|
Awethu Breweries Limited - Audited results for the year ended 30 june 2005
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 2005
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 2005 have been audited by Baxters. The unqualified but modified
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
Overall, a very disappointing year. As per the end of last year, the lessees
renting the brewery and the mill, refused to pay their rent, but also refused
to leave the premises. Awethu took legal action,
but only managed to enforce an eviction notice in February 2005. Included in
the figures is a bad debt expense of R670 000 as well as legal fees of R457
694.
The depreciation charge for the year amounted to R589 608
PROSPECTS
Awethu are currently renting the mill to a new group, who also wish to rent the
Carltonville Brewery, but are awaiting approval from the liquor licensing
committee.
GOING CONCERN
As illustrated in the financials, the net assets of the company exceed its
liabilities by R5,8m. The shareholder"s loan of R7.8m has been subordinated in
favour of other creditors, until such time as Awethu returns to profitability.
The directors are confident that the company will continue as a going concern
for the ensuing year.
TW FORD (Chairman)
28 SEPTEMBER 2005
ABRIDGED GROUP INCOME
STATEMENT
Audited Audited
Year Year
ended ended
30/06/2005 30/06/2004
Revenue 1,062,474 1,460,878
Operating loss -897,324 -178,581
Net interest earned/(paid) -215,893 -218,830
Net loss before -1,113,217 -397,411
extraordinary item
Extraordinary item -788,200 -1,450,000
Net loss before taxation -1,901,417 -1,847,411
Taxation - -
Net loss for the period -1,901,417 -1,847,411
Supplementary Information
Number of shares in issue 84,556,909 84,556,909
Loss per share (cents) -2.25 -2.18
Headline loss per share -1.32 -0.47
(cents)
Dividend per share (cents) - -
ABRIDGED GROUP BALANCE
SHEET
Audited Audited
Year Year
ended ended
30/06/2005 30/06/2004
ASSETS
Non-current Assets 5,127,910 6,327,581
Property, plant and 5,127,910 6,327,581
equipment
Current Assets 84,477 50,930
Accounts receivable 79,650 43,650
Cash and bank 4,827 7,280
Total Assets 5,212,387 6,378,511
EQUITY AND LIABILITIES
Capital and Reserves -5,805,398 -3,903,981
Share capital 845,569 845,569
Share premium 9,901,507 9,901,507
Non-distributable reserve 550,000 550,000
Accumulated loss -17,102,474 -15,201,057
Non-current Liabilities 7,784,595 7,622,480
Shareholder"s loans - 2,025,000 2,025,000
interest bearing
Shareholder"s loans - non 5,759,595 5,597,480
interest bearing
Current Liabilities 3,233,190 2,660,012
Accounts payable 3,233,190 2,660,012
Total Equity and 5,212,387 6,378,511
Liabilities
STATEMENT OF CHANGES IN
EQUITY
Audited Audited
Year Year
ended ended
30/06/2005 30/06/2004
Balance at beginning of -3,903,981 -2,056,570
period
Net profit/(loss) for the -1,901,417 -1,847,411
period
Balance at end of period -5,805,398 -3,903,981
ABRIDGED GROUP CASH FLOW
STATEMENT
Audited Audited
Year Year
ended ended
30/06/2005 30/06/2004
Net cash flow from -189,568 -290,577
operating activities
Net cash flow from 25,000 -
investing activities
Net cash flow from 162,115 270,872
financing activities
Net change in cash and -2,453 -19,705
bank
Cash and bank at beginning 7,280 26,985
of period
Cash and bank at end of 4,827 7,280
period
Registered Office: 6 Delfos Boulevard, NW7, Vanderbijlpark, 1911
Transfer secretaries: Computershare, 70 Marshall Street, JHB, 2107
Directors: TW Ford (Managing), I Vermaak,
J Barnardo (ne), A Venter (ne)
Secretary: JM Caddy
Auditors : Baxters Registered Accountants and Auditors
RECONCILIATION OF HEADLINE
EARNINGS
2005 2004
Profit/(loss) per income -1,901,417 -1,847,411
statement
Write - off vendor for
disposal
of business - 1,450,000
Write - off of Franchise 558,586 -
stores
Provision for prior years 550,000 -
liabilities
Release from obligation -320,386 -
Headline loss -1,113,217 -397,411
Date: 30/09/2005 05:15:26 PM Produced by the JSE SENS Department
| Profile Group (Pty) Ltd. has taken care in preparing all information on this website, but does not accept any liability for errors or out-of-date information. | |||||||||||||
| Other Profile Group sites: FundsData Online (unit trust data) | Profile Group corporate site | |||||||||||||
| [ Terms of Use | Privacy Policy | PAIA manual | FAQs/Help | Site Map | © Copyright Reserved 2026 ] | |||||||||||||
|
|||||||||||||
