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AWT
AWT
AWT - Awethu Breweries Limited - Audited results: year ended 30 June 2007
AWETHU BREWERIES LIMITED
(Incorporated in the Republic of South Africa)
(Registration Number: 1992/004352/06)
Share Code: AWT
ISIN Number: ZAE000013769
AUDITED RESULTS FOR THE YEAR ENDED 30 JUNE 2007
COMMENTS
Sector : Breweries
Nature of business:
The company manufactures and distributes goods and services to the informal
markets and the mining and catering markets
ACCOUNTING POLICIES
The consolidated financial statements have been prepared in accordance with
International Financial Reporting Standards (IFRS) and IAS: 34: Interim
Financial Reporting. The accounting policies used in the preparation of these
results are consistent in all material respects with those used in the annual
financial statements for the year ended 30 June 2007. The results for the
year ended 30 June 2007 have been audited by Baxters. The unqualified audit
opinion is available for inspection at the office of the company
SYNOPSIS OF OPERATIONS FOR THE PERIOD
The Ventersdorp mill, milled maize products for the full 12 month period.
The Ventersdorp Mill was revalued during the year (both the property and
equipment). As the Carltonville Brewery is still not producing its value
remains at cost.
FINANCIAL RESULTS
Turnover increased by 81% from last year, due to actual production and trading
done with the maize mill, compared to a few months trade last year.
The company made a profit of R1 606 975 (Headline profit of R478 977) compared
to a loss of R1 025 522 last year. This represents a 1,78 cents per share
increase from last year.
Legal fees relating to prior year transaction amounted to R113 520.
The depreciation expense was R577 966
The Carltonville brewery did not contribute to earnings during the year.
PROSPECTS
The mill is producing at an efficient capacity in a favourable market and this
looks to continue for the ensuing year.
The liquor license for the Carltonville Brewery has been approved and the
Brewery is now being prepared for the brewing process.
On behalf of the Board
TW FORD (Chairman)
28 SEPTEMBER 2007
Registered Office:
24 Seriing Street, SE3
Vanderbijlpark, 1911
Transfer secretaries:
Computershare, 70 Marshall Street, JHB, 2107
Directors:
TW Ford (Managing), J Barnado (ne), A Venter (ne), I Vermaak
Secretary:
JM Caddy
Auditors:
Baxters,
Registered Accountants and Auditors
ABRIDGED GROUP INCOME STATEMENT
Audited Audited
Year Year
Ended Ended
30/06/2007 30/06/2006
Revenue 11,856,943 2,235,320
Operating profit/(loss) 710,868 -819,084
Net interest paid -231,891 -206,438
Net profit/(loss) before extraordinary item 478,977 -1,025,522
Extraordinary item 1,127,998 -
Net profit/(loss) before taxation 1,606,975 -1,025,522
Taxation - -
Net profit/(loss) for the year 1,606,975 -1,025,522
Adjustments for Headline earnings:
Provision for prior years adjustment 484,200 -
Revaluation of investment property -800,000 -
IFRS adjustment to plant and equipment -812,198 -
Headline earnings/(loss) 478,977 -1,025,522
Supplementary Information
Number of shares in issue 84,556,909 84,556,909
Earning per share (cents) 1.90 -1.21
Headline earnings per share (cents) 0.57 -1.21
Dividend per share (cents) - -
ABRIDGED GROUP BALANCE SHEET
Audited Audited
Year Year
Ended Ended
30/06/2007 30/06/2006
ASSETS
Non-current Assets 7,221,989 6,233,144
Property, plant and equipment 2,188,865 2,000,050
Investment property 5,033,094 4,233,094
Current Assets 1,168,082 677,515
Accounts receivable 300,961 236,601
Inventory 737,018 437,081
Cash and bank 130,103 3,833
Total Assets 8,390,041 6,910,659
EQUITY AND LIABILITIES
Capital and Reserves -3,543,289 -5,150,264
Share capital and reserves -3,543,289 -5,150,264
Non-current Liabilities 8,548,612 8,440,007
Shareholder`s loans - interest bearing 2,025,000 2,025,000
Shareholder`s loans - non interest 6,523,612 6,415,007
bearing
Current Liabilities 3,384,718 3,620,916
Accounts payable 1,782,667 2,419,001
Provisions 1,602,051 1,201,915
Total Equity and Liabilities 8,390,041 6,910,659
STATEMENT OF CHANGES IN EQUITY
Audited Audited
Year Year
Ended Ended
30/06/2007 30/06/2006
Balance at beginning of year -5,150,264 -4,124,742
Net profit/(loss) for the period 1,606,975 -1,025,522
Balance at end of year -3,543,289 -5,150,264
ABRIDGED GROUP CASH FLOW STATEMENT
Audited Audited
Year Year
Ended Ended
30/06/2007 30/06/2006
Net cash flow from operating activities -7,262 -931,730
Net cash flow from investing activities 24,926 275,324
Net cash flow from financing activities 108,606 655,412
Net change in cash and bank 126,270 -994
Cash and bank at beginning of year 3,833 4,827
Cash and bank at end of year 130,103 3,833
Date: 28/09/2007 16:30:02 Produced by the JSE SENS Department.
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