| Thu 31 Mar 2005, 11:17 | | RESULTS FOR THE SIX MONTHS ENDED 31 DEC 2004 |
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Awethu- Unaudited Results For The Six Month Period Ended 31 December 2004
AWETHU BREWERIES LIMITED
(Incorporated in the Republic of South Africa)
(Registration Number : 1992/004352/06)
Share Code : AWT
ISIN Number : ZAE000013769
UNAUDITED RESULTS FOR THE SIX MONTH PERIOD ENDED 31 DECEMBER 2004
ABRIDGED GROUP INCOME STATEMENT
Unaudited Unaudited Audited
6 Months 6 Months Year
ended ended ended
31/12/2004 31/12/2003 30/06/2004
Revenue 1,057,430 839,915 1,460,878
Operating profit/(loss) -500,933 176,738 -178,581
Net interest earned/(paid) -6,359 -218,830
Net profit/(loss) before -500,933 170,379 -397,411
extraordinary item
Extraordinary item - - -1,450,000
Net profit/(loss) before taxation -500,933 170,379 -1,847,411
Taxation - - -
Net profit/(loss) for the period -500,933 170,379 -1,847,411
Supplementary Information
Number of shares in issue 84,556,909 84,556,909 84,556,909
Earnings per share (cents) -0.59 0.20 -2.18
Headline earnings per share (cents) -0.59 0.20 -0.47
Dividend per share (cents) - - -
ABRIDGED GROUP BALANCE SHEET
Unaudited Unaudited Audited
6 Months 6 Months Year
ended ended ended
31/12/2004 31/12/2003 30/06/2004
ASSETS
Non-current Assets 6,007,039 6,801,189 6,327,580
Property, plant and equipment 6,007,039 6,126,189 6,327,580
Investments - 675,000 -
Current Assets 16,954 1,560,594 50,930
Inventories 7,181 -
Vendor for disposal of business 1,450,000 -
Accounts receivable - 43,650 43,650
Cash and bank 16,954 59,763 7,280
Total Assets 6,023,993 8,361,783 6,378,510
EQUITY AND LIABILITIES
Capital and Reserves -4,404,914 -1,886,191 -3,903,981
Share capital 845,569 845,569 845,569
Share premium 9,901,507 9,901,507 9,901,507
Non-distributable reserve 550,000 550,000 550,000
Accumulated loss -15,701,990 -13,183,267 -15,201,057
Non-current Liabilities 7,765,295 7,527,032 7,622,480
Shareholders loans 7,765,295 7,527,032 7,622,480
Current Liabilities 2,663,612 2,720,942 2,660,011
Accounts payable 2,663,612 2,720,942 2,660,011
Total Equity and Liabilities 6,023,993 8,361,783 6,378,510
STATEMENT OF CHANGES IN EQUITY
Unaudited Unaudited Audited
6 Months 6 Months Year
ended ended ended
31/12/2004 31/12/2003 30/06/2004
Balance at beginning of period -3,903,981 -2,056,570 -2,056,570
Net profit/(loss) for the period -500,933 170,379 -1,847,411
Balance at end of period -4,404,914 -1,886,191 -3,903,981
ABRIDGED GROUP CASH FLOW STATEMENT
Unaudited Unaudited Audited
6 Months 6 Months Year
ended ended ended
31/12/2004 31/12/2003 30/06/2004
Net cash flow from operating -133,141 1,336,518 859,422
activities
Net cash flow from investing - - -
activities
Net cash flow from financing 142,815 -1,303,740 -879,127
activities
Net change in cash and bank 9,674 32,778 -19,705
Cash and bank at beginning of 7,280 26,985 26,985
period
Cash and bank at end of period 16,954 59,763 7,280
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
brewery as well as the Ventersdorp Mill. During the six month period, the tenant
occupying the brewery and the mill stopped paying and legal action was taken
against them.
An eviction notice was issued after December 04 and the tenant has now left the
premises.
FINANCIAL RESULTS
Turnover has increased for the period, but R713 650 of this amount has been
provided for as potential bad debt, although legal proceedings still continue.
Legal fees incurred during the period amount to R378 501, which obviously
effected the profits for the six month period.
Included in profits is an amount expensed for depreciation amounting to R320
542.
PROSPECTS
Awethu now has the option to either sell its property, plant and equipment in
order to secure funds to invest in other more profitable ventures in the
informal sector, or to continue renting the premises to new tenants.
TW FORD (Chairman)
31 March 2005
Registered Office: 6 Delfos Boulevard, NW7,
Vanderbijlpark, 1911
Transfer secretaries: Computershare Investor Services 2004 (Pty) Ltd, 70
Marshall Street, JHB, 2107
Directors: TW Ford (Managing), J Barnado (ne), A Venter (ne),
I Vermaak
Secretary: JM Caddy
Auditors : Baxters
Date: 31/03/2005 11:00:04 AM
Produced by the JSE SENS Department
