Big Rock and Brick Brewing Financial Position

Brief description of the industry

The industry supports the growth of value-priced beer products and premium craft beers. Products in between the luxurious varieties reported a decline in sales volume. The industry sales declined by 0.2 % in 2012 from 2011 (Big Rock Brewery Inc. 8). Big Rock’s 2012 annual report explains that brewing companies focus on managing cash flows, and increasing operating efficiency. Brick Brewing highlights that one of its strategies is to reduce operating costs. The company targets to save half a million dollars in operating costs, and another half in procurement costs (Brick Brewing Co. Ltd. 2). Companies in the industry have a tendency to launch new products. Both firms launched several products between 2010 and 2012.

The strategy of each corporation

Brick Brewing Co. pursues a strong marketing strategy. It can be noticed from the financial statements that selling, marketing, and administration costs increased by a large margin. The company reports that the increase is attributed to marketing costs, which increased by $1.2 million from the 2011 financial year (Brick Brewing Co. Ltd. 9). The company relies on multiple products and brands to keep its revenues growing. The company strategy includes focusing on the Laker family brand, which had a sales growth of 22.2% brands in 2012 (Brick Brewing Co. Ltd. 8). The company sees the Laker brand as an opportunity to pursue further growth.

Big Rock’s strategy is to increase profitability by increasing efficiency. The managers discuss that its net income increased from $2,533 thousand to $4,135 thousand, despite a decline in sales by 1.5% for the 2012 financial year (Big Rock Brewery Inc. 10). The company also attributes the rise in operating profit to higher prices of products. The company recognizes its strategy to focus on higher-margin brands in higher-margin regions as an opportunity that may provide higher profits (Big Rock Brewery Inc. 10). The company has plans of withdrawing brands with lower margins, or from regions with higher costs.

Profitability Ratios

Return on assets

Return on assets = net earnings/ total assets

Brick Brewing

Return on assets
Year ended Jan 31 2,013 2,012 2,011
Net earnings 729,033 656,588 2,743,911
Total assets 45,425,480 43,321,127 36,078,937
ROA 1.60% 1.52% 7.61%

Big Rock Brewery

Return on assets Amount in thousands
Year ended Dec 31 2012 2011 2010
Net earnings 4,135 2,533 (8,198)
Total assets 46,300 45,170 45,787
ROA 8.93% 5.61% -17.90%

Return on assets shows that Big Rock Brewery is more efficient than Brick Brewing in utilizing assets to generate profits.

Return on common equity

Return on equity = net earnings/ stockholders’ equity

Brick Brewing

Return on equity
Year ended Jan 31 2,013 2,012 2,011
Net earnings 729,033 656,588 2,743,911
Stockholders’ equity 29,592,544 27,498,144 26,750,627
ROE 2.46% 2.39% 10.26%

Big Rock Brewery

Return on equity Amount in thousands
Year ended Dec 31 2012 2011 2010
Net earnings 4,135 2,533 (8,198)
Stockholders’ equity 32,071 32,449 34,245
ROE 12.89% 7.81% -23.94%

Return on equity indicates that Big Rock Brewery shareholders’ value is likely to increase at a higher rate than Brick Brewing’s shareholders. Shareholders have more value-added at Big Rock than at Brick Brewing.

Net profit margin

Net profit margin = net income / revenues

Brick Brewing

Net Profit margin
Year ended Jan 31 2,013 2,012 2,011
Net income 729,033 656,588 2,743,911
Revenues 35,769,967 34,077,705 30,105,521
Net Profit margin 2.04% 1.93% 9.11%

Big Rock Brewery

Net Profit margin
Year ended Dec 31 2012 2011 2010
Net income 4,135 2,533 (8,198)
Revenues 46,057 45,183 45,130
Net Profit margin 8.98% 5.61% -18.17%

Net profit margin shows that Brick Brewing is more profitable than Big Rock on average. However, Big Rock’s profitability is increasing at a higher rate than Brick Brewing’s. In the last two years, Big Rock has been more profitable.

