Review pending. Every figure has been located on its cited source page in an AI-assisted source verification (matched to the document's text) (17 October 2026). Independent review has not yet been carried out, and these pages are not indexed.AI-assisted source check done; independent review pending; not indexed. About the review
Afdis
On this page
Company details
- Legal name
- African Distillers Limited
- Listing
- AFDS.ZW on the Zimbabwe Stock Exchange, active · ISIN ZW0009011025 (observed 2026-10-08)
- Sector
- Not classified (our classification from the stated principal activity)
- Financial year ends
- 31 March
Overview
Year ended 31 March 2025 · published summary of audited statements, final status not established · source
Read with these figures
- Auditor's report on the full statements, year to 2025-03-31: modified opinion (not a report on this summary). The qualified opinion is on the full financial statements, not on this summary: 'In our opinion, except for the effects of the matters described in the Basis for Qualified Opinion section of our report, the accompanying Financial Statements present fairly, in all material respects, ...' (p6); signed Ernst & Young, Harare, 9 May 2025 (p9).
- Published summary of audited statements not confirmed as final. The published copy is not confirmed as the final version. The FY to 31 Mar 2025 figures come from it.
Full wording and sources
Auditor's report on the full statements, year to 2025-03-31: modified opinion (not a report on this summary)
Basis for Qualified Opinion (report on the full financial statements, PDF p6): non-compliance with IAS 21 and IAS 8 - in the prior year management used an internally generated transaction exchange rate instead of the auction or willing-buyer-willing-seller rate; the prior-year errors were not corrected retrospectively, so the corresponding amounts for accumulated profit, revenue, cost of sales, other operating expenses, net foreign exchange adjustment, net monetary adjustment and taxation remain impacted, affecting comparability (PDF p6).
Source: African Distillers Limited Audited Financial Information for the Year Ended 31 March 2025 (dated 2025-05-14)
Published summary of audited statements for 2025: final status not established
Condensed results publication of African Distillers Limited (chairman's statement hand-signed by M M Valela, dividend declaration announced 14 May 2025 and signed by L Mutamuko, Company Secretary, p1). No auditor's report on these US$ condensed statements is printed. The publication reprints Ernst & Young's report on the full financial statements (pages 18 to 52 of the annual report): qualified opinion, handwritten 'Ernst & Young' signature, Harare, 9 May 2025 (pp6-9, page image), and a separate report on the 'Condensed Financial Statements - ZWG' dated 12 May 2025 (pp10-12), which covers the ZWG presentation, not the US$ statements transcribed here.
Source: African Distillers Limited Audited Financial Information for the Year Ended 31 March 2025 (dated 2025-05-14)
2025, 2024: figures from a published summary
These columns come from a summary of the audited statements, not the full audited financial statements. "The condensed financial results should be read in conjunction with the complete set of financial statements for the year ended 31 March 2025 which have been audited by the Company's external auditors, Ernst & Young Chartered Accountants (Zimbabwe)" (note 18, p3); "The condensed financial statements of African Distillers Limited have been prepared in accordance with IFRS® Accounting Standards" (note 1, p2). No auditor's report on the US$ condensed statements is printed. Note 18 'Audit Opinion' (p3) states that the condensed financial results should be read with the complete financial statements for the year ended 31 March 2025, audited by Ernst & Young Chartered Accountants (Zimbabwe), who issued a qualified audit opinion; the full report is reprinted (pp6-9). A separate unmodified report covers the 'Condensed Financial Statements - ZWG' prepared under SECZ Regulatory Notice SECZ070325 (pp10-12, dated 12 May 2025). Condensed statement of profit or loss and OCI, condensed statement of financial position (p1), condensed statements of cash flows and changes in shareholders' equity and selected notes (p2-3), in US$; the same condensed statements in ZWG (pp3-5). Condensed lines; the queue labels the source 'full' but the publication is a summary.
Source: African Distillers Limited Audited Financial Information for the Year Ended 31 March 2025 (dated 2025-05-14)
-
Revenue
USD 59.7 million
59,721,449 USD units · p1
+15.3% vs 2024
-
Operating profit / (loss)
USD 5.56 million
5,555,428 USD units · p1
−16.1% vs 2024
-
Profit / (loss) for the year
USD 5.12 million
5,123,057 USD units · p1
−32.9% vs 2024
-
Total assets
USD 26.9 million
26,917,183 USD units · p1
+13.5% vs 2024
-
Total equity
USD 15.8 million
15,784,882 USD units · p1
+35.1% vs 2024
-
Cash from operations
USD 2.54 million
2,535,457 USD units · p2
Change not shown.
Large amounts are rounded for reading (USD million / billion / trillion); exact figures as printed are under each amount and in the tables. No currency conversion.
Not shown: the prior-year figure is zero or negative.
