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AWETHU BREWERIES LIMITED - AUDITED GROUP RESULTS FOR THE YEAR ENDED 30
JUNE 2002
AWETHU BREWERIES LIMITED
(Incorporated in the Republic of
South Africa)
(Registration Number : 1992/004352/06)
Share Code : AWT
ISIN Number : ZAE 000013769
AUDITED GROUP RESULTS FOR THE YEAR ENDED 30 JUNE 2002
ACCOUNTING POLICIES
The abridged consolidated financial statements are prepared on the
historic cost basis. Accounting principles and policies used in
preparing this report comply with generally accepted accounting practice
where applicable and are consistent with the prior year.
COMMENTS
Sector - beverages
Nature of business - distributor of goods and services to informal
markets.
SYNOPSIS OF OPERATIONS FOR THE PERIOD
Awethu has unexpectedly seen it`s growth into the meat sector delayed
due to the guarantee from the sale of Ventersdorp Mil coming through
after year end. This resulted in postponing anticipated acquisitions.
The reduction in revenue has been the result of a move away from sorghum
production and leasing the plant to a third party at a fair market
related rental.
AUDITOR`S REPORT
Galahad Chartered Accountants Inc. has audited the group annual
financial statements. Their unqualified audit report is available for
inspection at the companies registered office.
PROSPECTS
The retail food sector has seen unusual price escalations in the past
year. The investment already made will manifest itself in the coming
year. Coupled with future acquisitions taking effect after year end,
Awethu`s future results are expected to improve in the next financial
year.
DIVIDENDS
No dividends have been declared.
For and on behalf of the board.
TW Ford
27th September 2002
Abridged group income statement
Audited Audited
year ended year ended
30/06/2002 30/06/2001
Revenue 8 555 893 24 350 058
Operating profit/(loss) before interest 1 222 795 1 360 034
Interest paid 136 984 (1 100 463)
Net profit before taxation 1 085 811 259 571
Taxation - -
Net profit for the period 1 085 811 259 571
Supplementary information
Number of shares in issue 84 556 909 84 556 909
Headline earnings per share (cents) 1,28 (7,6)
Earnings per share (cents) 1,28 0.3
Dividend per share (cents) - -
Abridged group balance sheet
Audited Audited
year ended year ended
30/06/2002 30/06/2001
ASSETS
Non-current assets 6 729 380 6 473 791
Property, plant and equipment 5 979 380 5 723 791
Investments and loans 750 000 750 000
Current assets 9 385 308 9 489 773
Inventories 37 516 1 281 613
Vendor for disposal of business 4 950 000 4 950 000
Receivable 4 382 119 2 956 594
Cash and bank 15 673 301 566
Total assets 16 114 688 15 963 564
EQUITY AND LIABILITIES
Capital and reserves 3 163 433 2 077 622
Share capital 845 569 845 569
Share premium 9 901 507 9 901 507
Accumulated loss (7 583 643) (8 669 454)
Non-current liabilities 9 529 837 6 445 542
Long term borrowings 9 529 837 6 445 542
Current liabilities 3 421 418 7 440 400
Payables 3 419 243 6 695 468
Bank overdraft 2 175 744 932
Total equity and liabilities 16 114 688 15 963 564
Abridged group cash flow statement
Audited Audited
year ended year ended
30/06/2002 30/06/2001
Net cash flow from operating activities (1 490 574) 1 614 642
Net cash flow from investment activities (530 146) 452 031
Net cash flow from financing activities 2 477 584 (2 578 342)
Net change in cash and cash equivalents 456 864 (511 669)
Cash and cash equivalents
at beginning of period (443 366) 68 303
Cash and cash equivalents
at end of period 13 498 (443 366)
Statement of changes in equity
Share Share Accumulated
Capital Premium Loss Total
Balance at 30
June 2000 628 902 8 818 173 (8 929 025) 518 050
Shares issued
during
the year 216 667 1 083 333 - 1 300 000
Net profit for
the year - - 259 571 259 571
Balance at 30 June
2001 845 569 9 901 507 (8 669 454) 2 077 622
Net profit for
the period - - 1 085 811 1 085 811
Balance at 30
June 2002 845 569 9 901 507 7 583 643 3 163 433
Registered Office:
6 Delfos Boulevard, NW7, Vanderbijlpark, 1900
(PO Box 6170 Vanderbijl Park, 1900)
Transfer secretaries:
Computershare Services Limited
Edura House, 41 Fox Street, Johannesburg, 2001.
Directors:
TW Ford (Managing), J van Aarde, J De F Nagy, CJ Grobler
Secretary:
JM Caddy.
Date: 01/10/2002 04:15:00 PM Produced by the JSE SENS Department
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