Liquidity Ratios

Current ratio

Current ratio = current assets/ current liabilities

Brick Brewing

Current ratio
Year ended Jan 31 2,013 2,012 2,011
Current assets 9,497,340 8,846,794 8,726,730
Current liabilities 9,427,571 9,750,706 6,106,021
Current ratio 1.01 0.91 1.43

Big Rock Brewery

Current ratio
Year ended Dec 31 2012 2011 2010
Current assets 10,895 8,089 6,906
Current liabilities 6,318 5,575 4,322
Current ratio 1.72 1.45 1.60

The current ratio measures a firm’s ability to cover short-term debt requirements. Both firms have the ability to meet short-term debt requirements. Big Rock has more liquid assets to cover short-term debts than Brick Brewing.

Quick ratio

Quick ratio = (current assets – inventory) / current liabilities

Brick Brewing

Quick ratio
Year ended Jan 31 2,013 2,012 2,011
Current assets 9,497,340 8,846,794 8,726,730
Less inventory 4,013,375 3,961,542 3,885,240
5,483,965 4,885,252 4,841,490
Current liabilities 9,427,571 9,750,706 6,106,021
Quick ratio 0.58 0.50 0.79

Big Rock Brewery

Quick ratio Amount in thousands
Year ended Dec 31 2012 2011 2010
Current assets 10,895 8,089 6,906
Less inventory 3,892 4,429 3,951
7,003 3,660 2,955
Current liabilities 6,318 5,575 4,322
Quick ratio 1.11 0.66 0.68

Quick ratio checks whether a firm can still meet its short-term debt requirements when inventories are not considered. Inventories are less liquid because they have to be converted into sales. Big Rock’s quick ratio has improved when Brick Brewing has remained less than the required amount. A firm needs a quick and current ratio that is closer to 1.0. The value may change depending on the industry. The beer industry products are fast-moving goods. The companies may have a lower quick ratio.

Operating cash flow to current liabilities

Cash flow liquidity = operating cash flow/ current liabilities

Brick Brewing

cash flow liquidity
Year ended Jan 31 2,013 2,012 2,011
Operating cash flow:
From Operating activities 2,526,945 4,443,304 3,763,489
Current liabilities 9,427,571 9,750,706 6,106,021
Cash flow liquidity 0.27 0.46 0.62

Big Rock Brewery

cash flow liquidity Amount in thousands
Year ended Dec 31 2012 2011 2010
Operating cash flow:
From Operating activities 10454 6201 4705
Current liabilities 6,318 5,575 4,322
Cash flow liquidity 1.65 1.11 1.09

Operating cash flow to current liabilities shows the ability of cash from operating activities to cover its operational needs. Big Rock has enough cash to cover its operations when Brick Brewing generates less cash to cover its operations.

Solvency Ratios

Total liabilities/ total assets

Debt ratio = total liabilities/ total assets

Brick Brewing

Debt ratio
Year ended Jan 31 2,013 2,012 2,011
Total liabilities 15,832,936 15,822,938 9,328,310
Total assets 45,425,480 43,321,127 36,078,937
Debt ratio 0.35 0.37 0.26

Big Rock Brewery

Debt ratio Amount in thousands
Year ended Dec 31 2012 2011 2010
Total liabilities 14,229 12,721 11,542
Total assets 46,300 45,170 45,787
Debt ratio 0.31 0.28 0.25

The firms use almost the same ratio of debt to finance their capital. However, Brick Brewing provides a slightly higher level of risk to an investor because of its higher reliance on debt.