Financial statements
Exact figures as printed. Each column comes from one filing; labels are as printed in the newest filing. Amounts in USD units unless the row says otherwise; brackets are negative.
† from a supplementary filing for the same year · ‡ signed audited statements preferred over a disputed figure · “–” is a printed dash, explained below the table
Column sources
- FY to 31 Mar 2025 — published summary of audited statements (summary), final status not established; reported for the year · source
- FY to 31 Mar 2024 — published summary of audited statements (summary), final status not established; comparative in the FY to 31 Mar 2025 filing · source
- 2025, 2024: figures from a published summary. These columns come from a summary of the audited statements, not the full audited financial statements. "The condensed financial results should be read in conjunction with the complete set of financial statements for the year ended 31 March 2025 which have been audited by the Company's external auditors, Ernst & Young Chartered Accountants (Zimbabwe)" (note 18, p3); "The condensed financial statements of African Distillers Limited have been prepared in accordance with IFRS® Accounting Standards" (note 1, p2). No auditor's report on the US$ condensed statements is printed. Note 18 'Audit Opinion' (p3) states that the condensed financial results should be read with the complete financial statements for the year ended 31 March 2025, audited by Ernst & Young Chartered Accountants (Zimbabwe), who issued a qualified audit opinion; the full report is reprinted (pp6-9). A separate unmodified report covers the 'Condensed Financial Statements - ZWG' prepared under SECZ Regulatory Notice SECZ070325 (pp10-12, dated 12 May 2025). Condensed statement of profit or loss and OCI, condensed statement of financial position (p1), condensed statements of cash flows and changes in shareholders' equity and selected notes (p2-3), in US$; the same condensed statements in ZWG (pp3-5). Condensed lines; the queue labels the source 'full' but the publication is a summary.
Income statement
| Line (as printed) | FY to 31 Mar 2025Published summary of audited statements (summary)reported for the year | FY to 31 Mar 2024Published summary of audited statements (summary)comparative in FY to 31 Mar 2025 filingsource limitations |
|---|---|---|
| Revenue | 59,721,449 | 51,794,630 |
| Cost of sales | (43,504,675) | (32,548,063) |
| Gross profit | 16,216,774 | 19,246,567 |
| Other operating income | 206,861 | 140,771 |
| Distribution costs | (2,221,308) | (1,785,536) |
| Administrative expenses | (1,829,913) | (1,369,011) |
| Other operating expenses | (6,816,986) | (9,608,701) |
| Operating income | 5,555,428 | 6,624,090 |
| Interest income | 58,985 | 5,508 |
| Interest expense | (828,614) | (673,915) |
| Net foreign exchange adjustment1 | 1,436,318 | 1,161,782 |
| Net monetary adjustment2 | –3 | 2,641,211 |
| Profit before taxation | 6,222,117 | 9,758,676 |
| Taxation | (1,099,060) | (2,129,173) |
| Profit for the year | 5,123,057 | 7,629,503 |
| Effects of conversion to presentation currency4 | –5 | (4,078,490) |
| Total comprehensive income | 5,123,057 | 3,551,013 |
| Headline6 | 0.04277 | 0.06438 |
| Diluted9 | 0.042510 | 0.063011 |
- Printed “—”, read as nil: subtotal_arithmetic: is.profit_before_tax.
- Printed “—”, read as nil: subtotal_arithmetic: is.total_comprehensive_income.
- Printed as 4.27 cents; value converted to USD at 100 cents = 1 USD.
- Printed as 6.43 cents; value converted to USD at 100 cents = 1 USD.
- Printed as 4.25 cents; value converted to USD at 100 cents = 1 USD.
- Printed as 6.30 cents; value converted to USD at 100 cents = 1 USD.
Notes and alternative reported figures (5)
- “Net foreign exchange adjustment” is an issuer-specific line, not mapped to a shared definition: Below operating income.
- “Net monetary adjustment” is an issuer-specific line, not mapped to a shared definition: IAS 29 monetary adjustment (prior year only).
- “Effects of conversion to presentation currency” is an issuer-specific line, not mapped to a shared definition: Other comprehensive income (prior year only).
- “Headline” is an issuer-specific line, not mapped to a shared definition: Printed in cents.
- “Diluted” is an issuer-specific line, not mapped to a shared definition: Printed in cents.
