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AWT
AWT
AWT - Awethu Breweries Limited - Audited Results For The Year Ended 30 June 2008
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 2008
ABRIDGED GROUP INCOME STATEMENT
Audited Audited
Year Year
ended ended
30/06/2008 30/06/2007
Revenue 14,236,462 11,856,943
Operating profit/(loss) 935,362 710,868
Net interest earned/(paid) -213,678 -231,891
Net profit/(loss) before 721,684 478,977
extraordinary item
Extraordinary item - 1,127,998
Net profit/(loss) before taxation 721,684 1,606,975
Taxation - -
Net profit/(loss) for the period 721,684 1,606,975
Supplementary Information
Number of shares in issue 84,556,909 84,556,909
Earnings per share (cents) 0.85 1.90
Headline earnings per share 0.85 0.57
(cents)
Dividend per share (cents) - -
ABRIDGED GROUP BALANCE SHEET
Audited Audited
Year Year
ended ended
30/06/2008 30/06/2007
ASSETS
Non-current Assets 6,661,208 7,222,157
Property, plant and equipment 6,661,208 7,222,157
Current Assets 2,103,202 1,168,082
Accounts receivable 889,650 300,961
Inventory 470,971 737,018
Cash and bank 742,581 130,103
Total Assets 8,764,410 8,390,239
EQUITY AND LIABILITIES
Capital and Reserves -2,821,407 -3,543,091
Share capital and reserves -2,821,407 -3,543,091
Non-current Liabilities 8,526,952 8,548,612
Shareholder`s loans - interest 2,025,000 2,025,000
bearing
Shareholder`s loans - non 6,501,952 6,523,612
interest bearing
Current Liabilities 3,058,865 3,384,718
Accounts payable 1,558,822 1,782,667
Provisions 1,500,043 1,602,051
Total Equity and Liabilities 8,764,410 8,390,239
STATEMENT OF CHANGES IN EQUITY
Audited Audited
Year Year
ended ended
30/06/2008 30/06/2007
Balance at beginning of period -3,543,091 -5,150,066
Net profit/(loss) for the 721,684 1,606,975
period
Balance at end of period -2,821,407 -3,543,091
ABRIDGED GROUP CASH FLOW STATEMENT
Audited Audited
Year Year
ended ended
30/06/2008 30/06/2007
Net cash flow from operating 575,938 -7,262
activities
Net cash flow from investing 58,000 24,926
activities
Net cash flow from financing -21,460 108,606
activities
Net change in cash and bank 612,478 126,270
Cash and bank at beginning of 130,103 3,833
period
Cash and bank at end of period 742,581 130,103
COMMENTS
Sector : Breweries
Nature of business : The company manufactures and distributes goods and
services to the informal markets and the mining and catering industry.
ACCOUNTING POLICIES
The accounting policies, as outlined in the 2008 annual report, have been
consistently applied. The abridged annual financial statements have been
prepared in accordance with International Financial Reporting Standards (IFRS),
the interpretations adopted by the International Accounting Standards Board
(IASB) and the requirements of the South African Companies Act.
SYNOPSIS OF OPERATIONS FOR THE PERIOD
The Ventersdorp mill was in production for the full year, which resulted in the
20% increase in turnover for the period. The mill reported a profit for the
year. The Carltonville brewery is still awaiting it`s liquor license and
hence, did not trade during the period, but still incurred some
overheads.
FINANCIAL RESULTS
Turnover increased, as mentioned and the company showed a profit for the period
of R721,684. The depreciation charge for the period was R538,593. The
constantly rising maize price made for difficult trading conditions.
PROSPECTS
As soon as the Carltonville Brewery comes back on line, the directors are
confident the company can show an increased profit in the immediate future.
SPONSOR
The company currently does not have a sponsor, but is in the process of
appointing a new sponsor.
On behalf of the Board
TW FORD (Chairman)
30 September 2008
Registered Office: 24 Seriing Street, SE3
Vanderbijlpark, 1911
Transfer secretaries: Computershare Investor Services
2004 (Pty) Ltd - 70 Marshall
Street, JHB, 2107
Directors: TW Ford (Managing),
J Barnado (ne), A Venter (ne),
I Vermaak
Secretary: JM Caddy
Auditors : Lucro Auditing
Date: 30/09/2008 17:38:51 Produced by the JSE SENS Department.
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