Long-term debt to long-term capital

Long-term debt to total capitalization = long-term debt/ long-term debt + stockholders’ equity

Brick Brewing

Long-term debt to long-term capital
Year ended Jan 31 2,013 2,012 2,011
Long-term debt 6,405,365 6,072,277 3,222,289
Equity 29,592,544 27,498,144 26,750,627
Long-term debt + Equity 35,997,909 33,570,421 29,972,916
Long-term debt to long-term capital 0.18 0.18 0.11

Big Rock Brewery

Long-term debt to long-term capital
Year ended Dec 31 2012 2011 2010
Long-term debt 7,911 7,146 7,220
Equity 32,071 32,449 34,245
Long-term debt + Equity 39,982 39,595 41,465
Long-term debt to long-term capital 0.20 0.18 0.17

The long-term debt to total capitalization ratio shows that both firms use a small proportion of debt to finance their capital. Brick Brewing uses less long-term debt than Big Rock. It provides less risk to shareholders than Big Rock.

Interest coverage ratio

Interest coverage ratio = operating profit/ interest expense

Brick Brewing

Interest coverage ratio
Year ended Jan 31 2,013 2,012 2,011
Operating profit 1,090,033 672,588 1,470,911
Interest expense 636,579 743,823 306,238
1.71 0.90 4.80

Big Rock Brewery

Interest coverage ratio
Year ended Dec 31 2012 2011 2010
Operating profit 5729 3490 -8856
Interest expense (finance costs) 93 141 2558
Interest coverage ratio 61.6 24.8 -3.5

The interest coverage ratio shows that Big Rock has more ability to service its debts than Brick Brewing.

Activity Ratios

Accounts receivable turnover

Accounts receivable turnover = net sales/ accounts receivable

Brick Brewing

Accounts receivable turnover
Year ended Jan 31 2,013 2,012 2,011
Net sales 35,769,967 34,077,705 30,105,521
Accounts receivable 5,187,785 4,585,333 4,519,591
Accounts receivable turnover 6.90 7.43 6.66

Big Rock Brewery

Accounts receivable turnover
Year ended Dec 31 2012 2011 2010
Net sales 46,057 45,183 45,130
Accounts receivable 2,358 2,788 1,789
Accounts receivable turnover 19.5 16.2 25.2

Accounts receivable turnover indicates that Big Rock receives cash from receivables more frequently than Brick Brewing. As a result, Big Rock is a more efficient manager of receivables than Brick Brewing.

Days in receivables

Days in receivables = net accounts receivables/ (net sales/ 365)

Brick Brewing

Days in receivables
Year ended Jan 31 2,013 2,012 2,011
Account receivables 5,187,785 4,585,333 4,519,591
Net sales 35,769,967 34,077,705 30,105,521
sales/ 365 98,000 93,364 82,481
Days in receivables 53 49 55

Big Rock Brewery

Days in receivables
Year ended Dec 31 2012 2011 2010
Account receivables 2,358 2,788 1,789
Net sales 46,057 45,183 45,130
sales/ 365 126.18 123.79 123.64
Days in receivables 19 23 14

Days in receivables show that Big Rock uses fewer days to collect receivables than Brick Brewing.

Inventory turnover

Inventory turnover = cost of goods sold/ inventory

Brick Brewing

Inventory turnover
Year ended Jan 31 2,013 2,012 2,011
Cost of goods sold 26,674,244 26,091,149 23,110,090
Inventory 4,013,375 3,961,542 3,885,240
Inventory turnover 6.65 6.59 5.95

Big Rock Brewery

Inventory turnover
Year ended Dec 31 2012 2011 2010
Cost of goods sold 21,149 21,385 20,735
Inventory 3,892 4,429 3,951
Inventory turnover 5.4 4.8 5.2

Inventory turnover shows the number of times that the stocks of goods are cleared. Brick brewing has a higher frequency. It indicates it manages inventory more efficiently than Big Rock.

