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AVI LIMITED - TRADING STATEMENT AND CAUTIONARY ANNOUNCEMENT
AVI LIMITED
("AVI" or "the Group")
(Registration Number 1944/017201/06)
Share Code: AVI
ISIN: ZAE000049433
TRADING STATEMENT AND CAUTIONARY ANNOUNCEMENT
Export realisations across the Group continue to be negatively affected by the
strong Rand. There has also been little improvement in local trading with
consumer demand not yet responding to the recent interest rate cuts.
Consequently, growth in Group turnover for the five months ended 30 November
2003 was only 5%, with continued strength in packaging offset primarily by lower
export realisations in I&J as well as reduced export volumes in National Brands.
Excluding the impact of acquisitions and disposals, volume growth for the five
months was 4%.
Turnover for the five months to 30 November 2003
Rm % increase
Branded Consumer Products 1 938 0
Indigo Cosmetics 212 21
Irvin & Johnson (I&J) 644 -11
National Brands 1 032 0
Real Juice Company 50 N/A
Packaging - Consol 1 031 14
Logistics - Vector Logistics 152 3
----- --
Group 3 121 5
===== ==
Shareholders are advised that earnings and headline earnings per share for the
six-month period ending 31 December 2003 are expected to be lower than those
reported for the six months ended 31 December 2002.
The expectation of reduced earnings is mainly as a result of the continued
strength of the rand which has affected the profitability of AVI"s export and
international operations. I&J, which will be most affected by the strong rand,
has in addition continued to experience difficult fishing conditions.
The decline in earnings and headline earnings per share is expected to be
material, as defined in the Listings Requirements of the JSE Securities Exchange
South Africa. In terms of this definition, "material" should be interpreted as
entailing a change of between 10% and 30%.
This forecast earnings information has not been reviewed and reported on by
AVI"s auditors. Accordingly, shareholders are advised to exercise caution in
trading in AVI shares until the release of AVI"s interim results for the six
months ending on 31 December 2003 on or about 4 March 2004.
EMPOWERMENT INVESTMENT IN I&J
Following the sale by Siphumelele of its 10% stake in I&J, AVI initiated a
process to replace this empowerment investor. Agreement in principle has been
reached with the remaining empowerment shareholders in I&J and a new
shareholder, Mast Fishing (Pty) Limited, to increase the empowerment
shareholding in I&J to 25%. Further details of the transaction will be released
with AVI"s interim results.
Chislehurston
Sandton
4 December 2003
Enquiries:
AVI
Robert Katzen, Group Financial Director
Tel: + 27 0824435922
Angus Band, Managing Director
Tel: + 27 (0) 11 779 2700
College Hill
Nicholas Williams
Tel: +27 (0) 11 447 3030
Sponsor
Standard Corporate and Merchant Bank
A division of The Standard Bank of South Africa Limited
(Registration number 1962/000738/06)
Date: 04/12/2003 02:09:03 PM
Produced by the JSE SENS Department
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