Balance sheet
| Line (as printed) | FY to 31 Mar 2025Published summary of audited statements (summary)reported for the year | FY to 31 Mar 2024Published summary of audited statements (summary)comparative in FY to 31 Mar 2025 filingsource limitations |
|---|---|---|
| Property, plant and equipment | 5,329,016 | 3,736,581 |
| Long term loans receivable1 | 809,519 | 151,821 |
| Non-current assets (unlabelled subtotal) | 6,138,535 | 3,888,402 |
| Current tax asset | 1,130,221 | 439,825 |
| Inventories | 11,387,346 | 11,178,333 |
| Trade and other receivables | 7,098,432 | 7,336,828 |
| Cash and cash equivalents | 1,162,649 | 863,322 |
| Current assets (unlabelled subtotal) | 20,778,648 | 19,818,308 |
| Total assets | 26,917,183 | 23,706,710 |
| Share capital | 124,974 | 124,972 |
| Share premium | 810,717 | 549,592 |
| Share option reserve2 | 130,941 | 201,119 |
| Accumulated profit | 14,718,250 | 10,804,184 |
| Total capital and reserves | 15,784,882 | 11,679,867 |
| Deferred taxation | 642,017 | 960,149 |
| Trade and other payables | 3,682,937 | 4,674,457 |
| Current tax liability | 117,462 | 879,619 |
| Short-term borrowings | 6,689,885 | 5,512,618 |
| Total liabilities | 11,132,301 | 12,026,843 |
| Total equity and liabilities | 26,917,183 | 23,706,710 |
Notes and alternative reported figures (2)
- “Long term loans receivable” is an issuer-specific line, not mapped to a shared definition: Within non-current assets.
- “Share option reserve” is an issuer-specific line, not mapped to a shared definition: Within capital and reserves.
Cash flow
| Line (as printed) | FY to 31 Mar 2025Published summary of audited statements (summary)reported for the year | FY to 31 Mar 2024Published summary of audited statements (summary)comparative in FY to 31 Mar 2025 filingsource limitations |
|---|---|---|
| Cash generated from trading after non-cash items1 | 7,387,597 | 6,100,243 |
| Changes in working capital2 | (1,212,768) | (4,287,305) |
| Cash generated from operations | 6,174,829 | 1,812,938 |
| Interest received | 58,985 | 5,508 |
| Interest paid3 | (828,614) | (673,915) |
| Income tax paid | (2,869,743) | (1,781,796) |
| Net cash flows generated from /(utilised in) operating activities | 2,535,457 | (637,265) |
| Purchase of property, plant and equipment | (1,795,553) | (1,775,684) |
| Increase in long-term loans receivable4 | (809,275) | (235,625) |
| Proceeds from repayment of long-term loans receivable5 | 151,577 | 118,214 |
| Net cash flows utilised in investing activities | (2,453,251) | (1,893,095) |
| Dividend paid to owners of the Company | (1,087,071) | (949,265) |
| Proceeds from short-term borrowings | 7,933,670 | 7,426,586 |
| Repayment of short term borrowings | (6,307,171) | (6,561,588) |
| Net cash flows generated from /(utilised in) financing activities | 539,428 | (84,267) |
| Net movement in cash and cash equivalents | 621,634 | (2,614,627) |
| Net foreign exchange difference | 126,925 | (116,439) |
| Inflation effect on cash and cash equivalents6 | –7 | (170,812) |
| Effects of conversion to presentation currency8 | –7 | 30,952 |
| Cash and cash equivalents at beginning of the period | (2,552,534) | 318,392 |
| Cash and cash equivalents at end of the period | (1,803,975) | (2,552,534) |
- Printed “—”; reading unresolved, so no amount is shown. Printed dash; no printed subtotal confirms a nil reading.
Notes and alternative reported figures (7)
- “Cash generated from trading after non-cash items” is an issuer-specific line, not mapped to a shared definition: Note 7.
- “Changes in working capital” is an issuer-specific line, not mapped to a shared definition: Operating activities.
- “Interest paid” is an issuer-specific line, not mapped to a shared definition: Within operating activities.
- “Increase in long-term loans receivable” is an issuer-specific line, not mapped to a shared definition: Investing activities.
- “Proceeds from repayment of long-term loans receivable” is an issuer-specific line, not mapped to a shared definition: Investing activities.
- “Inflation effect on cash and cash equivalents” is an issuer-specific line, not mapped to a shared definition: Prior year only.
- “Effects of conversion to presentation currency” is an issuer-specific line, not mapped to a shared definition: Prior year only.
Segments
Segment data not yet collected for this company in the pilot.
Dividends
Proposed or recommended, declared and paid are different events and are kept apart. A statement that no dividend was proposed does not mean none was paid.
| Year ended | Event | Wording as printed | Amount | Unit | Source |
|---|---|---|---|---|---|
| 31 Mar 2025 | Dividends paid (cash flow statement) | Dividend paid to owners of the Company |
(1,087,071) | USD units | Summary statements, p2 |
| 31 Mar 2024 | Dividends paid (cash flow statement) | Dividend paid to owners of the Company |
(949,265) | USD units | Summary statements, p2 |
Sources
Each filing used on this page, newest period first. Dates are the document's own; the date we retrieved a file is shown separately and is never a publication date.
