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AWT - Awethu - Abridged Interim Results for the six months period ended 31
December 2011
AWETHU BREWERIES LIMITED
(Incorporated in the Republic of South Africa)
(Registration Number : 1992/004352/06)
Share Code : AWT
ISIN Number : ZAE000013769
("the company" or "Awethu")
ABRIDGED INTERIM RESULTS FOR THE SIX MONTHS PERIOD ENDED
31 DECEMBER 2011
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 2011 annual report, have been
consistently applied. The abridged interim financial statements have been
prepared in accordance with International Financial Reporting Standards (IFRS),
the interpretations adopted by the International Accounting Standards Board
(ASB) (IAS 34), the requirements of the South African Companies Act 71 of 2008
and the Listings Requirements of the JSE Limited.
REVIEW
These statements have not been reviewed or audited by the company`s auditors.
SYNOPSIS OF OPERATIONS FOR THE PERIOD AND POST BALANCE SHEET EVENTS
Over the previous six months, the company has focused on negotiating to acquire
potential businesses within the core activity of the company. Awethu traded
under a cautionary announcement for almost three months, and further
negotiations will resume before the end of the financial year of the company. In
the interim Awethu continues to receive rental and other income from the Milling
division. The interim financial statements of the company have been supervised
by the Financial Director, Ms I Vermaak. There are no post balance sheet events.
On behalf of the Board
JA TAYLOR (Chairman) TTW FORD (Chief Executive Officer)
30 March 2012
Registered Office: 24 Sering Street, SE3 Vanderbijlpark, 1911
Transfer secretaries: Computershare Investor Services (Pty) Ltd
70 Marshall Street, Johannesburg, 2107
Directors: J.A. Taylor*
TTW Ford (Chief Executive Officer)
I. Vermaak (Financial Director)
H. Bismilla*
A. Seedat*
MI Lockhat*
(* Independent non-executive)
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
31/12/2011 31/12/2010 30/06/2011
R R R
Revenue 1 555 496 276,932 814 077
Operating profit(loss) (186 957) (734 577) 773 900 before
interest
Net interest (paid)/received (40 018) 12 205 (7 945)
Net profit/(loss) before
taxation (226 975) (722,372) 765 955
Taxation ______-_____________-______________-____
Net profit/(loss)
for the period (226 975) (722,372) 765 955
________________________________________
Supplementary Information
Number of shares in issue 84,556,909 84,556,909 84,556,909
(Loss)/Earnings per share
(cents) (0.27) (0.86) 0.91
Headline loss per share (0.27) (0.86) (2.03)
(cents)
Reconciliation between basic
Earnings/(loss) and headline loss
Net profit/(loss) for period (226 975) (722,372) 765 955
Impairment of property, plant
and equipment - - 621 160
Discontinued operations - - (3099 957)
Headline loss for period (226 975) (722,372) (1712 842)
ABRIDGED STATEMENT OF FINANCIAL POSITION
Unaudited Reviewed Audited
6 months 6 months Year
ended ended ended
31/12/2011 31/12/2010 30/06/2011
R R R
ASSETS
Non-current Assets 3 117 419 3,753,099 3 184 699
Property, plant and equipment 441 419 3,753,099 508 699
Investment Property 2 676 000 - 2 676 000
Assets held for disposal - 2,368,321 -
Current Assets 3 447 285 2,141,202 3 498 794
Accounts receivable 923 182 947,779 119 918
Investment debtor - - 3 017 071
Inventory - 1,186,886 -
Cash and bank 2 524 103 6,537 361 725
Total Assets 6 564 704 8,262,622 6 683 493
EQUITY AND LIABILITIES
Capital and Reserves (4 593 866) (5,855,218) (4 366 891)
Share capital and reserves (4 593 866) (5,855,218) (4 366 891)
Non-current Liabilities 9 486 584 9,324,712 8 131 585
Shareholder`s loan 9 486 584 9,324,712 8 131 585
Current Liabilities 1 671 986 4,793,128 2 918 799
Accounts payable 594 628 3,789,839 1 841 441
Provisions 1 077 358 1,003,289 1 077 358
Total Equity and Liabilities 6 564 704 8,262,622 6 683 493
Net liability per share (cents) (5.43) (6.92) (5.16)
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
31/12/2011 31/12/2010 30/06/2011
R R R
Balance at beginning of period (4 366 891) (5,132,846) (5 132 846)
Net profit/(loss) for the period (226 975) (722,372) 765 955
Balance at end of period (4 593 866) (5,855,218) (4 366 891)
ABRIDGED CASH FLOW STATEMENT
Unaudited Reviewed Audited
6 months 6 months Year
ended ended ended
31/12/2011 31/12/2010 30/06/2011
R R R
Net cash flow from operating (2 249 946) 643 377 (793 603)
Activities
Net cash flow from discontinued
Activities - (649 081) -
Net cash flow from investing
activities 40 254 - 5 365 310
Net cash flow from financing
Activities 4 372 070 (12,025) (4 210 198)
Net change in cash and bank 2 162 378 6,321 361 509
Cash and bank at beginning
Of period 361 725 216 216
Cash and bank at end
Of period 2 524 103 6,537 361 725
Date: 30/03/2012 15:00:30 Supplied by www.sharenet.co.za
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