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AVI
AVI
AVI - AVI Limited - Trading update and statement: six months ending 31 Dec 2006
AVI Limited
(Registration number 1944/017201/06)
Share code: AVI
ISIN: ZAE000049433
("AVI" or "the Group")
TRADING UPDATE AND STATEMENT FOR THE SIX MONTHS ENDING 31 DECEMBER 2006
AVI will be entering its "closed period" on 15 December 2006 ahead of the
release of its interim results for the six months ending 31 December 2006. The
following update is based on the latest available trading information and covers
performance for the Group`s continuing operations.
Segmental revenue for continuing operations for the five months ended 30
November:
2006 2006 Change
Revenue Rm Rm %
Retail beverage brands 590 527 12.0
Retail snacking brands 639 593 7.8
Chilled & frozen 922 735 25.4
convenience brands
Out of home 144 127 13.4
Fashion brands
455 370 23.0
Corporate 9 12
GROUP 2,759 2,364 16.7
Group revenue for the five month period to November 2006 was 16,7% higher than
in the comparable period of the prior year. Demand for the group`s products was
satisfactory across all categories with revenue gains in each. Seafood brands
benefited in particular from improved shrimp fishing in Argentina (contributing
an additional R82 million to revenue compared to the prior period) and higher
selling prices for white fish products. The revenue growth from fashion brands
was underpinned by good volume growth in both the footwear and beauty
categories.
Assuming that forecast trading and hake fishing conditions in South Africa and
Argentina continue for December:
- Consolidated earnings per share for the continuing operations of the Group
for the six months ending 31 December 2006, including a capital profit on
the sale of I&J`s former head office building in Cape Town, are expected to
reflect an improvement of between 55% and 65% over the earnings for the six
months ending December 2005; and
- Consolidated headline earnings per share for the continuing operations of
the Group for the six months ending 31 December 2006 are expected to
increase by between 30% and 40% above the headline earnings per share for
the same period in the prior year.
It is expected that AVI will release its interim results for the six months
ending 31 December 2006 on 12 March 2007.
The information above has not been reviewed and reported on by the Group`s
auditors.
Chislehurston
Sandton
14 December 2006
Sponsor
Standard Bank
Enquiries
Simon Crutchley
Chief executive officer
Tel: +(27) 11 779 2706
082 553 9137
Owen Cressey
Chief financial officer
Tel: +(27) 11 779 2704
083 631 8433
Date: 14/12/2006 10:00:02 Produced by the JSE SENS Department.
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