African Distillers Limited
(Incorporated in Zimbabwe)
DIRECTORS' STATEMENT IN RESPECT OF THE AUDITED RESULTS
FOR THE YEAR ...
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African Distillers Limited FY 2012 results

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African Distillers Limited FY 2012 results

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African Distillers Limited FY 2012 results

  1. 1. African Distillers Limited (Incorporated in Zimbabwe) DIRECTORS' STATEMENT IN RESPECT OF THE AUDITED RESULTS FOR THE YEAR ENDED 30 JUNE 2012 DIRECTORATE J S Mutizwa BSc (Hons) MBA (Chairman), *C Z Guyo BSc (Hons) MBA, *M J Hollingworth B. Compt. CA (Z) (Managing), S W Klopper B.Acc. Hons. CA (SA), *A Chitapi B-Tech Mgt (Hons), R H M Maunsell B. Bus. Sc., CA (SA), CA (Z), M Valela B.Tech (Accounts); CA (Z) S V Rushwaya BSc (Soc), G J Schooling (B. Comm). * Executive Directors SALIENTFEATURES • Salesvolumesgrewby28,3%to4,7millionlitres • Revenuesgrewby31,9%to$25,7million • Gross marginincreasedby2%to31%. • Operatingincomegrewby404%to1,16million. • EBITDAfortheyearunderreviewwas $2,06millioncomparedtoaprioryearloss. • EPS fortheyearunderreviewwere$0,01comparedtoaprioryearloss of$0,01. • Localproductiongrewby64%to2,7millionlitresandaccountedfor62,4%oftotalrevenue. • Factorycapacityutilizationgrewby29%to41%. FUTURE PROSPECTS TheCompanyisgearedtodelivervaluetoallstakeholders:- • Strategicfocuswillremainonproductionefficienciesandentrenchingmarketleadership. • Growth inthemoreprofitablebrown spiritmarketwillseemarginsmaintainedorimproved. • Extended supplier credit will be cleared by September 2012 and this will release cash resources to fund working capital requirementsintimeforthefestiveseason. • Standardized packaging and product upgrades will enhance the image of both Afdis and its brands and will also lead to productionefficiencies. DIVIDEND Growth is still being restricted by working capital constraints and this will remain the position until the extended supplier credit positionisnormalizedattheendofSeptember2012 Further, sales forecasts highlight the need for investment to complete basic upgrades to the Company's production facilities in ordertomeettheexpectedincreaseindemand. For thesereasonstheBoardhasresolvedthatnodividendbepaidfortheyearended30June2012. BYORDER OFTHEBOARD LMUTAMUKO SECRETARY STATEMENTOFCOMPREHENSIVE INCOME For theyearended30June2012 2012 2011 Audited Audited Notes $ $ Gross sales 25701742 19483655 Exciseduty&discounts (6154138) (4453642) Revenue 19547604 15030013 Costofsales (11477261) (9360314) Gross profit 8070343 5669699 Otherincome 32334 54423 Distributioncosts (536014) (188825) Administrativeexpenses (901819) (837324) Otheroperatingexpenses (5501400) (4467287) Operatingincome 4 1163444 230686 Reoganisationalcosts - (742404) Netfinanceincome/(cost) 5 502351 (460453) Profit/(loss)beforetaxation 1665795 (972171) Taxation(expense)/credit 6 (522112) 39971 Profit/(loss)fortheyear 1143683 (932200) Othercomprehensiveincome - - Totalcomprehensiveincome/(loss)fortheyear 1143683 (932200) Earning/(loss)pershare(Cents) : Attributable 1. 20 (.98) Headline 1. 21 (.88) Diluted 1. 