Accounts payable turnover

Accounts payable = cost of goods sold/ accounts payable

Brick Brewing

Accounts payable turnover
Year ended Jan 31 2,013 2,012 2,011
Cost of goods sold 26,674,244 26,091,149 23,110,090
Accounts payable 5,461,292 6,245,305 4,948,039
Accounts payable turnover 4.88 4.18 4.67

Big Rock Brewery

Accounts payable turnover
Year ended Dec 31 2012 2011 2010
Cost of goods sold 21,149 21,385 20,735
Accounts payable 3,978 3,663 3,016
Accounts payable turnover 5.3 5.8 6.9

A firm that prolongs paying accounts receivable may need less cash for its operations. Brick Brewing has a lower frequency. It indicates Brick Brewing prolongs payables’ days longer than Big Rock. Brick Brewing is a better manager of accounts payables than Big Rock.

Income statements and balance sheets’ forecast

Big Rock Brewery Income statement
For years that end December 30
Amount in thousands of Canadian dollars Average growth rate Year 1 Year 2 Year 3 Year 4 Year 5
Net revenue 1.03% 46,531 47,011 47,495 47,984 48,478
Cost of sales 1.00% 21,360 21,574 21,790 22,008 22,228
Gross profit 25,171 25,437 25,705 25,976 26,250
Expenses
Selling expenses -4.04% 13,428 12,890 12,375 11,880 11,405
General and administrative 1.78% 5,033 5,123 5,214 5,307 5,401
Depreciation and amortization 15.81% 415 480 556 644 745
Operating expenses -2.40% 18,875 18,493 18,145 17,830 17,551
Operating profit 6,296 6,943 7,561 8,146 8,699
Finance costs -48.18% 48 25 13 7 4
Other income -90.53% (386) (425) (467) (514) (565)
Other expenses 18.06% 173 205 242 285 336
Fair value loss on trust units liability 0.00% 0 0 0 0 0
Fair value loss on share based payments liability 0.00% 0 0 0 0 0
Income (loss) before income taxes 6,460 7,138 7,773 8,368 8,925
Income tax expense 1,777 1,963 2,138 2,301 2,454
Net income and comprehensive income 4,684 5,175 5,636 6,067 6,470
Net profit
Net income per share Change 63.25% 10.50% 8.89% 7.66% 6.65%
Basic and diluted 0.77 0.85 0.93 1.00 1.06
Brick Brewing Co.
Income statement
For years that end Jan 31 Average growth rate Year 1 Year 2 Year 3 Year 4 Year 5
Net revenue 9.41% 39,135,921 42,818,611 46,847,842 51,256,224 56,079,435
Cost of sales 7.71% 28,730,828 30,945,975 33,331,910 35,901,800 38,669,829
Gross profit 10,405,093 11,872,636 13,515,933 15,354,424 17,409,606
Selling, marketing, and administration expenses 21.32% 8,457,724 8,457,724 8,457,724 8,457,724 8,457,724 constant
Other expenses 10.05% 437,661 481,646 530,052 583,322 641,946
Finance costs 53.94% 973,966 1,490,168 2,279,957 3,488,334 5,337,151
Income before tax 535,741 1,443,098 2,248,200 2,825,045 2,972,786
Income tax expense 147,329 396,852 618,255 776,887 817,516
Net income 388,412 1,046,246 1,629,945 2,048,158 2,155,270
Total comprehensive income 388,412 1,046,246 1,629,945 2,048,158 2,155,270
Basic earnings per share 0.01 0.03 0.05 0.06 0.07
Diluted earnings per share

Basis for forecast

The forecast is based on horizontal common-size analysis averages (see Appendix A). It could have been more accurate if the years were more than three years. The income statements apply the average change in the horizontal common-size analysis of sales, costs of sales, and expenses. It is difficult to apply the same technique on the balance sheet (see Appendix B). The balance sheet applies a single unit of improvement for all items based on the average increase in the 3 years. Big Rock total assets increased by an average of 12.95% in two years when Brick Brewing increased by 0.56%. Brick Brewing balance sheet items apply an increase of 0.56%. Big Rock balance sheet items apply an increase of 3.5%. It considers that the 12.95% is distributed in several items as well as the difficulty of maintaining a 12.95% growth rate. Big Rock shows a great improvement mainly because it invested largely in 2010. Its profitability increased by a large margin in 2011 and 2012, despite reporting losses in 2010. The growth is valid because it follows a trend. When a business sets a trend, it is unlikely to change by a large margin in the short run. The common-size analysis also covers the impact of past retained earnings on business growth.

