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AWT - Awethu - Abridged Interim Results for the six months period ended 31

Release Date: 30/03/2012 15:00
Code(s): AWT
Wrap Text

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 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited (`JSE`). The JSE does not, whether expressly, tacitly or implicitly, represent, warrant or in any way guarantee the truth, accuracy or completeness of the information published on SENS. The JSE, their officers, employees and agents accept no liability for (or in respect of) any direct, indirect, incidental or consequential loss or damage of any kind or nature, howsoever arising, from the use of SENS or the use of, or reliance on, information disseminated through SENS.

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