|
AWETHU BREWERIES LIMITED
(Incorporated in the Republic of South Africa)
(Registration number 1992/004352/06)
("Awethu")
Unaudited results for the six months ended 31 December 2000
Consolidated income statements
for the six months ended 31 December 2000
Unaudited Unaudited Audited
6 months 6 months 12 months
ended ended ended
31 December 31 December 30 June
2000 1999 2000
R R R
Revenue 17 668 770 24 655 937 39 815 793
Continuing operations 17 668 770 24 655 937 38 326 317
Sold business and
discontinued operation - - 1 489 476
Operating income before
depreciation, interest and sale of
discontinued operation (30 839) 458 371 (9 316 001)
Continuing operations (30 839) 458 371 (7 991 683)
Discontinued operation - - (1 324 318)
Profit on sale of business
and discontinued operation - 1 000 000 682 736
Depreciation 1 422 017 1 506 983 3 214 045
Net interest paid 676 562 779 236 1 418 292
Net income before taxation (2 067 740) (827 848) (13 265 602)
Taxation - - 48 726
Net attributable income (2 067 740) (827 848) (13 314 328)
Weighted average number
of shares in issue 62 890 242 62 024 613 62 890 242
Headline earnings per share (cents) (3,1) (2,9) (22,1)
Earnings per share (cents) (3,1) (1,3) (21,2)
Consolidated balance sheets
for the six months ended 31 December 2000
Unaudited Unaudited Audited
6 months 6 months 12 months
ended ended ended
31 December 31 December 30 June
2000 1999 2000
R R R
Capital employed
Total shareholders' funds (436 366) 14 168 231 1 168 050
Deferred taxation - - -
Long-term liabilities 9 079 584 9 176 945 10 280 595
8 643 217 23 345 176 11 448 645
Employment of capital
Fixed assets 8 296 450 12 153 071 9 839 059
Intangible assets 1 165 804 1 029 604 475 204
Deferred taxation - 1 214 400 -
Vendors for disposal of business 750 000 1 500 000 1 500 000
Current assets 5 995 219 14 948 395 8 389 901
Inventory 1 913 146 3 386 166 1 956 654
Vendors for disposal of business 1 450 000 3 190 000 1 450 000
RMD Financial Services (Pty) Ltd 1 450 000 3 190 000 1 450 000
Traditional beer investments - - -
Bakery debtor - - -
Accounts receivable 2 632 073 6 833 360 3 864 720
Short-term deposits - 545 623 1 118 527
Cash resources - 993 246 -
Current liabilities 7 564 255 7 500 240 8 755 519
Accounts payable 5 703 544 5 977 978 7 348 429
Current portion of long-term loan 308 140 661 000 308 140
Vendors for purchase of business - - -
Bank overdraft 1 552 571 861 262 1 050 224
Taxation - - 48 726
Net current assets (1 569 036) 7 448 155 (365 618)
8 643 217 23 345 176 11 448 645
Net asset value per share (cents) (0,7) 22,5 1,9
Net tangible asset value
per share (cents) (2,5) 20,9 1,1
1. The focus of the business
Awethu remains focused on the distribution opportunities in the informal
markets, but has opted to emphasise the market development of other products,
including meat and chicken, to replace the diminishing sorghum beer market. The
original product base of mageu and sorghum beer will be expanded to include a
diverse range of consumer products and services.
In addition, the directors are focused on restoring and maximising the
profitability of the manufacturing capacities of the two breweries and the
maize mill through a process of restructuring and effective costcutting. The
micro-lending division will continue to establish itself in other areas and it
is envisaged that three micro-lending operations will be up and running by the
end of the financial year.
2. Review of results
Turnover in continuing operations has decreased from R24,7 million to R17,7
million during this period of consolidation and refocus. Group turnover was
severely affected by reduced sorghum sales and the poor performance of the
milling operation and steps to alleviate this are being taken via the
restructuring process.
Headline losses have been reduced from 22,1 cents per share for the year ended
30 June 2000 to 3,1 cents per share for the period under review. This has been
achieved by renewed focus and emphasis being placed on the efficient management
of resources to reduce costs during difficult trading conditions
The joint venture entered into with a third party at the bakery is now trading
within expectations and is reflecting a small profit attributable to the group.
The longer-term projections are positive with regard to growth and
profitability.
The first micro-lending facility is showing a monthly profit only three months
from start-up and it is anticipated that the contribution of these operations
will significantly increase as the planned expansion of the division is
implemented.
What is encouraging is the turnaround of the R13 million loss to 30 June 2000
to the R2,1 million loss for the six months ended 31 December 2000. Whilst
losses are never seen positively, it should be noted that the situation
reflects a break-even before interest and depreciation.
3. Prospects
The six-month period to 31 December 2000 has been a period of consolidation and
restructuring. These efforts have resulted in significant cost savings in the
period January to March 2001 whilst the full impact of the restructuring will
only become evident by July 2001.
The directors remain committed to achieving operational profitability in the
short term and to developing the product range in order fully to exploit the
growth in franchise outlets as well as proactively enhancing the profitability
and sustainability of individual outlets within the network
4. Dividend
No interim dividend has been declared for the period.
For and on behalf of the board.
T W Ford
Managing director
3 May 2001
| Profile Group (Pty) Ltd. has taken care in preparing all information on this website, but does not accept any liability for errors or out-of-date information. | |||||||||||||
| Other Profile Group sites: FundsData Online (unit trust data) | Profile Group corporate site | |||||||||||||
| [ Terms of Use | Privacy Policy | PAIA manual | FAQs/Help | Site Map | © Copyright Reserved 2026 ] | |||||||||||||
|
|||||||||||||
