23 December 2005
	Beverages: breweries AWETHU By Michael Coulson

Struggling to keep going Ord price: 2c 12-month high, 4c; low, 1c Market cap R1,7m Sector PE: 18,7 Year to Jun 30 Turnover Rm Operating profit Rm Pretax profit Rm Headline earnings per share (c) NAV per share (c) 2001 24,4 1,36 0,26 (7,6) 3 2002 8,6 1,22 1,09 1,3 4 2003 1,5 (4,70) (5,77) (5,6) - 2004 1,5 (0,18) (1,85) (0,5) - 2005 1,1 (0,90) (1,90) (1,3) - % chge (27) 401 3 181 - Trading vol 12-month average: 1,37m/month © Financial Mail *Negative. Once again, the lessees of the brewery and mill refused either to pay rent or leave, and Awethu managed to enforce an eviction order only in February. The mill now has a new tenant. There's a net deficit on shareholders' funds of R5,8m, but R7,8m of shareholders' loans have been subordinated and Awethu is confident it will continue as a going concern this year. But whether it has a longer-term future is debatable, without a recapitalisation and injection of fresh - and profitable - assets. 23December2005