| Wed 31 Mar 2010, 16:52 | | AWT - Awethu Breweries Limited - Abridged Reviewed Interim Results For The Six |
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AWT
AWT
AWT - Awethu Breweries Limited - Abridged Reviewed Interim Results For The Six
Months Period Ended 31 December 2009
AWETHU BREWERIES LIMITED
(Incorporated in the Republic of South Africa)
(Registration Number : 1992/004352/06)
Share Code : AWT
ISIN Number : ZAE000013769
("the company")
ABRIDGED REVIEWED INTERIM RESULTS FOR THE SIX MONTHS PERIOD ENDED
31 DECEMBER 2009
COMMENTS
Sector : Breweries
Nature of business: The company manufactures and distributes goods and services
to the informal markets and the mining and catering industries.
ACCOUNTING POLICIES
The accounting policies, as outlined in the 2009 annual report, have been
consistently applied. The abridged interim financial statements have been
prepared in accordance with International Financial Reporting Standards (IFRS),
the interpretations adopted by the International Accounting Standards Board
(ASB), the requirements of the South African Companies Act and the Listings
Requirements of the JSE Limited.
REVIEW
These statements have been reviewed by Logista, Johannesburg, Registered
Accountants and Auditors, therefore no audit opinion has been given.
The report included an emphasis of matter. Without qualifying the review, we
draw attention to the financial statements which indicates that the company has
accumulated losses of R14 989 119 for the period ended 31 December 2009, and as
at that date the company`s total liabilities exceeded its total assets by R4 242
043. The review report is available for inspection at the company`s registered
office.
SYNOPSIS OF OPERATIONS FOR THE PERIOD AND POST BALANCE SHEET EVENTS
The Ventersdorp mill was not in production for the full six months, which
resulted in the decrease in turnover for the period resulting in a loss. The
Carltonville Brewery has not traded and the property and related equipment were
sold subsequent to this period end, inter-alia shareholder approval.
PROSPECTS AND CONTINUING OPERATIONS
It has been a tough six months for the company. Unbudgeted capital expenditure
became a necessity to upgrade and improve the mill, and this has resulted in
better than expected turnover figures in the first quarter of the year.
Subsequent to the sale of the brewery in the first half of 2010, resources will
be utilized more expediently within the breweries category for expansion and
acquisitions which will give better returns on investment. A circular regarding
the sale will be posted to shareholders shortly. Enquiries for local and
international orders for the coming months has been very encouraging, and with
maize prices on the down trend, there will be improvements.
FURTHER CAUTIONARY ANNOUNCEMENT
Further to the cautionary announcements dated Monday, 31 August 2009, renewed on
Tuesday, 13 October 2009, on Wednesday, 25 November 2009, on Tuesday, 12 January
2010, and on Thursday, 11 February 2010, where shareholders were advised that
the company concluded separate agreements relating to disposal of property and
certain brewery assets to United National Breweries (SA) (Pty) Limited.
Shareholders are advised to continue exercising caution until the financial
effects of the transaction are published.
FINANCIAL RESULTS
The depreciation charge for the period was R115 946.
On behalf of the Board
TTW FORD (Chief Executive Officer)
31 March 2010
Registered Office: 24 Sering Street, SE3 Vanderbijlpark, 1911
Transfer secretaries: Computershare Investor Services (Pty) Ltd
70 Marshall Street, Johannesburg, 2107
Directors: TTW Ford (Managing)
A Venter *
I Vermaak
J Barnado *
J.A. Taylor *
H. Bismilla *
(* non-executive)
Company Secretary: JM Caddy F.C.I.S
Auditors : Logista Johannesburg
Sponsors: Deloitte & Touche Sponsor Services (Pty) Ltd
ABRIDGED GROUP INCOME STATEMENT
Reviewed Reviewed Audited
6 months 6 months Year
ended ended ended
31/12/2009 31/12/2008 30/06/2009
Revenue 1,819,231 7,722,150 17,694,827
Operating loss before -2,186,716 547,020 907,498
interest
Net interest (paid) -21,272 -52,916 -120,248
Net loss before taxation -2,207,988 494,104 787,250
Taxation - - -
Net loss for the period -2,207,988 494,104 787,250
Supplementary Information
Number of shares in issue 84,556,909 84,556,909 84,556,909
Earnings per share (cents) -2.61 0.58 0.93
Headline earnings per share -2.61 0.58 0.93
(cents)
ABRIDGED GROUP BALANCE SHEET
Reviewed Reviewed Audited
6 Months 6 Months Year
as at as at as at
31/12/2009 31/12/2008 30/06/2009
ASSETS
Non-current Assets 6,330,485 6,500,252 6,446,430
Property, plant and equipment 6,330,485 6,500,252 6,446,430
Current Assets 1,009,461 2,932,519 2,731,806
Accounts receivable 664,278 944,771 1,491,558
Inventory 293,468 1,743,836 1,186,866
Cash and bank 51,715 243,912 53,382
Total Assets 7,339,946 9,432,771 9,178,236
EQUITY AND LIABILITIES
Capital and Reserves -4,242,043 -2,327,303 -2,034,157
Share capital and reserves -4,242,043 -2,327,303 -2,034,157
Non-current Liabilities 8,245,070 8,226,952 8,211,191
Shareholder`s loans - - 2,025,000 -
Interest bearing
Shareholder`s loans - 8,245,070 6,201,952 8,211,191
Non interest bearing
Current Liabilities 3,336,919 3,533,122 3,001,202
Accounts payable 3,336,919 1,964,547 3,001,202
Provisions - 1,568,575 -
Total Equity and Liabilities 7,339,946 9,432,771 9,178,236
Net asset value per share (cents) -0.05 -0.03 -0.02
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 Reviewed Audited
6 Months 6 Months Year
ended ended ended
31/12/2009 31/12/2008 30/06/2009
Balance at beginning of period -2,034,055 -3,543,289 -2,821,305
Net loss for the period -2,207,986 494,104 787,250
Balance at end of period -4,242,043 -3,049,185 -2.034,055
ABRIDGED GROUP CASH FLOW STATEMENT
Reviewed Reviewed Audited
6 Months 6 Months Year
ended ended ended
31/12/2009 31/12/2008 30/06/2009
Net cash flow from operating
Activities -45,546 -230,637 -342,056
Net cash flow from investing
activities 10,000 31,968 -31,382
Net cash flow from financing
Activities 33,879 -300,000 -315,761
Net change in cash and bank -1,667 -498,669 -689,199
Cash and bank at beginning
Of period 53,382 742,581 742,581
Cash and bank at end
Of period 51,715 243,912 53,382
Date: 31/03/2010 16:52:01 Produced by the JSE SENS Department.
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