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AWETHU BREWERIES LIMITED - UNAUDITED RESULTS FOR THE SIX MONTH PERIOD ENDED 31
DECEMBER 2003
AWETHU BREWERIES LIMITED
(Incorporated in the Republic of South Africa)
(Registration Number : 1992/004352/06)
Share Code : AWT
ISIN Number : ZE 000013769
UNAUDITED RESULTS FOR THE SIX MONTH PERIOD ENDED 31 DECEMBER 2003
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 their policy of renting out the Carltonville and
Marizaan breweries as well as the Ventersdorp Mill.
FINANCIAL RESULTS
Turnover has increased from R821 604 to R839 915, when compared to the same
period last year. This represents the invoiced amount of rental received.
The company has turned from a loss of R2 018 424 to a profit of R170 380 for
this period. Included in profits is an amount expensed for depreciation
amounting to R442 656.
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.
The directors are also investigating the possibility of re-entering the sorgum
beer market as the demand for sorgum beer has increased over the past few years.
TW FORD (Chairman)
31 MARCH 2004
Registered Office: 6 Delfos Boulevard, NW7,
Vanderbijlpark, 1911
Transfer secretaries: Computershare, 70 Marshall
Street, JHB, 2107
Directors: TW Ford (Managing),
J Barnado (ne), A Venter (ne),
I Vermaak
Secretary: JM Caddy
Auditors : Baxters
ABRIDGED GROUP INCOME STATEMENT
Unaudited Unaudited Audited
6 Months 6 Months Year
ended ended ended
31/12/2003 31/12/2002 30/06/2003
Revenue 839,915 821,604 1,498,843
Operating profit/(loss) 176,739 -2,024,217 -4,701,624
Net interest earned/(paid) -6,359 5,793 -18,914
Net profit/(loss) before
extraordinary item 170,380 -2,018,424 -4,720,538
Extraordinary item - - -1,049,466
Net profit/(loss)
before taxation 170,380 -2,018,424 -5,770,004
Taxation - - -
Net profit/(loss) for
the period 170,380 -2,018,424 -5,770,004
Supplementary Information
Number of shares in issue 84,556,909 84,556,909 84,556,909
Headline earnings per
share (cents) 0.20 -2.39 -6.82
Earnings per share (cents) 0.20 -2.39 -5.58
Dividend per share (cents) - - -
ABRIDGED GROUP BALANCE SHEET
Unaudited Unaudited Audited
6 Months 6 Months Year
ended ended ended
31/12/2003 31/12/2002 30/06/2003
ASSETS
Non-current Assets 6,801,189 6,393,577 7,318,844
Property, plant and equipment 6,126,189 5,643,577 6,568,844
Investments 675,000 750,000 750,000
Current Assets 1,560,594 6,830,610 2,079,039
Inventories 7,181 37,516 37,516
Vendor for disposal of business 1,450,000 4,950,000 1,450,000
Accounts receivable 43,650 1,837,839 564,538
Cash and bank 59,763 5,255 26,985
Total Assets 8,361,783 13,224,187 9,397,883
EQUITY AND LIABILITIES
Capital and Reserves -1,886,191 1,145,009 -2,056,571
Share capital 845,569 845,569 845,569
Share premium 9,901,507 9,901,507 9,901,507
Non-distributable reserve 550,000 550,000
Accumulated loss -13,183,267 -9,602,067 -13,353,647
Non-current Liabilities 7,527,032 9,268,740 8,501,608
Long-term borrowings - 3,824,719 1,150,000
Shareholders loans 7,527,032 5,444,021 7,351,608
Current Liabilities 2,720,942 2,810,438 2,952,846
Accounts payable 2,720,942 2,810,438 2,952,846
Total Equity and Liabilities 8,361,783 13,224,187 9,397,883
STATEMENT OF CHANGES IN EQUITY
Unaudited Unaudited Audited
6 Months 6 Months Year
ended ended ended
31/12/2003 31/12/2002 30/06/2003
Balance at beginning of period -2,056,571 3,163,433 3,163,433
Net profit/(loss) for the period 170,380 -2,018,424 -5,770,004
Revaluation of property - - 550,000
Balance at end of period -1,886,191 1,145,009 -2,056,571
ABRIDGED GROUP CASH FLOW STATEMENT
Unaudited Unaudited Audited
6 Months 6 Months Year
ended ended ended
31/12/2003 31/12/2002 30/06/2003
Net cash flow from operating
activities 1,336,518 -302,146 -1,116,071
Net cash flow from investing
activities - 555,000 2,157,787
Net cash flow from financing
activities -1,303,740 -261,097 -1,028,229
Net change in cash and bank 32,778 -8,243 13,487
Cash and bank at beginning
of period 26,985 13,498 13,498
Cash and bank at end of period 59,763 5,255 26,985
Date: 01/04/2004 10:24:09 AM Produced by the JSE SENS Department
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