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AWT
AWT
AWT - Awethu Breweries - Interim Results For The Period Ended 31 December 2007
AWETHU BREWERIES LIMITED
(Incorporated in the Republic of South Africa)
(Registration Number: 1992/004352/06)
Share Code: AWT
ISIN Number: ZAE000013769
INTERIM RESULTS FOR THE PERIOD ENDED 31 DECEMBER 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 period ended 31 December 2007 have been reviewed by Lucro
Auditing and hence, no audit opinion has been given.
SYNOPSIS OF OPERATIONS FOR THE PERIOD
The Ventersdorp mill, milled maize products for the full 6 month period.
As the Carltonville Brewery is still not producing its value remains at cost.
FINANCIAL RESULTS
Turnover increased by 34% from June last year, due to increased production and
trading done with the
maize mill. The company made a profit of R475,250 (Headline profit of R475,250)
compared to a profit of R952 last year June.
Legal fees amounted to R71,310.
The depreciation expense was R209,973.
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)
31 March 2008
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 : Lucro Auditing
Registered Accountants and Auditors
Unaudited Unaudited Audited
ABRIDGED GROUP INCOME STATEMENT
Unaudited Unaudited Audited
6 Months 6 Months Year
ended ended ended
31/12/2007 31/12/2006 30/06/2007
Revenue 7,095,223 5,302,894 11,856,943
Operating profit/(loss) 477,796 51,798 710,868
Net interest earned/(paid) -2,546 -50,846 -231,891
Net profit/(loss) before 475,250 952 478,977
extraordinary item
Extraordinary item - - 1,127,998
Net profit/(loss) before 475,250 952 1,606,975
taxation
Taxation - - -
Net profit/(loss) for the 475,250 952 1,606,975
period
Adjustments for Headline
earnings:
Provision for prior year - - 484,200
adjustment
Revaluation of investment - - -800,000
property
IFRS adjustment to plant and - - -812,198
equipment
Headline earnings/(loss) 475,250 - 478,977
Supplementary Information
Number of shares in issue 84,556,909 84,556,909 84,556,909
Earnings per share (cents) 0.56 0.00 1.90
Headline earnings per share 0.56 0.00 0.6
(cents)
Dividend per share (cents) - - -
ABRIDGED GROUP BALANCE SHEET
Unaudited Unaudited Audited
6 Months 6 Months Year
Ended ended ended
31/12/2007 31/12/2006 30/06/2007
ASSETS
Non-current Assets 7,043,986 5,923,489 7,221,959
Property, plant and equipment 7,043,986 5,923,489 7,221,959
Investments - -
Current Assets 1,723,072 812,838 1,168,082
Accounts receivable 845,406 185,181 300,961
Inventory 682,109 581,897 737,018
Cash and bank 195,557 45,760 130,103
Total Assets 8,767,058 6,736,327 8,390,041
EQUITY AND LIABILITIES
Capital and Reserves -3,068,040 -5,149,312 -3,543,289
Share capital and reserves -3,068,040 -5,149,312 -3,543,289
Non-current Liabilities 8,548,612 8,440,007 8,548,612
Shareholder`s loans - interest 2,025,000 2,025,000 2,025,000
bearing
Shareholder`s loans - non interest 6,523,612 6,415,007 6,523,612
bearing
Current Liabilities 3,286,486 3,445,632 3,384,718
Accounts payable 1,699,433 2,293,717 1,782,667
Provisions 1,587,053 1,151,915 1,602,051
Total Equity and Liabilities 8,767,058 6,736,327 8,390,041
STATEMENT OF CHANGES IN EQUITY
Unaudited Unaudited Audited
6 Months 6 Months Year
Ended Ended ended
31/12/2007 31/12/2006 30/06/2007
Balance at beginning of period -3,543,289 -5,150,264 -5,150,264
Net profit/(loss) for the 475,250 952 1,606,975
period
Balance at end of period -3,068,040 -5,149,312 -3,543,289
ABRIDGED GROUP CASH FLOW STATEMENT
Unaudited Unaudited Audited
6 Months 6 Months Year
Ended Ended ended
31/12/2007 31/12/2006 30/06/2007
Net cash flow from operating 97,454 47,001 -7,262
activities
Net cash flow from investing -32,000 -5,074 24,926
activities
Net cash flow from financing - - 108,606
activities
Net change in cash and bank -65,454 41,927 126,270
Cash and bank at beginning of 130,103 3,833 3,833
period
Cash and bank at end of period 195,557 45,760 130,103
Date: 31/03/2008 16:00:01 Produced by the JSE SENS Department.
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