Calculating WACC

WACC shows the rate of returns that a company needs to generate to satisfy both shareholders and long-term creditors. I would use WACC because it moderates the rate of return required to satisfy those who contributed capital. Using equity’s rate would give a rate lower than the actual rate, and using the debt’s rate would give a rate higher than the actual rate.

WACC = E/V * Re + D/V * Rd * (I – Tc), where E is the value of equity, V is equity + debt, D is the value of debt, and Tc is corporate tax.

Assuming the cost of equity is the risk-free rate and inflation, it gives a combined rate of 4%. Brick Brewing’s cost of debt is about 6.5%. It uses a few loans with different rates. Big Rock’s average cost of debt is about 5.5%. The income tax indicates that the companies’ income tax rate is about 27%.

Brick Brewing (Jan 31, 2013) WACC = (29,592,544/ 35,997,909) *0.04 + (6,405,365/ 35,997,909) * 6.5% * (1 – 0.27) = 0.03288 + 0.00844 = 0.04132 =4.1%

Big Rock (Dec 30, 2012) WACC = (32,071/ 39,982) * 0.04 + (7,911/ 39,982) * 0.055 * (1 – 0.27) = 0.03209 + 0.00794 = 0.04003 = 4.0%

Discounted cash flows

Big Rock Discounted cash flow Amount in thousands
Year 1 Year 2 Year 3 Year 4 Year 5
net income 6,460 7,138 7,773 8,368 8,925
Discounting factor 4% 0.9615 0.9246 0.8890 0.8548 0.8219
NPV $6,212 $6,600 $6,910 $7,153 $7,336
NPV total $34,210
Brick Brewing
Year 1 Year 2 Year 3 Year 4 Year 5
net income 388,412 1,046,246 1,629,945 2,048,158 2,155,270
Discounting factor 4.1% 0.9606 0.9228 0.8864 0.8515 0.8180
NPV $373,115 $965,456 $1,444,844 $1,744,056 $1,762,983
NPV total $6,290,453

The net present value of incomes shows that Big Rock has a higher value than Brick Brewing. Big Rock is about five times Brick Brewing’s value.

Altman Z-score

The score measures the likelihood of a firm filing for bankruptcy. A score below 1.8 indicates the likelihood of bankruptcy. A score above 3.0 represents the unlikelihood of bankruptcy.

Brick Brewing Altman Z-score Jan 31, 2013
A 69,769 45,425,480 0.002 1.2A 0.002
B 1,092,414 45,425,480 0.024 1.4B 0.034
C 1,090,033 45,425,480 0.024 3.3C 0.079
D 29,592,544 15,832,936 1.869 0.6D 1.121
E 35,769,967 45,425,480 0.787 1.0E 0.787
Altman Z-score 2.024
Big Rock Altman Z-score Dec 30, 2012
A 4,577 46,300 0.099 1.2A 0.119
B 701 46,300 0.015 1.4B 0.021
C 5729 46,300 0.124 3.3C 0.408
D 32071 14229 2.254 0.6D 1.352
E 46057 46,300 0.995 1.0E 0.995
Altman Z-score 2.895

Both firms indicate a strong financial position. Big Rock is closer to the unlikelihood of falling into bankruptcy when Brick Brewing is closer to the bankruptcy zone.