20 (.98) STATEMENTOFFINANCIALPOSITION As at30June 2012 June 2012 June 2011 Audited Audited $ $ ASSETS Non-CurrentAssets Property, plantandequipment 4496241 4359833 Longtermloans 414439 211858 4910680 4571691 CurrentAssets Inventories 2822296 3933148 Tradeandotherreceivables 3839214 3222580 Cashandcashequivalents 76364 188460 6737874 7344188 TotalAssets 11648554 11915879 EQUITYAND LIABILITIES Capitaland Reserves Shareholders'equity 5050681 3844450 Non -Currentliablities Deferredtaxation 1009236 487124 CurrentLiabilities Overdrafts 931620 - Bankborrowings 500000 899999 Tradeandotherpayables 4157017 6684306 5588637 7584305 TotalLiabilities 6597873 8071429 TotalEquity and Liabilities 11648554 11915879 Ordinarysharesinissue(Actual)(millions) 95 95 Ordinarysharesinissue(Weightedaverage)(millions) 95 95 Interestbearingdebttoshareholders'equity(%) 28.35 23.41 Currentratio(:1) 1.21 0.97 Shareholders'equitypershare(Cents) 5.32 4.05 Middlemarketprice(Cents) 11.00 13.00 STATEMENTOFCASH FLOWS For theyearended30June2012 2012 2011 Audited Audited Notes $ $ Cash FlowfromOperatingActivities Cashgeneratedfrom/(utilisedin)tradingafternon-cashitems 2139905 (567285) Changesinworkingcapital (2033071) 579417 Cashgeneratedfromoperations 106834 12132 Interestexpenditure 5 (170153) (84596) NetCash OutFlowfromOperatingActivities (63319) (72464) Cash FlowfromInvestingActivities Property, plantandequipment 7 (377817) 47582 Longtermloans (202581) (143233) NetCash used inInvestingActivities (580398) (95651) Net Cash OutflowfromInvesting and OperatingActivities (643717) (168115) Cash FlowfromFinancingActivities Increaseinshorttermborrowings 531621 149000 Netmovementincash and cash equivalents (112096) (19115) Cash and cash equivalentsatbeginning oftheyear 188460 207575 Cash and cash equivalentsatend oftheyear 76364 188460 Comprising:- Bankbalancesandcash 76364 188460 STATEMENTOFCHANGES IN SHAREHOLDERS' EQUITY For theyearended30June2012 2012 2011 Audited Audited $ $ Shareholders'equityatbeginning oftheyear 3844450 4776650 Recognitionofsharebasedpaymentexpense 62548 - Totalcomprehensiveincome/(loss)fortheyear 1143683 (932200) Shareholders'equityatend oftheyear 5050681 3844450 NOTES For theyearended30June2012 1 Accounting Policies: The principal accounting policies of the Company have been consistently applied in all material respects and do conform with International Financial Reporting Standards and interpretations thereto as well as the Companies Act (Chapter 24.03). There is no significant impact arising from new and revised International Financial Reporting Standards applicablefortheyearended30June2012 . 2 CurrencyofReporting: TheFinancialStatementsarepresentedinUnitedStatesDollarswhichisthefunctionalcurrencyoftheCompany. 3 Forwardexchangecontracts Included in current liablities are Rand denominated payables of R13 924 214 of which 66.45% are covered under forward exchangecontractsatanaveragerateofUS$1 -R8.28.TheseagreementsextendtoSeptember2012. 2012 2011 Audited Audited $ $ 4 OperatingIncome Thisisstatedaftercharging: Depreciation 233227 220600 5 NetFinance(income)/costs Interestexpenditure 170153 84596 Exchange(gain)/losses (672504) 375857 (502351) 460453 6 Taxation Currentincometaxexpense - - Deferredtax-Arisingoncurrentyeartemporarydiffences 522112 (39971) 522112 (39971) 7 Property,Plantand Equipment: Acquisitionofproperty,plantandequipment (381121) (112418) Proceedsondisposal 3304 160000 (377817) 47582 8 Commitments forCapitalExpenditure: TheCompanyhasnofirmcapitalcommitments. 9 Audit Opinion The external auditors have expressed an unqualified opinion on the full set of financial statements for the year ended 30June2012fromwhichthisfinancialinformationisderived. MPA13

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