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AWETHU BREWERIES LIMITED - ABRIDGED UNAUDITED RESULTS FOR THE YEAR ENDED 30 JUNE
2003
AWETHU BREWERIES LIMITED
(Incorporated in the Republic of South Africa)
(Registration Number : 1992/004352/06)
Share Code : AWT
ISIN Number : ZE 000013769
ABRIDGED UNAUDITED RESULTS FOR THE YEAR ENDED 30 JUNE 2003
ABRIDGED GROUP INCOME STATEMENT
Unaudited Audited
Year Year
ended ended
30/06/2003 30/06/02
Revenue 1,498,843 8,555,893
Operating (loss)/profit -2,512,715 300,358
Net interest earned/(paid) 11,152 785,453
Net profit before taxation -2,501,563 1,085,811
Taxation - -
Net profit before extraordinary item -2,501,563 1,085,811
Extraordinary item -1,049,466
Net profit for the period -3,551,029 1,085,811
Supplementary Information
Number of shares in issue 84,556,909 84,556,909
Headline earnings per share (cents) -2.96 1.28
Earnings per share (cents) -4.20 1.28
Dividend per share (cents) - -
ABRIDGED GROUP BALANCE SHEET
Unaudited Audited
Year Year
ended ended
30/06/2003 30/06/02
ASSETS
Non-current Assets 8,675,112 6,729,380
Property, plant and equipment 7,925,112 5,979,380
Investments 750,000 750,000
Current Assets 2,356,148 9,385,308
Inventories 37,516 37,516
Vendor for disposal of business 1,450,000 4,950,000
Accounts receivable 841,647 4,382,119
Cash and bank 26,985 15,673
Total Assets 11,031,260 16,114,688
EQUITY AND LIABILITIES
Capital and Reserves 162,404 3,163,433
Share capital 845,569 845,569
Share premium 9,901,507 9,901,507
Non-Distributable Reserve 550,000
Accumulated loss -11,134,672 -7,583,643
Non-current Liabilities 8,681,608 9,529,837
Long-term borrowings 1,535,253 3,600,000
Shareholders loans 7,146,355 5,929,837
Current Liabilities 2,187,248 3,421,418
Accounts payable 2,187,248 3,419,243
Bank overdraft - 2,175
Total Equity and Liabilities 11,031,260 16,114,688
STATEMENT OF CHANGES IN EQUITY
Unaudited Audited
Year Year
ended ended
30/06/2003 30/06/02
Balance at beginning of period 3,163,433 2,077,622
Net profit/(loss) for the period -3,551,029 1,085,811
Revaluation of Property 550,000
Balance at end of period 162,404 3,163,433
ABRIDGED GROUP CASH FLOW STATEMENT
Unaudited Audited
Year Year
ended ended
30/06/2003 30/06/02
Net cash flow from operating -143,683 -1,490,574
activities
Net cash flow from investing 555,000 -530,146
activities
Net cash flow from financing -398,229 2,477,584
activities
Net change in cash and bank 13,088 456,864
Cash and bank at beginning of period 13,498 -443,366
Cash and bank at end of period 26,586 13,498
COMMENTS
ACCOUNTING POLICIES
The summary 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 were not met and hence, the sale of the
mill has been reversed.
EXTRAORDINARY ITEMS
Extraordinary items are made up as follows:
1. A reversal of the prior years profit recognised on the
"sale" of the Ventersdorp Mill of R1 499 466.
2. A release from liability amounting to R450 000.
Reconciliation of headline earnings
Net loss for the year -3,551,029
Reversal of sale of -1499466
Mill
Release from liability 4500000
Headline earnings -550,495
FINANCIAL RESULTS
Turnover has dropped from R8 527 318 to R1 498 843, as Awethu are renting out
the mill and brewery, compared to last years sales of beer. Of the R2 512 715
operating loss, R2 370 309 is due to a write off of bad debts.
PROSPECTS
The amount owing from Zeltis is still under litigation. Awethu are still in
negotiations to sell its property, plant and equipment in order to secure funds
to invest in other more profitable ventures in the informal sector.
TW FORD
29 SEPTEMBER 2003
Registered Office: 6 Delfos Boulevard, NW7,
Vanderbijlpark, 1911
Transfer secretaries: Computershare, 70 Marshall
Street, JHB, 2107
Directors: TW Ford (Managing),
J Barnado, A Venter, I Vermaak
Secretary: JM Caddy
Auditors : Baxters
Date: 30/09/2003 05:00:04 PM Produced by the JSE SENS Department
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