AWETHU BREWERIES LIMITED
(Incorporated in the Republic of South Africa)
(Registration Number: 1992/004352/06)
Share Code: ...
Five existing liquor outlets (two wholesale and three retail stores)
have been identified for acquisition within the next ...
Net interest (paid)/received
Net profit/ (loss) before
taxation
Taxation
Net profit/(loss)
for the period

(421)

(40 018)...
Non-current Liabilities
Shareholder’s loan
Current Liabilities
Accounts payable
Provisions

9 498 440
9 498 440
1 739 717
...
Cash and bank at end
Of period

30 065

2 524 103

480 751

CAUTIONARY ANNOUNCEMENT
Awethu shareholders are advised that t...
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Awethu Breweries Limited HY 2013 results (South Africa)

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Awethu Breweries Limited HY 2013 results (South Africa)

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Awethu Breweries Limited HY 2013 results (South Africa)

  1. 1. AWETHU BREWERIES LIMITED (Incorporated in the Republic of South Africa) (Registration Number: 1992/004352/06) Share Code: AWT ISIN Number: ZAE 000013769 (“the company” or “Awethu”) UNAUDITED CONDENSED INTERIM FINANCIAL RESULTS FOR THE SIX MONTHS ENDED 31 DECEMBER 2012 AND CAUTIONARY ANNOUNCEMENT COMMENTS Sector: Breweries Nature of business: The company manufactures and distributes goods and services to the informal markets. BASIS OF PREPARATION These unaudited condensed financial statements have been prepared in accordance with International Financial Reporting Standards (IFRS), the AC500 standards as issued by the Accounting Practices Board, (AFB) (IAS 34), the requirements of the South African Companies Act 71 of 2008 and the Listings Requirements of the JSE Limited. These condensed results do not include all the information required for full annual financial statements, and should be read in conjunction with the annual financial statements as at the year ended 30 June 2012, which are available on the company’s website www.awethubreweries.com, or at the company’s registered office. REVIEW These statements have not been reviewed or audited by the company’s auditors. The financial results have been prepared on the going concern basis, and were approved by the board on 25 March 2013. There has been no material changes in judgements or estimates relating to amounts reported in prior reporting periods. The significant accounting policies and methods of computation are consistent in all material respects with those applied in the year ended 30 June 2012. SYNOPSIS OF OPERATIONS FOR THE PERIOD AND POST BALANCE SHEET EVENTS It has been a year of consolidation of ideas and soul searching for the company and a new focus has emerged as to where the company’s future lies. As a result of the Chief Executive Officer’s 20 years of experience in the retail and wholesale liquor trade, and his forte and expertise in that field, the board has reached consensus to pursue options in, and steer Awethu towards, that direction.
  2. 2. Five existing liquor outlets (two wholesale and three retail stores) have been identified for acquisition within the next few months. We expect these stores to have a positive impact on the earnings of the company. This general forecast has not been reviewed nor reported on by the company’s auditors. The interim financial statements of the company have been prepared by Ms J Caddy and supervised by the Financial Director, Ms I Vermaak. No events have occurred between the reporting date and the date of release of these results which require disclosure, but the attention of shareholders is drawn to the cautionary announcement included in these results. COMPARATIVE FIGURES The unaudited condensed interim financial statements are for the six months ended 31 December 2012, and the comparative reviewed interim statements are for the six months ended 31 December 2011. The audited annual financial statements for the year ended 30 June 2012 are presented as published and have not been restated. OPERATING SEGMENTS The company has two reportable segments, revenue from sales and revenue from rental of investment property, both of which are in one geographical segment, namely the North West Province. Unaudited 6 months ended 31/12/2012 R Revenue – sales Revenue – rentals Cost of sales Depreciation 4 859 429 (4 681 65 938 000 658) 942 CONDENSED STATEMENTS OF COMPREHENSIVE INCOME Unaudited 6 months ended 31/12/2012 R Revenue 5 288 938 Operating profit(loss) (42 943) before interest Reviewed 6 months ended 31/12/2011 R 1 180 375 1 121 67 Reviewed 6 months ended 31/12/2011 R 1 555 496 (186 957) 496 000 471 282 Audited Year ended 30/06/2012 R 6 798 831 6 581 134 908 156 588 563 Audited Year ended 30/06/2012 R 7 630 065 2 671 539