-
African Distillers Limited Audited Financial Information for the Year Ended 31 March 2025
Year ended 31 March 2025 · Published summary of audited statements (summary) · final status not established
Audit: Ernst & Young Chartered Accountants (Zimbabwe) (named); no auditor's opinion on the full statements in this document · signed
Auditor's sign-off: Ernst & Young, Chartered Accountants (Zimbabwe), Registered Public Auditors; engagement partner Mrs Wadzanai Makuwa (report on the full financial statements)
Final status: Condensed results publication of African Distillers Limited (chairman's statement hand-signed by M M Valela, dividend declaration announced 14 May 2025 and signed by L Mutamuko, Company Secretary, p1). No auditor's report on these US$ condensed statements is printed. The publication reprints Ernst & Young's report on the full financial statements (pages 18 to 52 of the annual report): qualified opinion, handwritten 'Ernst & Young' signature, Harare, 9 May 2025 (pp6-9, page image), and a separate report on the 'Condensed Financial Statements - ZWG' dated 12 May 2025 (pp10-12), which covers the ZWG presentation, not the US$ statements transcribed here.
- Document date
- 14 May 2025
- Auditor's report
- 9 May 2025
- Board approval
- date not found in this document
- Retrieved by us
- 8 Oct 2026 (not a publication date)
- Used for
- statement columns FY to 31 Mar 2025, FY to 31 Mar 2024
- Basis
- company statements · USD units (printed “US$”)
- Basis for Qualified Opinion (report on the full financial statements, PDF p6): non-compliance with IAS 21 and IAS 8 - in the prior year management used an internally generated transaction exchange rate instead of the auction or willing-buyer-willing-seller rate; the prior-year errors were not corrected retrospectively, so the corresponding amounts for accumulated profit, revenue, cost of sales, other operating expenses, net foreign exchange adjustment, net monetary adjustment and taxation remain impacted, affecting comparability (PDF p6).
- The qualified opinion is on the full financial statements, not on this summary: 'In our opinion, except for the effects of the matters described in the Basis for Qualified Opinion section of our report, the accompanying Financial Statements present fairly, in all material respects, ...' (p6); signed Ernst & Young, Harare, 9 May 2025 (p9).
- Printed 'AFRICAN DISTILLERS LIMITED' (p1) and 'The condensed financial statements of African Distillers Limited' (note 1, p2); the directory name is 'AFDIS DISTILLERS LIMITED' (ZSE AFDS.ZW, ISIN ZW0009011025), the ZSE price-sheet form of the name. Identity case AFDIS DISTILLERS LIMITED / African Distillers Limited (docs/companies/filings/editorial/identity-resolutions.json): same company; AFDIS is its acronym. No registration number is printed.
- Comparative US$ figures are inflation-adjusted amounts converted to US$ (chairman's 'Caution on Financial Reporting Conversion', p1). Cash and cash equivalents in the cash-flow statement are net of the bank overdraft ((1 803 975); 2024: (2 552 534)), against bank balances and cash of 1 162 649 (2024: 863 322) on the statement of financial position (p2); the cash checks against the balance sheet therefore fail as printed. The 2024 cash roll-forward includes two lines recorded as native concepts (inflation effect (170 812) and effects of conversion to presentation currency 30 952): opening 318 392 + net movement (2 614 627) + exchange difference (116 439) + those two lines = (2 552 534) as printed; the automatic closing-cash check omits the native lines and fails for 2024.
- No auditor's report on the US$ condensed statements is printed. Note 18 'Audit Opinion' (p3) states that the condensed financial results should be read with the complete financial statements for the year ended 31 March 2025, audited by Ernst & Young Chartered Accountants (Zimbabwe), who issued a qualified audit opinion; the full report is reprinted (pp6-9). A separate unmodified report covers the 'Condensed Financial Statements - ZWG' prepared under SECZ Regulatory Notice SECZ070325 (pp10-12, dated 12 May 2025).
- Condensed statement of profit or loss and OCI, condensed statement of financial position (p1), condensed statements of cash flows and changes in shareholders' equity and selected notes (p2-3), in US$; the same condensed statements in ZWG (pp3-5). Condensed lines; the queue labels the source 'full' but the publication is a summary.
Technical details
- File
- 12 pages, with a text layer
- SHA-256
a6a7d6dfd13881f5e5b2d68a292831ef39782f7f2e16e74c604f43f05fdd8968- Entity as printed
- African Distillers Limited
- Exchange copy
- retrieved 2026-10-08T18:04:01Z
Data notes
No figure-level notes beyond those in the tables.
Review status: every figure has been located on its cited source page in an AI-assisted source verification (matched to the document's text) (17 October 2026). Independent review is pending for every figure; automated checks and the AI-assisted verification are not independent review.
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Figures shown on this page (CSV) — the same selected figures at their exact printed values, each with its source document, SHA-256, page, selection rule and reading. Independent review of these figures is pending.