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AVI LIMITED : TRADING UPDATE, TRADING STATEMENT AND CAUTIONARY ANNOUNCEMENT
AVI LIMITED
(Reg. No. 1944/017201/06)
(`AVI` or `the Group`)
Share Code: AVI
ISIN: ZAE000049433
Trading update for the year ended 30 June 2004, trading statement and cautionary
announcement
AVI has a policy of providing a trading update and, where appropriate, trading
statement before the commencement of its `closed period` in the lead up to the
publication of results. Although the closed period started on 15 June 2004, this
announcement has been delayed until after the close of business on 30 June 2004
to provide an opportunity to estimate the impact of the year end closing
exchange rates on the Group`s financial performance for the financial year.
The closing exchange rates that will be used in the preparation of the annual
financial statements are:
30 June
2004 2003
- Rand/US$ 6.22 7.43
- Rand/Euro 7.58 8.49
Trading update
The soft local trading conditions which were evident through most of the
financial year showed some improvement in the final quarter. Export realisations
have continued to be negatively impacted by the strong Rand.
Group turnover from continuing operations for the twelve months to 30 June 2004
increased by 8% to R7,0 billion. Volume growth for the year was also 8%.
Turnover from continuing operations
for the year to 30 June 2004
Rm % change
Branded Consumer Products 4 453 6%
-----
- National Brands 2 346 9%
- Indigo Cosmetics 447 19%
- Irvin & Johnson 1 504 -9%
- Real Juice Company 156 +100%
Packaging - Consol 2 126 10%
Logistics - Vector Logistics 432 18%
Group 7 011 8%
Trading statement
Primarily as a result of the impact of the continued appreciation of the Rand
and poor fishing conditions, it is anticipated that the earnings and headline
earnings per share of AVI for the year ended 30 June 2004 will be lower than
those reported for the previous year.
The decline in earnings per share is expected to be between 10% and 20% which
falls within the `material` classification, as defined in the Listings
Requirements of the JSE Securities Exchange South Africa (`the Listings
Requirements`). This is due to the additional impact of a movement in capital
items compounding the performance issues referred to above. The decline in
headline earnings per share is however not expected to be material, as defined
in the Listings Requirements.
This estimated earnings information has not been reviewed and reported on by
AVI`s auditors. Accordingly, in terms of the Listings Requirements currently in
force, shareholders are advised to exercise caution in trading in AVI shares
until the release of AVI`s results for the year ending on 30 June 2004 on or
about 8 September 2004.
Chislehurston
8 July 2004
Enquiries:
AVI
Robert Katzen, Group Financial Director Tel: + 27 11 779 2704
College Hill
Nicholas Williams Tel: +27 11 447 3030
Sponsor
Standard Bank
Date: 08/07/2004 01:02:08 PM Produced by the JSE SENS Department
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