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AVI - Trading update
AVI Limited
(Registration number 1944/017201/06)Share code: AVI
ISIN: ZAE000049433
(`AVI` or `the Group`)
TRADING UPDATE FOR THE ELEVEN MONTHS ENDED 31 MAY 2005It is customary for AVI to provide a trading update twice yearly before the
commencement of the `closed period` leading up to the release of its interim and
preliminary annual results. AVI will be announcing its audited results for the
year ended 30 June 2005 on or about 7 September 2005, and its `closed period`will commence after close of business on 24 June 2005.
CONTINUING OPERATIONS
The strong local consumer demand experienced during the first half of the
financial year has continued, contributing to estimated Group volume growth fromcontinuing operations of 6.4%, excluding the effect of acquisitions. Turnover
from continuing operations, excluding acquisitions, was up by 4.9% to R4.2
billion. This was impacted by price deflation in most categories and the effect
of the strong Rand on export realisations. Denny Mushrooms and Sir Juice, whichwere acquired with effect from August 2004, contributed an additional R250
million or 6.3% to Group turnover growth.
Divisional analysis for the eleven months ended 31 May 2005
Turnover % value % volume (R `000) change change
2005 2004
Denny Mushrooms (1) 219 852 - - -
Indigo Cosmetics (2) 432 592 406 558 6.4 6.4Irvin & Johnson (3) 1 266 720 1 304 124 (2.9) 1.5
National Brands 2 285 379 2 115 430 8.0 9.1
Real Beverage 208 952 144 321 44.8 19.8
Company (4)Continuing 4 413 495 3 970 433 11.2 N/A (5)
operations
(1) Acquired effective 1 August 2004
(2) Volume growth is inferred as there have been no price increases sinceOctober 2002
(3) Excludes the pelagic operations which are expected to be disposed of before
the end of this calendar year
(4) Includes the turnover of Sir Juice acquired effective1 August 2004
(4) No total Group volume growth has been presented as this figure is distorted
by the impact of the acquisitions of Denny Mushrooms and Sir Juice
- The turnover and volume growth generated by National Brands was primarilydriven by strong performances from the biscuits and coffee categories.
- I&J`s volume and turnover were adversely impacted by a stronger Rand, poor
hake and shrimp catches in South Africa and Argentina respectively and the
effect of a second strike in Argentina. This strike, which lasted 38 days, waspart of a larger pattern of industrial unrest in that country and resulted in
the closure of the main processing plant. The strike has now been resolved and
the plant is operating satisfactorily. -
DISCONTINUED OPERATIONSThe turnover details presented above exclude Consol Limited (`Consol`) and
Vector Logistics (Proprietary) Limited (`Vector`).
Consol was unbundled and listed on the JSE Securities Exchange South Africa on
28 February 2005. Accordingly, the results for Consol for the first eight monthsof AVI`s financial year will be included in the Group`s results. Consol released
a trading update on 9 June 2005 which reflected turnover growth of 5.2% to R2.1
billion and volume growth of 3.8% for the eleven months ended 31 May 2004.
Vector was disposed of on 2 December 2004 and the results of Vector for thefirst five months of the financial year will be included in the Group`s results.
AVI will distinguish between continuing and discontinued operations, with the
results of both Consol and Vector being disclosed as discontinued operations.
AVI is not at this time providing additional information on earnings for theeleven months under review. However, given the changes in Group structure
referred to above, it is regarded as appropriate to provide guidance on the
diluted headline earnings per share (`DHEPS`) figures for the twelve months
ended 30 June 2004. After taking into account the impact of IFRS on theseearnings, the pro forma DHEPS for this twelve month period were 84.8 cps for
continuing operations, with discontinued operations contributing an additional
101.5 cps to Group DHEPS.
The information given in this announcement has not been reviewed and reported onby AVI`s auditors.
Chislehurston
Sandton
20 June 2005Sponsor
Standard Bank
Enquiries
AVI Angus Band Tel: +(27) 11 779 2703 Group managing director
Rob Katzen Tel: +(27) 11 779 2704
Group financial director
Sam Denoon-Stevens Tel: +(27) 11 779 2721 Investor relations officerDate: 20/06/2005 03:04:15 PM Produced by the JSE SENS Department
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