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AVI LIMITED - TRADING UPDATE
AVI LIMITED
(Incorporated in the Republic of South Africa)
(`AVI` or `the Group`)
(Registration number 1944/017201/06)
Share code: AVI
ISIN: ZAE000049433
TRADING UPDATE
In accordance with its policy of providing a trading update prior to the
commencement of its `closed period`, AVI is releasing the following statement
for the five months ended 30 November 2004 (`the period`). AVI will be entering
its `closed period` on 17 December 2004 ahead of the release of its interim
results for the six months ending 31 December 2004, which are expected to be
issued on or about 9 March 2005.
Consumer demand remained positive, which contributed to Group volume growth of
4% from continuing operations. Turnover grew by 6% to R3.1 billion.
Within the Branded Consumer Products (`BCP`) segment, core volume growth before
acquisitions was 11% with comparable turnover growth of 3%. Price deflation has
been experienced in a number of categories which, together with the negative
impact on export realisations of the strong Rand, constrained the growth in
turnover. National Brands generated volume and turnover growth of 9% and 6%
respectively. Within I&J, the increase in core volumes of 7% was not sufficient
to offset the impact of the strong Rand and consequently turnover was down 2%.
Acquisitions contributed R102 million to BCP turnover for the five months under
review.
The Packaging segment showed solid growth in all glass categories except
carbonated soft drinks (`CSD`). Volumes for the business were in line with the
prior period, while glass volumes, excluding CSD, increased by 5% with the
decline in CSD volumes attributable to imports. Turnover grew by 2% with product
mix partially limiting the impact of price increases which averaged 3%. The
adverse impact of the CSD imports has however been offset by local production
replacing Consol`s imports for the wine category in the prior period.
SEGMENTAL TURNOVER FOR THE FIVE MONTHS ENDED 30 NOVEMBER 2004 (CONTINUING
OPERATIONS)
Rm %
Increase
Branded Consumer Products 2 096 8
Packaging 1 047 2
GROUP 3 143 6
As announced on 12 October 2004, AVI has acquired the 19.3% minority stake in
Consol held by Owens Illinois and will therefore consolidate 100% of Consol`s
operations with effect from
11 October 2004. AVI intends to unbundle and list Consol Limited (`Consol`)
during March 2005. A circular and pre-listing statement will be posted to
shareholders in January 2005.
On 2 December 2004, AVI released the terms of the disposal of Vector Logistics
(Pty) Limited (`Vector`) to Rainbow Farms (Pty) Limited, a subsidiary of Rainbow
Chickens Limited. The implementation date of the transaction was 2 December
2004. Accordingly, Vector`s accounts will be consolidated in the results of AVI
up to 30 November 2004, and as such will be reflected as discontinued
operations.
Chislehurston
Sandton
13 December 2004
Sponsor
Standard Bank
Enquiries:
AVI
Robert Katzen, Group Financial Director
Cell: + 27 82 443 5922
Sam Denoon-Stevens, Investor Relations Officer
Tel: +27 11 779 2721
Cell: + 27 83 450 7654
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