Investment choice

Big Rock is a better investment choice because it has better scores in most of the indicators. Big Rock has a higher profit growth rate than the competitor. Higher profits may be transformed into a higher firm’s growth rate. Big Rock promises a higher return on equity and assets than the competitor. It is more liquid than the competitor as shown by the current ratio, quick ratio, and operating cash flow liquidity ratio. Big Rock has a higher ability to pay interest expenses than the competitor. Both firms use the same level of debts, but the Big Rock balance sheet grows at a higher rate than Brick Brewings. Big Rock has a higher Altman Z-score than the competitor, which indicates it is more unlikely to go into bankruptcy than the competitor.

Works Cited

Big Rock Brewery Inc. 2012. 2012 Annual Report. PDF file. Web.

Brick Brewing Co. Ltd. 2012. 2012 Annual Report. PDF file. Web.

Appendices

Appendix A

Big Rock Income statement.

Horizontal common-size analysis
Amount in thousands of Canadian dollars 2012 2011 2010 Average change
Net revenue 102.05% 100.12% 100.00% 1.03%
Cost of sales 102.00% 103.13% 100.00% 1.00%
Gross profit 102.00% 97.55% 100.00% 1.00%
Expenses
Selling expenses 91.93% 104.07% 100.00% -4.04%
General and administrative 103.56% 89.65% 100.00% 1.78%
Depreciation and amortization 131.62% 124.63% 100.00% 15.81%
Operating expenses 95.20% 100.95% 100.00% -2.40%
Operating profit 135.93% 80.89% 100.00% 17.97%
Finance costs 3.64% 5.51% 100.00% -48.18%
Other income -81.06% -104.39% 100.00% -90.53%
Other expenses 136.11% 151.85% 100.00% 18.06%
Fair value loss on trust units liability 0.00% 0.00% 100.00% 0.00%
Fair value loss on share based payments liability 0.00% 0.00% 100.00% 0.00%
Income (loss) before income taxes 64.69% 39.41% -100.00% 82.35%
Income tax expense 242.25% 145.44% -100.00% 171.12%
Net income and comprehensive income 50.44% 30.90% -100.00% 75.22%
Net income per share
Basic and diluted 50.00% 30.88% -100.00% 75.00%
Horizontal common-size analysis
Brick Brewing Co.
Income statement
For years ended Jan 31 2013 2012 2011 Average change
Net revenue 118.82% 113.19% 100.00% 9.41%
Cost of sales 115.42% 112.90% 100.00% 7.71%
Gross profit 130.02% 114.17% 100.00% 15.01%
Selling, marketing and administration expenses 142.65% 124.37% 100.00% 21.32%
Other expenses 120.09% 148.61% 100.00% 10.05%
Finance costs 207.87% 242.89% 100.00% 53.94%
Income before tax 74.11% 45.73% 100.00% -12.95%
Income tax expense 28.36% 1.26% -100.00% 64.18%
Net income 26.57% 23.93% 100.00% -36.72%
Total comprehensive income 26.57% 23.93% 100.00% -36.72%
Basic earnings per share 30.00% 20.00% 100.00% -35.00%
Diluted earnings per share 22.22% 22.22% 100.00% -38.89%

