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AWETHU BREWERIES LIMITED
(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 2002
ABRIDGED GROUP INCOME STATEMENT
Unaudited Unaudited Audited
6 Months 6 Months Year
ended ended ended
31/12/2002 31/12/2001 30/06/02
Revenue 821,604 8,527,318 8,555,893
Operating (loss)/profit -2,024,217 656,585 300,358
Net interest earned/(paid) 5,793 130,123 785,453
Net profit before taxation -2,018,424 786,708 1,085,811
Taxation - - -
Net profit for the period -2,018,424 786,708 1,085,811
Supplementary Information
Number of shares in issue 84,556,909 84,556,909 84,556,909
Headline earnings
per share (cents) -2.39 0.93 1.28
Earnings per share (cents) -2.39 0.93 1.28
Dividend per share (cents) - - -
ABRIDGED GROUP BALANCE SHEET
Unaudited Unaudited Audited
6 Months 6 Months Year
ended ended ended
31/12/2002 31/12/2001 30/06/02
ASSETS
Non-current Assets 6,393,577 6,680,731 6,729,380
Property, plant and equipment 5,643,577 5,930,731 5,979,380
Investments 750,000 750,000 750,000
Current Assets 6,830,610 9,216,469 9,385,308
Inventories 37,516 454,881 37,516
Vendor for disposal of business 4,950,000 4,950,000 4,950,000
Accounts receivable 1,837,839 3,767,329 4,382,119
Cash and bank 5,255 44,259 15,673
Total Assets 13,224,187 15,897,200 16,114,688
EQUITY AND LIABILITIES
Capital and Reserves 1,145,009 2,864,330 3,163,433
Share capital 845,569 845,569 845,569
Share premium 9,901,507 9,901,507 9,901,507
Accumulated loss -9,602,067 -7,882,746 -7,583,643
Non-current Liabilities 9,268,740 5,761,865 9,529,837
Long-term borrowings 3,824,719 3,738,621 3,600,000
Shareholders loans 5,444,021 2,023,244 5,929,837
Current Liabilities 2,810,438 7,271,004 3,421,418
Accounts payable 2,810,438 7,271,004 3,419,243
Bank overdraft - - 2,175
Total Equity and Liabilities 13,224,187 15,897,199 16,114,688
STATEMENT OF CHANGES IN EQUITY
Unaudited Unaudited Audited
6 Months 6 Months Year
ended ended ended
31/12/2002 31/12/2001 30/06/02
Balance at beginning of period 3,163,433 2,077,622 2,077,622
Net profit/(loss) for the period -2,018,424 786,708 1,085,811
Balance at end of period 1,145,009 2,864,330 3,163,433
ABRIDGED GROUP CASH FLOW STATEMENT
Unaudited Unaudited Audited
6 Months 6 Months Year
ended ended ended
31/12/2002 31/12/2001 30/06/02
Net cash flow from operating
Activities -302,146 2,046,302 -1,490,574
Net cash flow from
investing activities 555,000 -875,000 -530,146
Net cash flow from financing
Activities -261,097 -683,677 2,477,584
Net change in cash and bank -8,243 487,625 456,864
Cash and bank at beginning
of period 13,498 -443,366 -443,366
Cash and bank at end of period 5,255 44,259 13,498
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 Statements of Generally Accepted Accounting Practice where
applicable, and are consistent with the prior year.
SYNOPSIS OF OPERATIONS FOR THE PERIOD
The directors have continued its policy of renting out the Carltonville and
Marizaan breweries as well as the Venterdorp Mill.
Unfortunately, the guarantees for the sale of the Mill have not been met and
hence, the plan to use the funds from the sale to buy more businesses have been
delayed.
FINANCIAL RESULTS
Turnover has dropped from R8 527 318 to R821 604, which represents the
convertion from selling Mague to renting out the premises to
others. Awethu has made a loss in the first six months, the majority of which is
due to a bad debt provision of R1 420 597.
PROSPECTS
The directors are still in negotiations to finalise payment from the sale of the
mill, and are presently in litigation to collect the amount owing from RMD
Financial Services.
As soon as these two debtors can be collected, we are sure Awethu will be in a
great position to invest in new profitable businesses.
TW FORD
31 MARCH 2003
Registered Office 6 Delfos Boulevard, NW7
Vanderbijlpark, 1911
Transfer Secretaries Computershare, 17 Marshall Street
Johannesburg, 2001
Directors: T W Ford (Managing), J De Nagy, CJ Grobler, J van Aarde
Secretary: J M Caddy
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