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AWT
AWT
Awethu Breweries Limited - Audited Results for the year ended 30 June 2006
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 2006
COMMENTS
Sector: Breweries
Nature of business: The company manufactures and distributes goods and
services to the informal markets and the mining and catering markets.
ACCOUNTING POLICIES
The accounting policies have been altered to comply with International
Financial Reporting Standards ("IFRS"). The comparative figures have been
restated to comply with IFRS, which has been consistently applied throughout
both years. The results for the year ended 30 June 2006 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 Ventersdorp mill was rented for the five months, after which, the directors
decided to take occupation back and manufacture the maize themselves. This
resulted in the increased turnover figure.
Delays in obtaining the liquor license resulted in the Carltonville Brewery not
being used for the full year.
FINANCIAL RESULTS
Turnover increased by 111% from last year, due to actual production and trading
done with the maize mill, compare to rental income last year. The company made
a loss of R1 025 522 compared to a loss of R2 165 476 Legal fees relating to
prior year transaction amounted to R468 950, depreciation expense was R627 052.
The Carltonville brewery was not let or used internally for the full year.
PROSPECTS
The Mill commenced production in Feb 06 and the directors are pleased with the
progress to date.
The Carltonville Brewery has now been repaired and is awaiting it"s liquor
license before production there can start.
Once both the Mill and the brewery are operational, the Company looks forward
to returning to profitability.
On behalf of the Board
TW FORD (Chairman)
29 SEPTEMBER 2006
Registered Office: 24 Seriing Street, SE3
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
Audited Audited
Year Year
ended ended
30/06/2006 30/06/2005
Revenue 2,235,320 1,062,474
Operating profit/(loss) -819,084 -1,167,419
Net interest earned/(paid) -206,438 -209,857
Net profit/(loss) before -1,025,522 -1,377,276
extraordinary item
Extraordinary item - -788,200
Net profit/(loss) before taxation -1,025,522 -2,165,476
Taxation - -
Net profit/(loss) for the period -1,025,522 -2,165,476
Supplementary Information
Number of shares in issue 84,556,909 84,556,909
Earnings per share (cents) -1.21 -2.56
Headline earnings per share -1.21 -1.63
(cents)
Dividend per share (cents) - -
ABRIDGED GROUP BALANCE SHEET
Audited Audited
Year Year
ended ended
30/06/2006 30/06/2005
ASSETS
Non-current Assets 6,233,144 6,808,567
Property, plant and equipment 6,233,144 6,808,567
Investments - -
Current Assets 677,515 84,477
Accounts receivable 236,601 79,650
Inventory 437,081 -
Cash and bank 3,833 4,827
Total Assets 6,910,659 6,893,044
EQUITY AND LIABILITIES
Capital and Reserves -5,150,264 -4,124,742
Share capital and reserves -5,150.264 -4,124,742
Non-current Liabilities 8,440,007 7,784,595
Shareholder"s loans - interest 2,025,000 2,025,000
bearing
Shareholder"s loans - non 6,415,007 5,759,595
interest bearing
Current Liabilities 3,620,916 3,233,191
Accounts payable 2,419,001 2,031,276
Provisions 1,201,915 1,201,915
Total Equity and Liabilities 6,910,659 6,893,044
STATEMENT OF CHANGES IN EQUITY
Audited Audited
Year Year
ended ended
30/06/2006 30/06/2005
Balance at beginning of period -4,124,742 -3,903,981
Change in accounting policy - GAAP - 1,944,715
to IFRS
Net profit/(loss) for the period -1,025,522 -2,165,476
Balance at end of period -5,150,264 -4,124,742
ABRIDGED GROUP CASH FLOW STATEMENT
Audited Audited
Year Year
ended ended
30/06/2006 30/06/2005
Net cash flow from operating -931,730 -189,568
activities
Net cash flow from investing 275,324 25,000
activities
Net cash flow from financing 655,412 162,115
activities
Net change in cash and bank -994 -2,453
Cash and bank at beginning of 4,827 7,280
period
Cash and bank at end of period 3,833 4,827
RECONCILIATION BETWEEN REPORTING AS PER IFRS TO SOUTH AFRICAN GAAP
As per IFRS As per GAAP
30 June 2006 30 June 2006
Non-current assets 6,233,144 4,816,547
Current assets 677,515 677,515
Total Assets 6,910,659 5,494,062
Capital and reserves -5,150,264 -6,566,861
Non-current liabilities 8,440,007 8,440,007
Current liabilities 3,620,916 3,620,916
Total Equity and Liabilities 6,910,659 5,494,062
Net Profit in accordance with GAAP -761,463
Depreciation adjustment -264,059
Net profit in accordance with IFRS -1,025,522
Date: 29/09/2006 01:08:07 PM Produced by the JSE SENS Department
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