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AWT
AWT
AWT - Awethu Breweries - Reviewed results for the six month period ended 31
December 2008
AWETHU BREWERIES LIMITED
(Incorporated in the Republic of South Africa)
(Registration Number : 1992/004352/06)
Share Code : AWT
ISIN Number : ZAE000013769
("the company")
REVIEWED RESULTS FOR THE SIX MONTH PERIOD ENDED 31 DECEMBER 2008
COMMENTS
Sector: Mill (Revenue is earned from this segment only)
Nature of business: The company manufactures and distributes goods and
services to the informal markets, mining and catering industries.
ACCOUNTING POLICIES
The accounting policies, as outlined in the 2008 annual report, have been
consistently applied. The abridged interim financial statements have been
prepared in accordance with International Financial Reporting Standards
(IFRS) IAS 34, the interpretations adopted by the International Accounting
Standards Board (IASB) and the requirements of the South African Companies
Act and JSE Listings
Requirements.
REVIEW
These statements have been reviewed by Logista JHB and hence, no audit
opinion has been given. The report included the following:
Emphasis of matter
Without qualifying our review, we draw attention to the financial statements
which indicates that the company has accummulated losses of R13,074,379 for
the period ended 31 December 2008, as at that date, the company`s total
liabilities exceeded its total assets by R 2,327,303.
The review report is available for inspection at the company`s registered
address.
SYNOPSIS OF OPERATIONS FOR THE PERIOD
The Ventersdorp mill was in production for the full six months, which
resulted in the 8.82% increase in turnover for the period. The mill reported
a profit for the six month period. The Carltonville brewery
is still awaiting it`s liquor license and hence, did not trade during t
he period.
CORPORATE GOVERNANCE
The company endorses the Code of Corporate Practices and Conduct contained
in the King II Report on Corporate Governance. The code has been adhered to
in all material aspects with the following two exceptions:
1. an internal audit function has not, as yet, been created, and
2. a remuneration committee has not been created as directors are not
drawing emoluments.
The directors review the need for such functions on an ongoing basis. In the
application of the principles of the Code, shareholders and other
stakeholders can be assured that the group is being ethically managed
according to prudently determined risk parameters.
POST BALANCE SHEET EVENTS
The directors are not aware of any matter or circumstance arising since the
end of the financial period ending 31 December 2008.
FINANCIAL RESULTS
Turnover increased, as mentioned and the company showed a profit for the
period of R494,104.
The depreciation charge for the period was R76,592.
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 that the company `s prospects will improve.
On behalf of the Board
TW FORD (Chairman)
26 March 2009
Registered Office: 24 Sering Street, SE3
Vanderbijlpark, 1911
Computershare Investor Services
Transfer secretaries:
(Pty) Ltd - 70 Marshall Street, JHB, 2001
TW Ford (Managing director and Chairman),
Directors:
J Barnado (ne), A Venter (ne),
I Vermaak (FD)
JM Caddy
Secretary:
Auditors: Logista JHB
ABRIDGED GROUP INCOME
STATEMENT
Reviewed Unaudited Audited
6 Months 6 Months Year
ended ended ended
31/12/2008 31/12/2007 30/06/2008
Revenue 7 722 150 7 096 223 14 236 462
Operating profit 547 020 477 796 935 362
Net interest (paid) -52 916 -2 546 -213 678
Net profit before 494 475 721 684
taxation 104 250
Taxation -
- -
Net profit for the 494 104 475 250 721 684
period
Supplementary
Information
Number of shares in 84 556 909 84 556 909 84 556 909
issue
Earnings per share 0.85
(cents) * 0.58 0.56
Headline earnings per 0.85
share (cents) ** 0.58 0.56
Net asset value per - 0.04 -0.03
share (cents) -0.03
* = EPS have been calculated based on earnings of R 494 104 and 84 556 909
ordinary shares.
** = HEPS have been calculated based on earnings of R 494 104 and 84 556 909
ordinary shares.
There are no reconciling items
between EPS and HEPS.
ABRIDGED GROUP BALANCE
SHEET
Reviewed Unaudited Audited
6 Months 6 Months Year
ended ended ended
31/12/2008 31/12/2007 30/06/2008
ASSETS
Non-current Assets 6 500 252 7 043 986 6 661 208
Property, plant and 6 500 252 7 043 986 6 661 208
equipment
Current Assets 2 932 519 1 723 072 2 103 202
Accounts receivable 944 771 845 406 889 650
Inventory 1 743 836 682 109 470 971
Cash and bank 243 912 195 557 742 581
Total Assets 9 432 771 8 767 058 8 764 410
EQUITY AND LIABILITIES
Capital and Reserves -2 327 303 -3 068 040 -2 821 407
Share capital and -2 327 303 -3 068 040 -2 821 407
reserves
Non-current Liabilities 8 226 952 8 548 612 8 526 952
Shareholder`s loans - 2 025 000 2 025 000 2 025 000
interest bearing
Shareholder`s loans - 6 201 952 6 523 612 6 501 952
non interest bearing
Current Liabilities 3 533 122 3 286 486 3 058 865
Accounts payable 1 964 547 1 699 433 1 558 822
Provisions 1 568 575 1 587 053 1 500 043
Total Equity and 9 432 771 8 767 058 8 764 410
Liabilities
Note: The non-interest bearing shareholder`s loan account has been
subordinated in favour of all
other creditors until such time as the company`s assets (fairly valued)
exceed its liabilities.
STATEMENT OF CHANGES IN
EQUITY
Reviewed Unaudited Audited
6 Months 6 Months Year
ended ended ended
31/12/2008 31/12/2007 30/06/2008
Balance at beginning of -2 821 407 -3 543 289 -3 543 091
period
Net profit for the 494 104 475 250 721 684
period
Balance at end of -2 327 303 -3 068 040 -2 821 407
period
ABRIDGED GROUP CASH
FLOW STATEMENT
Reviewed Unaudited Audited
6 Months 6 Months Year
ended ended ended
31/12/2008 31/12/2007 30/06/2008
Net cash flow from -230 637 97 454 575 937
operating activities
Net cash flow from 31 968 -32 000 58 000
investing activities
Net cash flow from -300 000 -21 459
financing activities -
Net change in cash and -498 669 65 454 612 478
bank
Cash and bank at 742 581 130 103 130 103
beginning of period
Cash and bank at end of 243 912 195 557 742 581
period
Date: 26/03/2009 15:52:02 Produced by the JSE SENS Department.
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