  3. 3. Net interest (paid)/received Net profit/ (loss) before taxation Taxation Net profit/(loss) for the period (421) (40 018) 13 916 (43 364) (226 975) 2 685 455 ______-_____________-______________-____ (43 364) (226 975) 2 685 455 ________________________________________ Supplementary Information Number of shares in issue (Loss) per share (cents) Headline loss per share (cents) 84,556,909 84,556,909 84,556,909 (0.05) (0.27) 3.18 (0.05) (0.27) (0.97) Reconciliation between basic Earnings/(loss) and headline loss Net profit/ (loss) for period (43 364) Fair value adjustment on investment property Total tax effect of adjustments Headline loss for period (43 364) CONDENSED STATEMENT OF FINANCIAL POSITION Unaudited 6 months ended 31/12/2012 R ASSETS Non-current Assets Property, plant and equipment Investment Property Current Assets Accounts receivable Cash and bank Total Assets EQUITY AND LIABILITIES Capital and Reserves Share capital and reserves 7 404 39 7 364 2 109 2 079 30 018 594 424 339 274 065 9 513 357 (1 724 800) (1 724 800) (226 975) - 2 685 455 (4 419 824) - 917 397 (226 975) (816 972) Reviewed 6 months ended 31/12/2011 R 3 117 441 2 676 3 447 923 2 524 419 419 000 285 182 103 6 564 704 Audited Year ended 30/06/2012 R 7 469 42 7 427 1 945 1 464 480 960 761 199 473 722 751 9 415 433 (4 593 866) (1 681 436) (4 593 866) (1 681 436)
  4. 4. Non-current Liabilities Shareholder’s loan Current Liabilities Accounts payable Provisions 9 498 440 9 498 440 1 739 717 662 359 1 077 358 9 486 584 9 486 584 1 671 986 594 628 1 077 358 9 498 440 9 498 440 1 598 429 521 071 1 077 358 Total Equity and Liabilities 9 513 357 6 564 704 9 415 433 Net liability per share (cents) (2.03) (5.43) (1.98) 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 6 months ended 31/12/2012 R Balance at beginning of period Net profit/(loss) for the period Balance at end of period Reviewed 6 months ended 31/12/2011 R Audited Year ended 30/06/2012 R (1 681 436) (43 364) (1 724 800) (4 366 891) (226 975) (4 593 866) (4 366 891) 2 685 455 (1 681 436) Unaudited 6 months ended 31/12/2012 R Reviewed 6 months ended 31/12/2011 R Audited Year ended 30/06/2012 R (2 249 946) 4 305 154 CONDENSED CASH FLOW STATEMENT Net cash flow from operating Activities Net cash flow from discontinued Activities Net cash flow from investing activities Net cash flow from financing Activities 450 686 - - - 40 254 - 4 372 070 - 40 254 (4 383 926) Net change in cash and bank 450 686 2 162 378 119 026 Cash and bank at beginning Of period 480 751 361 725 361 725
  5. 5. Cash and bank at end Of period 30 065 2 524 103 480 751 CAUTIONARY ANNOUNCEMENT Awethu shareholders are advised that the company has entered into negotiations, which if successfully concluded may have a material effect on the price of the company’s securities. Accordingly shareholders are advised to exercise caution when dealing in the company’s securities until a full announcement is made. On behalf of the Board JA TAYLOR (Chairman) 27 March 2013 Registered Office: Transfer secretaries: TTW FORD (Chief Executive Officer) 24 Sering Street, SE3 Vanderbijlpark, 1911 www.awethubreweries.com Computershare Investor Services (Pty) Ltd 70 Marshall Street, Johannesburg, 2001 Directors: J.A. Taylor (Chairman)* TTW Ford (Chief Executive Officer) I. Vermaak (Financial Director) MI Lockhat* (* Independent nonexecutive) Company Secretary: Auditors: Sponsors: JM Caddy F.C.I.S Logista CA(SA) Incorporated Deloitte & Touche Sponsor Services (Pty) Ltd

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