| Tue 16 Oct 2001, 0:00 | | Awethu - Provisional Results |
|
AWETHU BREWERIES LIMITED
(Incorporated in the Republic of South Africa)
(Registration number 1992/004352/06)
Share code:AWT ISIN: ZAE000013769
("Awethu" or "the company")
Provisional results for the 12 months ended 30 june 2001
Consolidated income statement
for the 12 months ended 30 June 2001
Unaudited Audited Unaudited
12 months 12 months 6 months
ended ended ended
30 June 30 June 31 December
2001 2000 2000
R R R
Revenue 27 808 280 39 815 793 17 668 770
Continuing operations 23 635 069 38 326 317 17 668 720
Discontinued operations 4 173 211 1 489 476 -
Operating (loss)/income before
depreciation and interest (2 872 749) (9 316 001) 30 639
Continuing operations (1 909 453) (7 991 683) 30 839
Discontinued operations (963 296) (1 324 318) -
Depreciation 2 260 681 3 214 045 1 422 017
Net interest paid 1 465 709 1 418 282 676 562
Operating loss (6 599 149) (13 948 338) (2 067 740)
Profit on sale of business
and discontinued operation 2 341 191 682 736 -
Exceptional item - Release
from obligation 4 658 549 - -
Net income/(loss) before taxation 400 591 (13 265 602) (2 067 740)
Taxation - 48 726 -
Net attributable income/(loss) 400 591 (13 314 328) (2 067 740)
Weighted average number
of shares in issue 73 723 576 62 890 242 62 890 242
Headline loss per share (cents) (2,6) (22,1) (3,1)
Earnings/(Loss) per share (cents) 0,5 (21,2) (3,3)
Consolidated balance sheet
as at 30 June 2001
Unaudited Unaudited Audited
12 months 12 months 6 months
ended ended ended
30 June 30 June 31 December
2000 1999 2000
R R R
Capital employed
Total shareholders' funds 2 868 641 1 168 050 (436 366)
Total shareholder's loans 5 673 239 - -
Long-term liabilities 347 384 10 280 595 9 079 584
8 889 264 11 448 645 8 643 218
Employment of capital
Fixed assets 7 255 230 9 839 059 8 296 450
Intangible assets 681 404 475 204 1 165 804
Vendors for disposal of business - 1 500 000 750 000
Current assets 9 662 398 8 389 801 5 995 219
Inventory 1 675 187 1 956 654 1 913 146
Vendors for disposal of business 5 700 000 1 450 000 1 450 000
Accounts receivable 2 287 211 3 864 720 2 632 073
Short-term deposits - 1 118 527 -
Current liabilities 8 709 768 8 755 519 7 564 265
Accounts payable 7 095 369 7 348 429 5 703 544
Current portion of long-term loan 1 308 140 308 140 308 140
Bank overdraft 306 239 1 050 224 1 552 574
Taxation - 48 726 -
Net current assets/(liabilities) 952 630 (365 618) (1 569 036)
8 889 264 11 448 645 8 643 218
Net asset value per share (cents) 3,4 1,9 (0,7)
Net tangible asset value
per share (cents) 2,6 1,1 (2,6)
Consolidated cash flow statement
for the 12 months ended 30 June 2001
Unaudited Audited
12 months 12 months
ended ended
30 June 30 June
2001 2000
R R
Net cash (outflow)/inflow from
operating activities 1 557 210 (7 738 416)
Net cash inflow from
investing activities 4 702 031 1 877 086
Net cash (outflow)/inflow from
investing activities (6 631 781) 488 842
Net decrease in cash and
cash equivalents (372 540) (5 372 490)
Cash and cash equivalents at
beginning of year 66 301 5 438 791
Cash and cash equivalents at
end of year (306 239) 68 301
Statement of change in equity
A change in equity during the year under review was a number of 21,67
million shares issued for cash. The value of the transaction was R1,3
million - all of which was injected into the company.
Directors' report
The directors have pleasure in submitting the provisional results of the
group for the financial year ended 30 June 2001. The results reflect a
significant improvement in the trading operations and the directors are
pleased to advise that the economies and efficiencies introduced have now
taken effect during the second half of the year under review, as this has
offset the losses incurred in the first half of the financial year.
Major restructuring of the group is in the final stages of completion, part
of which was the sale of the mill at Ventersdorp to alleviate the severe
strain which an operation of this nature places upon limited cash resources.
The negotiation of a release from a long-term obligation achieved an
improvement in the financial gearing of the group, especially when seen in
the light of the further introduction of funds by a major shareholder which
reflects the confidence of the board of directors in improving the financial
prospects of the group, ensuring that the group's commitments will be met.
The partial impact of these various factors should manifest itself in the
interim results for the six months to 31 December 2001, whilst the full
impact will only be reflected in the year ending 30 June 2002.
The group's core focus remains the supply and distribution of goods and
services to primarily the informal markets. Special emphasis, however, on
the products traded, mainly meat and chicken, will receive closer attention
to improve market penetration in order to achieve the goals and targets set
by the board.
Excellent future prospects in joint ventures have arisen, Awethu does not
anticipate this to have a negative impact on cash flow when implementing
action to cement these ventures.
For and on behalf of the board
T W Ford
Managing director
16 October 2001
Directors: T W Ford (Managing), C Grobler, J van Aarde
Non-executive: J de Nagy, T Dunlop
Jean Cady - Secretary
