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AWT
AWT
AWT - Awethu Breweries Limited - Audited results for the year ended 30 June 2010
Awethu Breweries Limited
(Incorporated in the Republic of South Africa)
(Registration Number: 1992/004352/06)
Share Code: AWT ISIN Number: ZAE 000013769
("the company" or "Awethu")
AUDITED RESULTS FOR THE YEAR ENDED 30 JUNE 2010
Statement of comprehensive income Year ended Year ended
30 June 30 June
2010 2009
R R
Revenue 3 144 496 17 694 827
Cost of sales (2 626 570) (14 824 412)
Gross profit 517 926 2 870 415
Other income 10 082 776 592
Operating expenses (2 818 350) (2 739 509)
Operating (loss) profit (2 290 342) 907 498
Investment revenue 6 398 17 239
Finance costs (42 497) (137 487)
(Loss) profit from continuing (2 326 441) 787 250
operations
Discontinued operations
Loss from discontinued operations (772 247) -
(Loss) profit for the year (3 098 688) 787 250
Other comprehensive income - -
Total comprehensive (loss)income (3 098 688) 787 250
Net (loss) profit attributable to:
Owners of the parent:
(Loss) profit for the year from (2 326 441) 787 250
continuing operations
Loss for the year from discontinued (772 247) -
Operations
(Loss) profit for the year attributable (3 098 688) 787 250
to owners of the parent
Headline earnings/(loss) (3.66) 0.93
per share (cents)
Earnings (loss) per share (cents) (3.66) 0.93
Number of shares in issue 84 556 909 84 556 909
Weighted average number of shares 84 556 909 84 556 909
in issue
Statement of Share Share Total Accum loss Total Equity
Changes in capital premium share
Equity Capital
R R R R R
Balance at 01 845 569 9 901 507 10 747 076 (13 568 484) (2 821 408)
July 2008
Changes in
equity
Total - - - 787 250 787 250
comprehensive
income for the
year
Total changes - - - 787 250 787 250
Balance at 01 845 569 9 901 507 10 747 076 (12 781 234) (2 034 158)
July 2009
Changes in
equity
Total - - - (3 098 688) (3 098 688)
comprehensive
loss for the
year
Total changes - - - (3 098 688) (3 098 688)
Balance at 30 845 569 9 901 507 10 747 076 (15 879 922) (5 132 846)
June 2010
Statement of Financial Position 30 June 30 June
2010 2009
R R
Assets
Non-Current Assets
Property, plant and equipment 3 820 381 6 446 430
Current Assets
Inventories 492 022 1 186 866
Trade and other receivables 920 045 1 491 558
Cash and cash equivalents 216 53 382
1 412 283 2 731 806
Non-current assets held for sale and 2 368 321 -
Assets of disposal groups
Total Assets 7 600 985 9 178 236
Equity and Liabilities
Equity
Share capital 10 747 076 10 747 076
Accumulated loss (15 879 922) (12 781 234)
(5 132 846) (2 034 158)
Liabilities
Non-Current Liabilities
Loans from shareholders 9 324 712 8 211 191
Current Liabilities
Trade and other payables 2 005 830 1 513 714
Provisions 1 403 289 1 487 489
3 409 119 3 001 203
Total Liabilities 12 733 831 11 212 394
Total Equity and Liabilities 7 600 985 9 178 236
Statement of Cash Flows 2010 2009
R R
Cash flows from operating activities
Cash used in operations (491 507) (221 809)
Cash flows of held for (649 081) -
sale/discontinued
Net cash from operating activities (1 140 588) (221 809)
Cash flows from investing activities
Purchase of property, plant and - (71 381)
equipment
Sale of property, plant and equipment 10 000 40 000
Interest Income 6 398 17 239
Net cash from investing activities 16 398 (14 142)
Cash flows from financing activities
Repayment of shareholders loan 1 113 521 (315 761)
Finance costs (42 497) (137 487)
Net cash from financing activities 1 071 024 (453 248)
Total cash movement for the year (53 166) (689 199)
Cash at the beginning of the year 53 382 742 581
Total cash at end of the year 216 53 382
COMMENTARY
1. Financial review
General
Trading conditions during the year were extremely tough and the company
experienced down time in the mill. As a result the company incurred a loss for
the year. It is expected that the year ending 30 June 2011 will show improved
sustainable operating with better margins. This general forecast has not been
reviewed nor audited by the Company`s auditors. The shareholder`s loan has been
subordinated in favour of all other creditors until such time as the company`s
assets, fairly valued, exceed its liabilities.
2. Subsequent events
Subsequent to the year end the company sold the Carletonville Brewery and
certain moveable brewery assets for R6,5 million, and the proceeds from the sale
will be used partly for working capital and partly as a deposit on possible new
acquisitions which will improve the results of the company.
3. Dividends
No dividend has been declared for the year.
4. Accounting policies / Compliance
These condensed consolidated financial statements have been prepared in
accordance with International Financial Reporting Standards ("IFRS") and IAS 34
- Interim Reporting, using accounting policies which are consistent with those
for the year ended 30 June 2009 and comply with the relevant sections of the
Companies Act of South Africa and the Listings Requirements of the JSE Limited.
During the year under review the group adopted all of the IFRS and
Interpretations being effective and deemed applicable. None of these had a
material impact.
5. Independent audit by the auditors
The condensed consolidated results have been audited by our auditors, Logista-
Johannesburg who have performed their audit in accordance with International
Standards on Auditing. The report included an emphasis of matter: "without
qualifying our opinion, we draw attention to the financial statements which
indicates that the company incurred a net has loss of R3 098 688 for the year
ended 30 June 2010 and, as at that date, the company`s total liabilities
exceeded its total assets by R5 132 846. This indicates that these conditions,
along with other matters, indicate the existence of a material uncertainty which
may cast significant doubt on the company`s ability to continue as a going
concern". A copy of their audit report is available for inspection at the
registered office of the company.
On behalf of the board
TTW Ford
Chief executive
4 October 2010
Registered Office: 24 Sering Street, SE3 Vanderbijlpark, 1911
Transfer secretaries: Computershare Investor Services (Pty) Ltd -
70 Marshall Street, Johannesburg, 2107
Directors: TW Ford (Managing), A Venter (ne), I Vermaak
JA Taylor (ne), H Bismilla (ne)
Company Secretary: JM Caddy
Auditors: Logista - Johannesburg
Date: 04/10/2010 16:33:01 Produced by the JSE SENS Department.
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