| Mon 31 Mar 2014, 17:10 | | AWETHU BREWERIES LIMITED - Abridged interim financial results for the six months ended 31 December 2013 |
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AWT 201403310084A
Abridged interim financial results for the six months ended 31 December 2013
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”)
ABRIDGED INTERIM FINANCIAL RESULTS FOR THE SIX MONTHS ENDED 31 DECEMBER 2013
COMMENTS
Sector: Breweries
Nature of business: Awethu manufactures and distributes goods and services to the informal markets and the mining and catering industries.
BASIS OF PREPARATION AND ACCOUNTING POLICIES
The accounting policies, as outlined in the 2013 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) (IAS 34), the requirements of the South African Companies Act 71 of 2008 and the Listings Requirements of the JSE Limited. There is no significant impact on these results due to any IFRS changes during the period.
REVIEW
These interim financial statements have not been reviewed or audited by the company’s auditors. The interim financial results have been prepared on the going concern basis, and were approved by the board on 28 March 2014. There has been no material changes in judgements or estimates relating to amounts reported in prior reporting periods. The significant accounting policies and methods of computation are consistent in all material respects with those applied in the year ended 30 June 2013.
SYNOPSIS OF OPERATIONS FOR THE PERIOD AND POST BALANCE SHEET EVENTS
As has been mentioned in the cautionary announcement originally released on SENS on 28 March 2013 and the subsequent renewals and in the previous released results, the company has been focused on negotiating to acquire potential businesses within the core activity of its industry. There is no definite news to report on and we shall keep shareholders updated should any deals be confirmed. In the interim Awethu continues to receive rental and other income from the Milling division, although the plan is to put the mill on the market. The interim financial statements of the company have been supervised by the Financial Director, Ms I Vermaak. There are no post balance sheet events.
COMPARATIVE FIGURES
The unaudited abridged interim financial statements are for the six months ended 31 December 2013, and the comparative unaudited interim financial statements are for the six months ended 31 December 2012. The audited annual financial statements for the year ended 30 June 2013 are
presented as published and have not been restated.
OPERATING SEGMENTS
The company has two reportable segments, revenue from sales and revenue
from rental of investment property, both of which are in one
geographical segment, namely the North West Province.
Unaudited Unaudited Audited
6 months 6 months Year
ended ended ended
31/12/2013 31/12/2012 30/06/2013
R R R
Revenue – sales 945 745 4 859 938 10 589 903
Revenue – rentals 415 578 429 000 831 156
Cost of sales (902 092) (4 681 658) (10 150 024)
Depreciation 3 167 65 942 6 335
ABRIDGED STATEMENT OF COMPREHENSIVE INCOME
Unaudited Unaudited Audited
6 months 6 months Year
ended ended ended
31/12/2013 31/12/2012 30/06/2013
R R R
Revenue 1 361 323 5 288 938 11 421 059
Operating (loss)/profit (438 506) (42 943) 346 192
before interest
Net interest paid (1 101) (421) (592 684)
Net loss before
Taxation (439 607) (43 364) (246 492)
Taxation ______-_____________-______________-___Net loss
For the period (439 607) (43 364) (246 492)
Supplementary Information
Number of shares in issue 84,556,909 84,556,909 84,556,909
Loss per share (cents) (0.52) (0.05) (0.29)
Headline loss per share (0.52) (0.05) (0.29)
(cents)
ABRIDGED STATEMENT OF FINANCIAL POSITION
Unaudited Unaudited Audited
6 months 6 months Year
ended ended ended
31/12/2013 31/12/2012 30/06/2013
R R R
ASSETS
Non-current Assets 7 460 459 7 404 018 7 463 625
Property, plant and equipment 33 260 39 594 36 426
Investment Property 7 427 199 7 364 424 7 427 199
Current Assets 2 064 702 2 109 339 733 357
Accounts receivable 2 062 429 2 079 274 495 792
Straight lining of leased assets - - 84 762
Cash and bank 2 273 30 065 152 803
Total Assets 9 525 161 9 513 357 8 196 982
EQUITY AND LIABILITIES
Capital and Reserves 2 367 535) (1 724 800) (1 927 928)
Share capital and reserves (2 367 535) (1 724 800) (1 927 928)
Non-current Liabilities 9 498 440 9 498 440 8 006 782
Shareholder’s loan 9 498 440 9 498 440 8 006 782
Current Liabilities 2 394 256 1 739 717 2 118 128
Accounts payable 724 686 662 359 448 558
Provisions 1 669 570 1 077 358 1 669 570
Total Equity and Liabilities 9 525 161 9 513 357 8 196 982
Net liability per share (cents) (2.80) (2.03) (0.05)
Note: The 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
Unaudited Unaudited Audited
6 months 6 months Year
ended ended ended
31/12/2013 31/12/2012 30/06/2013
R R R
Balance at beginning of period (1 927 928) (1 681 436) (1 681 436)
Net loss for the period (439 607) (43 364) (246 492)
Balance at end of period (2 367 535) (1 724 800) (1 927 928)
ABRIDGED GROUP CASH FLOW STATEMENT
Unaudited Unaudited Audited
6 months 6 months Year
ended ended ended
31/12/2013 31/12/2012 30/06/2013
R R R
Net cash flow from operating (150 566) (450 686) 1 163 186
Activities
Net cash flow from investing
Activities - - 524
Net cash flow from financing
Activities - - (1 491 658)
Net change in cash and bank (150 566) (450 686) (327 948)
Cash and bank at beginning
Of period 152 803 480 751 480 751
Cash and bank at end
Of period 2 273 30 065 152 803
On behalf of the Board
JA TAYLOR (Chairman) TTW FORD (Chief Executive Officer)
31 March 2014
Registered Office: 24 Sering Street, SE3 Vanderbijlpark, 1911
Transfer secretaries: Computershare Investor Services (Pty) Ltd
70 Marshall Street, Johannesburg, 2001
Directors: J.A. Taylor*
TTW Ford (Chief Executive Officer)
I. Vermaak (Financial Director)
S. Bismilla*
(*Independent non-executive)
Company Secretary: JM Caddy F.C.I.S
Auditors: Logista CA(SA) Incorporated
Sponsors: Deloitte & Touche Sponsor Services (Pty) Ltd
Date: 31/03/2014 05:10:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE').
The JSE does not, whether expressly, tacitly or implicitly, represent, warrant or in any way guarantee the truth, accuracy or completeness of
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