Appendix B

Brick Brewing Balance sheet 3.50%
For years that end Jan 31 2013 Year 1 Year 2 Year 3 Year 4 Year 5
ASSETS
Non-current assets
Property, plant and equipment 19,109,603 19,778,439 20,470,684 21,187,158 21,928,709 22,696,214
Intangible assets 14,259,612 14,758,698 15,275,253 15,809,887 16,363,233 16,935,946
Other assets 25,000 25,875 26,781 27,718 28,688 29,692
Deferred income tax assets 2,533,925 2,622,612 2,714,404 2,809,408 2,907,737 3,009,508
35,928,140 35,928,140 38,487,122 39,834,171 41,228,367 42,671,360
Current assets
Accounts receivable 5,187,785 5,369,357 5,557,285 5,751,790 5,953,103 6,161,461
Inventories 4,013,375 4,153,843 4,299,228 4,449,701 4,605,440 4,766,631
Prepaid expenses 296,180 306,546 317,275 328,380 339,873 351,769
9,497,340 9,829,747 10,173,788 10,529,871 10,898,416 11,279,861
TOTAL ASSETS 45,425,480 45,757,887 48,660,910 50,364,042 52,126,783 53,951,221
LIABILITIES AND EQUITY
Equity
Share capital 35,895,873 37,152,229 38,452,557 39,798,396 41,191,340 42,633,037
Share-based payments reserves 1,092,414 1,130,648 1,170,221 1,211,179 1,253,570 1,297,445
Deficit (7,395,743) (7,654,594) (7,922,505) (8,199,792) (8,486,785) (8,783,823)
Total Equity 29,592,544 30,628,283 31,700,273 32,809,782 33,958,125 35,146,659
Non-current liabilities
Provisions 326,646 338,079 349,911 362,158 374,834 387,953
Long-term debt and promissory note 6,078,719 6,291,474 6,511,676 6,739,584 6,975,470 7,219,611
6,405,365 6,629,553 6,861,587 7,101,743 7,350,304 7,607,564
Current liabilities
Bank indebtedness 2,310,809 2,391,687 2,475,396 2,562,035 2,651,706 2,744,516
Accounts payable and accrued liabilities 5,461,292 5,652,437 5,850,273 6,055,032 6,266,958 6,486,302
Current position of obligations under F. leases 1,655,470 1,713,411 1,773,381 1,835,449 1,899,690 1,966,179
9,427,571 9,757,536 10,099,050 10,452,516 10,818,355 11,196,997
TOTAL LIABILITIES 15,832,936 16,387,089 16,960,637 17,554,259 18,168,658 18,804,561
TOTAL LIABILITIES AND EQUITY 45,425,480 47,015,372 48,660,910 50,364,042 52,126,783 53,951,221
Big Rock Brewery Balance sheet
For years that end December 30 Average growth rate (0.56%) Year 1 Year 2 Year 3 Year 4 Year 5
ASSETS
Non-current assets
Property, plant and equipment -6.86% 35,475 35,673 35,873 36,074 36,276
Intangible assets -31.40% 129 129 130 131 132
-7.07% 35,603 35,803 36,003 36,205 36,408
Current assets
Inventories 8.39% 3,914 3,936 3,958 3,980 4,002
Accounts payable -17.40% 2,371 2,384 2,398 2,411 2,425
Prepaid expenses and other 9.67% 366 368 370 372 374
Cash 244.02% 4,305 4,329 4,353 4,378 4,402
18.24% 10,956 11,017 11,079 11,141 11,203
Total assets 46,559 46,820 47,082 47,346 47,611
LIABILITIES AND SHAREHOLDERS’ EQUITY
EQUITY
Shareholders’ capital 0.08% 100,670 101,233 101,800 102,370 102,944
Contributed surplus 67.79% 705 709 713 717 721
Accumulated deficit 2.31% (69,124) (69,511) (69,900) (70,292) (70,685)
-3.17% 32,251 32,431 32,613 32,795 32,979
LIABILITIES
Non-current
Long-term debt -24.99% 1,350 1,357 1,365 1,372 1,380
Share based payments -14.05% 239 241 242 243 245
Deferred income taxes 25.26% 6,366 6,402 6,438 6,474 6,510
4.79% 7,955 8,000 8,045 8,090 8,135
Current
Accounts payable and accrued liabilities 15.95% 4,000 4,023 4,045 4,068 4,091
Dividends payable 50.17% 1,221 1,228 1,235 1,241 1,248
Current portion of long-term debt 0.00% 704 708 712 716 720
Current taxes payable 50.00% 428 431 433 436 438
23.09% 6,353 6,389 6,425 6,461 6,497
Total liabilities and shareholders’ equity 0.56% 46,559 46,820 47,082 47,346 47,611

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