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AWT - Awethu Breweries Limited - Condensed interim results for the six months
period ended 31 December 2010
AWETHU BREWERIES LIMITED
(Incorporated in the Republic of South Africa)
(Registration Number : 1992/004352/06)
Share Code : AWT
ISIN Number : ZAE 000013769
("the company")
CONDENSED INTERIM RESULTS FOR THE SIX MONTHS PERIOD ENDED 31 DECEMBER 2010
COMMENTS
Sector : Breweries
Nature of business: The company manufactures and distributes goods and
services to the informal markets and the mining and catering industries.
ACCOUNTING POLICIES
The accounting policies, as outlined in the 2010 annual report, have been
consistently applied. The condensed interim financial statements have been
prepared in accordance with International Financial Reporting Standards
(IFRS) and AC 500 standards, as issued by the Accounting Standards Board,
IAS34 - Interim Financial Reporting, the requirements of the South African
Companies Act and the Listings Requirements of the JSE Limited.
REVIEW
These statements have not been reviewed or audited.
SYNOPSIS OF OPERATIONS FOR THE PERIOD AND POST BALANCE SHEET EVENTS
The sale of the Carltonville property and assets was concluded during the
period under review, and the transfer of the assets took place in February
2011. The funds received from the sale were received by the company in March
2011 and will be used partly for working capital and the balance for
acquiring possible acquisitions.
The auditors of the company, Logista Johannesburg have resigned and the
company is awaiting an imminent appointment of new auditors.
PROSPECTS AND CONTINUING OPERATIONS
Trading over the past six months has been extremely difficult and although
the turnover is less than the previous comparative period, the loss per share
is showing a better result. The proceeds of the sale of the Carletonville
property have now been received and the board is looking at investing in
acquisitions for the company over the next few months.
On behalf of the Board
TTW FORD (Chief Executive Officer)
1 April 2011
Registered Office: 24 Sering Street, SE3 Vanderbijlpark, 1911
Transfer secretaries: Computershare Investor Services (Pty) Ltd
70 Marshall Street, Johannesburg, 2107
Directors: TTW Ford (Managing Director)
I Vermaak (Financial Director)
J.A. Taylor *
H. Bismilla *
(* non-executive)
Messrs J.K. Bernardo (4 August 2010) and A. Venter (8 February 2011)have
resigned from the board.
Company Secretary: JM Caddy F.C.I.S
Sponsors: Deloitte & Touche Sponsor Services (Pty) Ltd
ABRIDGED STATEMENTS OF COMPREHENSIVE INCOME
Unaudited Reviewed Audited
6 months 6 months Year
ended ended ended
31/12/2010 31/12/2009 30/06/2010
R R R
Revenue 276,932 1,819,231 3,144,496
Operating loss before -734,397 -2,186,716 -2,290,342
interest
Net interest received/ (paid) 12 205 -21,272 -36,099
Net loss before taxation -722,372 -2,207,988 -3,098,688
Taxation - - -
________________________________________
Net loss for the period -722,372 -2,207,988 -3,098,688
________________________________________
Supplementary Information
Number of shares in issue 84,556,909 84,556,909 84,556,909
Loss per share (cents) -0.86 -2.61 -3.66
Headline loss per share -0.86 -2.61 -2.75
(cents)
Reconciliation between basic
loss and headline loss:
IAS 33 Basic loss -722,372 -2,207,988 -3,098,688
IAS 16 Loss from discontinued
Operations - - -772,247
Headline loss -722,372 -2,207,988 -2,326,441
ABRIDGED STATEMENT OF FINANCIAL POSITION
Unaudited Reviewed Audited
6 months 6 months Year
ended ended ended
31/12/2010 31/12/2009 30/06/2010
R R R
ASSETS
Non-current Assets 3,753,099 6,330,485 3,820,381
Property, plant and equipment 3,753,099 6,330,485 3,820,381
Assets held for disposal 2,368,321 - 2,368,321
Current Assets 2,141,202 1,009,461 1,412,283
Accounts receivable 947,779 664,278 920,045
Inventory 1,186,886 293,468 492,022
Cash and bank 6,537 51,715 216
Total Assets 8,262,622 7,339,946 7,600,985
EQUITY AND LIABILITIES
Capital and Reserves -5,855,218 -4,242,043 -5,132,846
Share capital and reserves -5,855,218 -4,242,043 -5,132,846
Non-current Liabilities 9,324,712 8,245,070 9,324,712
Shareholder`s loans - 9,324,712 8,245,070 9,324,712
Current Liabilities 4,793,128 3,336,919 3,409,119
Accounts payable 3,789,839 3,336,919 2,405,830
Provisions 1,003,289 - 1,003,289
Total Equity and Liabilities 8,262,622 7,339,946 7,600,985
Net asset value per share (cents) - 0.07 - 0.05 - 0.06
Note: The shareholder`s loan account has been subordinated in favour of all
other creditors until such time as the company`s assets (fairly valued)
exceed its liabilities.
STATEMENT OF CHANGES IN EQUITY
Unaudited Reviewed Audited
6 months 6 months Year
ended ended ended
31/12/2010 31/12/2009 30/06/2010
R R R
Balance at beginning of period -5,132,846 -2,034,057 -2,034,158
Net loss for the period -722,372 -2,207,986 -3,098,688
Balance at end of period -5,855,218 -4,242,043 -5,132,846
ABRIDGED GROUP CASH FLOW STATEMENT
Unaudited Reviewed Audited
6 months 6 months Year
ended ended ended
31/12/2010 31/12/2009 30/06/2010
R R R
Net cash flow from operating
Activities 643,377 -45,546 -491,507
Net cash flow from discontinued
Activities -649,081 - -649,081
-45,546 -1,140,588
Net cash flow from investing
activities -__ 10,000 16,398
Net cash flow from financing
Activities -12,025 33,879 1,071,024
Net change in cash and bank 6,321 -1,667 - 53,166
Cash and bank at beginning
Of period 216 53,382 53,382
Cash and bank at end
Of period 6,537 51,715 216
Date: 01/04/2011 10:33:01 Supplied by www.sharenet.co.za
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