assets
Property, plant and equipment 13,604,404 13,551,240 13,757,269 14,022,784 14,140,977
Investment in subsidiaries - - - - -
Total non-current assets 13,604,404 13,551,240 13,757,269 14,022,784 14,140,977
           
Current assets
Inventory 515,723 698,287 784,936 829,754 917,849
Trade and other receivables 873,636 1,203,555 1,075,296 1,138,374 1,297,994
Cash and cash equivalents 153,390 125,958 101,455 940 269,814
Income tax recoverable 85,422 52,119 8,157 - -
Amounts due from related parties - - - - -
Total current assets 1,628,171 2,079,919 1,969,844 1,969,068 2,485,657
Total assets 15,232,575 15,631,159 15,727,113 15,991,852 16,626,634
           
Equity and liabilities
Share capital 13,079 13,079 13,079 13,079 13,079
Share premium 1,966 1,966 1,966 1,966 1,966
Property revaluation reserve 5,932,021 5,932,021 5,969,774 5,949,290 5,928,806
Retained earnings 1,317,983 1,614,663 1,747,298 2,086,696 2,427,564
Equity attributable to shareholders of the parent company 7,265,049 7,561,729 7,732,117 8,051,031 8,371,415
Non-controlling interest 80,428 80,834 - - -
Total equity 7,345,477 7,642,563 7,732,117 8,051,031 8,371,415
           
Non-current liabilities
Loans and borrowings 692,833 646,308 446,130 - -
Corporate bond 1,140,000 1,140,000 1,540,000 2,240,000 2,240,000
Obligations under finance leases 75,631 112,079 112,597 218,392 158,052
Employee benefits 358,107 351,242 333,052 329,233 363,090
Deferred income 46,864 38,831 30,799 22,766 39,249
Deferred tax liabilities 2,833,902 2,833,902 2,884,772 2,886,088 2,904,261
Total non-current liabilities 5,147,337 5,122,362 5,347,350 5,696,479 5,704,652
           
Current liabilities
Bank overdraft 325,000 325,000 305,398 208,124 156,985
Trade and other payables 1,444,226 1,638,177 1,647,731 1,708,345 1,827,977
Employee benefits 128,948 98,044 236,282 48,172 279,304
Loans and borrowings 287,706 400,000 370,276 - -
Corporate bond 500,000 319,298 - 101,525 -
Obligations under finance leases 37,816 69,650 50,324 91,129 60,399
Deferred income 16,065 16,065 16,065 16,065 28,324
Amounts due to related parties - - - - -
Income tax payable - - 21,570 70,982 197,578
Total current liabilities 2,739,761 2,866,234 2,647,646 2,244,342 2,550,567
Total liabilities 7,887,098 7,988,596 7,994,996 7,940,821 8,255,219
Total equity and liabilities 15,232,575 15,631,159 15,727,113 15,991,852 16,626,634

Period ended: 31-Dec-10 31-Dec-11 31-Dec-12 31-Dec-13 31-Dec-14
Unit: MWK'000 MWK'000 MWK'000 MWK'000 MWK'000
Statement type: Audited Audited Audited Audited Audited
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Cash flows from operating activities
Cash receipts from customers 4,058,882 3,884,178 5,150,786 7,669,905 10,056,699
Cash paid to suppliers and employees -3,304,854 -3,328,640 -4,093,071 -5,934,788 -7,893,086
Cash generated from operations 754,028 555,538 1,057,715 1,735,117 2,163,613
Interest paid -36,097 -295,247 -517,386 -982,722 -875,514
Income tax paid -63,036 -59,900 -89,157 -44,468 -169,401
Net cash from operating activities 654,895 200,391 451,172 707,927 1,118,698
           
Cash flows from investing activities
Purchase of property, plant and equipment -1,318,001 -1,208,318 -260,517 -415,262 -688,265
Interest received - - 1,022 4,659 2
Proceeds from sale of property, plant and equipment 3,732 5,290 10,055 12,941 21,420
Net cash used in investing activities  -1,314,269 -1,203,028 -249,440 -397,662 -666,843
           
Cash flows from financing activities 
Proceeds from borrowings 883,903 2,438,499 127,795 167,527 1,621,669
Repayment of borrowings -193,881 -1,687,643 -215,151 -470,027 -1,685,209
Dividends paid to minority shareholders -8,150 -15,113 -12,095 - -
Dividends paid to owners of the company -52,317 -49,701 -20,000 -47,085 -53,975
Net cash utilized from financing activities  629,555 686,042 -119,451 -349,585 -117,515
           
Net increase/decrease in cash and cash equivalents -29,819 -316,595 82,281 -39,320 334,340
Cash and cash equivalents at beginning of the year 86,192 56,373 -260,222 -171,610 -203,943
Effect of exchange rate fluctuations on cash held - - 6,331 6,987 -17,568
Cash and cash equivalents at end of the year 56,373 -260,222 -171,610 -203,943 112,829
           
Net movement in working capital  -7,221 -525,899 -643,047 433,788 614,769

Period ended: 31-Dec-12 30-Jun-13 31-Dec-13 30-Jun-14 31-Dec-14
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: Audited Unaudited Audited Unaudited Audited
View original statement: Download Download Download Download Download
Cash flows from operating activities
Cash receipts from customers 3,181,601 3,281,524 4,388,381 4,392,729 5,663,970
Cash paid to suppliers and employees -2,392,830 -2,539,482 -3,395,306 -3,748,474 -4,144,612
Cash generated from operations 788,771 742,042 993,075 644,255 1,519,358
Interest paid -326,956 -512,921 -469,801 -464,342 -411,172
Income tax paid -60,825 -4,958 -39,510 -14,587 -154,814
Net cash flows from operating activities 400,990 224,163 483,764 165,326 953,372
           
Cash flows from investing activities
Purchase of property, plant and equipment -162,901 -137,768 -277,494 -307,040 -381,225
Dividend received - - - - -
Interest received 1,022 - 4,659 - 2
Proceeds from disposal of property, plant and equipment 7,571 3,061 9,880 6,754 14,666
Net cash flows used in investing activities  -154,308 -134,707 -262,955 -300,286 -366,557
           
Cash flows from financing activities
Proceeds from borrowings 28,927 136,458 31,069 1,621,669 -
Repayment of borrowings -121,751 -253,346 -216,681 -1,489,950 -195,259
Dividend paid to minority shareholders -12,095 - - - -
Dividend paid to equity holders of the parent -20,000 - -47,085 - -53,975
Net cash utilized in/generated from financing activities -124,919 -116,888 -232,697 131,719 -249,234
           
Net increase/decrease in cash and cash equivalents 121,763 -27,432 -11,888 -3,241 337,581
Effect of exchange rate fluctuations on cash held - - 6,987 - -17,568
Cash and cash equivalents at beginning of the period -293,373 -171,610 -199,042 -203,943 -207,184
Cash and cash equivalents at end of the period -171,610 -199,042 -203,943 -207,184 112,829