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AWETHU - AUDITED RESULTS FOR THE YEAR ENDED 30 JUNE 2004
AWETHU BREWERIES LIMITED
(Incorporated in the Republic of South Africa)
(Registration Number : 1992/004352/06)
Share Code : AWT
ISIN Number : ZAE000013769
AUDITED RESULTS FOR THE YEAR ENDED 30 JUNE 2004
COMMENTS
Sector : Breweries
Nature of Business: Rental of property, plant and equipment
ACCOUNTING POLICIES AND AUDIT OPINION
The 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. The results for the year
ended 30 June 2004 have been audited by Baxters. The unqualified audit opinion
is available for inspection at the office of the company.
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 remained fairly constant from last year Operating losses have
reduced from R4 701 624 last year to R178 581 in the current year. The directors
were disappointed not to improve on the interim results, but a bad debt
provision for the last three months rental has been raised, reducing profits.
The shareholders loan has become interest bearing at 3% from the beginning of
the year.
The depreciation charge for the year amounted to R991 264
PROSPECTS
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 future.
TW FORD (Chairman)
25 SEPTEMBER 2004
Registered Office:
6 Delfos Boulevard, NW7
Vanderbijlpark, 1911
Transfer secretaries:
Computershare Investors Services 2004 (Pty) Limited
70 Marshall Street
Johannesburg, 2001
Directors:
TW Ford (Managing)
J Barnado (ne), A Venter (ne), I Vermaak
Secretary:
JM Caddy
Auditors :
Baxters
ABRIDGED GROUP INCOME STATEMENT
Audited Audited
Year Year
ended ended
30/06/2004 30/06/2003
Revenue 1,460,878 1,498,843
Operating profit/(loss) -178,581 -4,701,624
Net interest earned/(paid) -218,830 -18,914
Net profit/(loss) before -397,411 -4,720,538
extraordinary item
Extraordinary item -1,450,000 -1,049,466
Net profit/(loss) before taxation -1,847,411 -5,770,004
Taxation - -
Net profit/(loss) for the period -1,847,411 -5,770,004
Supplementary Information
Number of shares in issue 84,556,909 84,556,909
Earnings/(loss) per share (cents) -2.18 -6.82
Headline loss per share (cents) -0.47 -5.58
Dividend per share (cents) - -
RECONCILIATION OF HEADLINE EARNINGS
2004 2003
Profit/(loss) per income statement -1,847,411 -5,770,004
Write - off vendor for disposal of business 1,450,000 -
Reversal of sale - 1,499,466
Release from obligation - -450,000
Headline earnings/(loss)) -397,411 -4,720,538
ABRIDGED GROUP BALANCE SHEET
Audited Audited
Year Year
ended ended
30/06/2004 30/06/2003
ASSETS
Non-current Assets 6,327,581 7,318,844
Property, plant and equipment 6,327,581 6,568,844
Investments 750,000
Current Assets 50,930 2,079,039
Inventories - 37,516
Vendor for disposal of business - 1,450,000
Accounts receivable 43,650 564,538
Cash and bank 7,280 26,985
Total Assets 6,378,511 9,397,883
EQUITY AND LIABILITIES
Capital and Reserves -3,903,981 -2,056,571
Share capital 845,569 845,569
Share premium 9,901,507 9,901,507
Non-distributable reserve 550,000 550,000
Accumulated loss -15,201,057 -13,353,647
Non-current Liabilities 7,622,480 8,501,608
Long-term borrowings - 1,150,000
Shareholders loans 7,622,480 7,351,608
Current Liabilities 2,660,012 2,952,846
Accounts payable 2,660,012 2,952,846
Total Equity and Liabilities 6,378,511 9,397,883
STATEMENT OF CHANGES IN EQUITY
Audited Audited
Year Year
ended ended
30/06/2004 30/06/2003
Balance at beginning of period -2,056,571 3,163,433
Net profit/(loss) for the period -1,847,411 -5,770,004
Revaluation of property - 550,000
Balance at end of period -3,903,982 -2,056,571
ABRIDGED GROUP CASH FLOW STATEMENT
Audited Audited
Year Year
ended ended
30/06/2004 30/06/2003
Net cash flow from operating -290,577 -1,116,071
activities
Net cash flow from investing - 2,157,787
activities
Net cash flow from financing 270,872 -1,028,229
activities
Net change in cash and bank -19,705 13,487
Cash and bank at beginning of period 26,985 13,498
Cash and bank at end of period 7,280 26,985
29 September 2004
Date: 29/09/2004 05:45:08 PM Produced by the JSE SENS Department
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