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December 2001
AWETHU BREWERIES LTD
(Incorporated in the Republic of South Africa)
(Registration Number: 1992/004352/06)
Share Code: AWT
ISIN Number: ZAE 000013769
Unaudited Results For The Six Month Period Ended 31 December 2001
COMMENTS
ACCOUNTING POLICIES
The interim consolidated financial statements are prepared on the historic
cost basis. Accounting principles and policies used in preparing this report
comply with South African Generally Accepted Accounting Practice and are
consistent with the prior year.
SYNOPSIS OF OPERATIONS FOR THE PERIOD
Awethu continued its restructuring of its operations away from the sorghum
beer market to other markets for the informal sector, including meat and
chicken. During the period a meat depot was purchased adding R600 000 to
group profits. The directors have focused on cost cutting exercises and
selling off unprofitable businesses in the attempt to service the companies
debt and raise funds for more profitable purchases. This, it seems to have
accomplished. The micro lending is continuing to establish itself in the
market and Awethu now have another branch in Lenasia.
FINANCIAL RESULTS
Turnover has decreased from R17 668 770 to R8 527 318 during this period of
restructuring owing to the sale of certain divisions. However, profit has
turned around from a loss of R2 067 740 in the first six months of last year
to a profit of R786 708. Headline earnings have increased from headline
losses of 3.1cents per share to headline earnings of 1 cent per share.
PROSPECTS
The directors envisage sales and profits to increase substantially with
further acquisitions, especially in the meat sector, in the pipeline.
Abridged group income statement
Unaudited Unaudited
6 months 6 months
ended ended
31/12/2001 31/12/2000
Revenue 8 527 318 17 668 770
Operating profit/(loss) 656 585 (1 391 178)
Net Interest earned/(paid) 130 123 (676 562)
Net profit before taxation 786 708 (2 067 740)
Taxation - -
Net profit for the period 786 708 (2 067 740)
Supplementary Information
Number of shares in issue 80 945 798 62 890 242
Headline earnings per share (cents) 1,0 (3,1)
Earnings per share (cents) 1,0 (3,1)
Dividend per share (cents) - -
Abridged group balance sheet
Unaudited Unaudited
6 months 6 months
ended ended
31/12/2001 31/12/2000
ASSETS
Non-current assets 6 680 731 10 212 274
Property, plant and equipment 5 930 731 8 296 470
Goodwill - 1 165 804
Investments and loans 750 000 750 000
Current assets 9 216 469 5 995 219
Inventories 454 881 1 913 146
Vendor for disposal of business 4 950 000 1 450 000
Receivable 3 767 329 2 632 073
Cash and bank 44 259 -
Total assets 15 897 200 16 207 493
EQUITY AND LIABILITIES
Capital and reserves 2 864 330 (436 366}
Share capital 845 569 628 902
Share premium 9 901 507 8 818 173
Accumulated loss (7 882 746) (9 883 441)
Non-current liabilities 5 761 865 9 079 584
Long-term borrowings 5 761 865 9 079 584
Current liabilities 7 271 004 7 564 275
Payables 7 271 004 6 011 704
Bank overdraft - 1 552 571
Total equity and liabilities 15 897 200 16 207 493
Registered Office: 6 Delfos Boulevard, NW7, Vanderbijlpark, 1911
Transfer secretaries: Mercantile Registrars Limited, 11 Diagonal Street,
Johannesburg
Directors: TW Ford (Managing), WJJP Steyn, J van Aarde
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