| Wed 30 Sep 2009, 17:07 | | AWT - Awethu Breweries - Abridged Audited Group Results for the Year Ended |
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AWT
AWT
AWT - Awethu Breweries - Abridged Audited Group Results for the Year Ended
30 June 2009
AWETHU BREWERIES LIMITED
Registration No: 1992/004352/06
Incorporated in the Republic of South Africa
(Ordinary Share Code:
ISIN code: ZAE000013769)
Abridged Audited Group results For the year ended 30 June 2009
ABRIDGED INCOME STATEMENT for the year ended 30 June 2009
Audited Audited
2009 2008
(R`)
Revenue 17,694,827 14,236,462
Operating profit before interest 907,498 935,362
Net interest paid (120,248) (213,678)
Profit/ (loss) before exceptional items 787,250 721,684
Profit before taxation 787,250 721,684
Taxation - -
Profit attributable to ordinary shareholders 787,250 721,684
Headline earnings/ (loss) per share (cents) 0.93 0.85
Earnings per share (cents) 0.93 0.85
Shares in issue (000`s) 84,556,909 84,556,909
Weighted Average (000`s) 84,556,909 84,556,909
ABRIDGED GROUP BALANCE SHEET as at 30 June 2009
Audited Audited
2009 2008
(R`)
ASSETS
Non- current assets 6,446,430 6,661,208
Property, plant and equipment 6,446,430 6,661,208
Current assets 2,731,806 2,103,202
Inventories 1,186,866 470,971
Accounts receivable 1,491,558 889,650
Cash and cash equivalents 53,382 742,581
Total assets 9,178,236 8,764,410
EQUITIES AND LIABILITIES
Capital and reserves (2,034,157) (2,821,407)
Ordinary shareholders funds (2,034,157) (2,821,407)
Non-current liabilities 8,211,191 8,526,952
Long term liabilities 8,211,191 8,526,952
Current liabilities 3,001,202 3,058,865
Accounts payable 3,001,202 3,058,865
Total equities and liabilities 9,178,236 8,764,410
NTAV per share (cents) (2.40) (3.34)
NAV per share (cents) (2.40) (3.34)
ABRIDGED GROUP CASH FLOW STATEMENT for the year ended 30 June 2009
Audited Audited
2009 2008
(R`)
Cash flow from operating activities (342,056) 575,938
Cash flow from investing activities (31,382) 58,000
Cash flow from financing activities (315,761) (21,460)
Net change in cash and cash equivalents (689,199) 612,478
Cash resources at beginning of year (742,581) 130,103
Cash resources at end of year 53,382 742,581
ABRIDGED GROUP STATEMENT OF CHANGES IN EQUITY
for the year ended 30 June 2009
(R`)
Share Share Accumulated
Capital Premium Profit/(Loss) Total
Balance at 30 June 2007 845,569 9,901,507 (14,290,167) (3,543,091)
Net profit for the year - - 721,684 721,684
Balance at 30 June 2008 845,569 9,901,507 (13,568,483) (2,821,407)
Net profit for the year - - 787,250 787,250
Balance at 30 June 2009 845,569 9,901,507 (12,781,233) (2,034,157)
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), IAS34 and the requirements of the South African Companies Act and
Listings Requirements of the JSE Limited.
AUDIT REPORT
The results have been audited by Logista Johannesburg Registered Accountants and
Auditors, Chartered Accountants (SA) and a detailed audit report is available at
30 Waterford Office Park, Fourways, Johannesburg, 2191.
The annual report has been posted to shareholders on 30 September 2009.
GOING CONCERN
We draw attention to the fact that at 30 June 2009, the group had accumulated
losses of R (12 781 233) and that the company`s total liabilities exceed its
assets by R (2 034 157). T.T.W. Ford`s shareholder loan has been subordinated in
favour of all creditors to ensure the company`s ability to continue as a going
concern.
COMMENTS
Sector: Breweries
Nature of business: The Company manufactures and distributes goods and services
to the informal markets and the mining and catering industry.
FINANCIAL RESULTS
Turnover increased, as mentioned and the company showed a profit for the period
of R 787,250.
The depreciation charge for the period was R 286,160.
The constantly rising maize price made for difficult trading conditions.
EXCEPTIONAL ITEM
There were no exceptional items during the year.
PROSPECTS
The anticipated commencement of the brewery took longer than expected owing to
factors beyond our control. The liquor licence was eventually issued in mid-June
2009, 13 months after approval by the Liquor Board. The company has been
inundated by potential distributors for its products, and in the interim Awethu
is busy with the acquisition of liquor-related business partnerships, some of
which will be concluded shortly.
The mill is currently under renovation. The directors expect an exciting and
rewarding year ahead.
The annual general meeting of the company will be held at 281 Celliers Drive,
Glen Austin Ext 1, Midrand on 28 October 2009 at 09:30 am.
POST BALANCE SHEET EVENTS
A cautionary announcement has been issued by Awethu, and an announcement will be
made to shareholders during October 2009.
DIVIDENDS
The Board has resolved not to declare a dividend.
For and on behalf of the board
T.T.W. Ford
(CEO)
30 September 2009
Registered Office: 24 Sering Street, SE3
Vanderbijlpark, 1911
Transfer secretaries: Computershare Investor Services (Pty) Ltd
70 Marshall Street, JHB, 2107
Directors: J. Barnado (Chairman) *
T.T.W Ford (CEO)
I. Vermaak
A. Venter *
J.A. Taylor **
H. Bismilla **
* (non-executive independent)
** (non-executive independent, appointed 21 September 2009)
Secretary: J.M. Caddy
Auditors: Logista Johaneesburg Registered Accountants and Auditors, Chartered
Accountants (SA)
Sponsors: Deloitte & Touche Sponsor Services (Pty) Ltd
Date: 30/09/2009 17:07:19 Produced by the JSE SENS Department.
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