Wrap Text
Unaudited Interim Results for the Six Months Ended 31 December 2014
AVI Limited
AVI Limited (“AVI” or "the Group" or "the Company")
Reg no: 1944/017201/06
Share code: AVI
ISIN: ZAE000049433
For more information please visit our website www.avi.co.za
Unaudited interim results for the six months ended 31 December 2014
Key features
Strong brand portfolio underpinned a sound performance in a challenging trading environment
Revenue up 11% to R6,00 billion
Operating profit up 13% to R1,15 billion
Cash from operations up 16% to R1,31 billion
Return on capital employed of 27,7%
Headline earnings per share up 10% to 253 cents
Interim dividend up 10% to 132 cents per share
Special dividend of 200 cents per share
Group overview
AVI’s results for the six months ended 31 December 2014 reflect strong overall performance in a period
of increasing pressure on consumer spending and rising input costs stemming largely from the weaker Rand.
Revenue increased by 11,1%, from R5,40 billion to R6,00 billion with the group realising higher selling
prices in all categories following significant accumulated cost pressure as a result of the weaker Rand.
In addition, volume growth was achieved in many of our categories and I&J’s export revenue benefitted
from the Rand weakness. Gross profit rose by 11,6% to R2,67 billion with the consolidated gross profit
margin improving from 44,3% to 44,5%. Operating profit increased by 12,9%, from R1,02 billion to
R1,15 billion with the growth in gross profit supported by good containment of selling and administrative
expenses across the group. The operating profit margin increased from 18,9% to 19,2%.
Entyce delivered a strong result for the semester, recovering some of the profit margin given up in the
tough trading conditions experienced over the last few years and achieving good volume growth in Creamer.
Snackworks continued to perform well with volume growth in both Biscuits and Snacks and a small improvement
in profit margin. I&J benefitted materially from the weaker Rand as well as sound fishing and processing
efficiencies, however, profit growth for the semester was constrained by unrealised losses on fuel hedges
following the significant decline in oil prices. At Indigo, owned brands performed well in a competitive
environment and the Coty profit contribution was preserved in the new relationship. Margins in the Footwear
and Apparel businesses have stabilised and profit grew as a result of a strong performance from Spitz, with
growth in both footwear and clothing volumes.
Headline earnings rose by 12,0%, from R718,2 million to R804,8 million with the growth in operating profit
tempered by lower earnings from I&J’s joint venture with Simplot in Australia. Headline earnings per share
increased 9,7% from 230,6 cents to 252,9 cents with a 2,2% increase in the weighted average number of shares
in issue due to the vesting of employee share options, including the AVI Black Staff Empowerment Scheme.
Attributable earnings, including capital items, were 4,3% lower than the first semester last year, which
included a capital payment of R150,0 million from Coty to Indigo on revision of the trading relationship
between them.
Cash generated by operations before working capital changes increased 15,7% to R1,31 billion. Working
capital rose R355,5 million, reflecting strong trading at the end of the period as well as the higher stock
value from rising input costs. Capital expenditure of R225,8 million incorporated capacity and efficiency
projects in the manufacturing operations and new and refurbished stores in the retail businesses. Other
material cash outflows during the period were dividends of R574,3 million and taxation of R253,0 million.
Net debt at the end of December 2014 was R456,4 million compared to R539,9 million at the end of
December 2013.
DIVIDEND
A normal interim dividend of 132 cents per share has been declared, an increase of 10,0% on last year’s
interim dividend.
In addition, in line with AVI’s ongoing commitment to return excess cash to shareholders, the Board has
approved a special dividend of 200 cents per share.
Segmental review
Six months ended 31 December
Segmental revenue Segmental operating profit
2014 2013 % 2014 2013 %
Rm Rm change Rm Rm change
Food & Beverage Brands 4 376,1 3 854,6 13,5 749,7 631,1 18,8
Entyce Beverages 1 568,9 1 416,1 10,8 312,1 258,9 20,5
Snackworks 1 825,1 1 614,0 13,1 339,5 297,9 14,0
I&J 982,1 824,5 19,1 98,1 74,3 32,0
Fashion Brands 1 622,1 1 540,6 5,3 411,3 393,2 4,6
Personal Care* 541,4 574,4 (5,7) 102,6 97,2 5,6
Footwear & Apparel 1 080,7 966,2 11,9 308,7 296,0 4,3
Corporate 4,0 5,1 (8,7) (3,6)
Group 6 002,2 5 400,3 11,1 1 152,3 1 020,7 12,9
* decrease in revenue due to revision of commercial relationship with Coty effective 31 October 2013.
Entyce Beverages
Revenue increased 10,8% to R1,57 billion while operating profit increased by 20,5% to R312,1 million with
the operating profit margin at 19,9% compared to 18,3% in the prior period.
Tea revenue increased 9,0% due to price increases necessary to offset rising black tea and rooibos tea
input costs. Coffee revenue was 5,5% up with price increases to ameliorate the impact of the weaker Rand
on raw material costs partially offset by lower sales volumes. Creamer revenue benefitted from higher
selling prices and sales volumes, rising by 23,9%.
Gross profit margin improved with higher selling prices recovering some of the accumulated margin pressure
from rising input costs. Selling and administrative cost increases were well contained, and Tea, Coffee
and Creamer all grew their operating profit and operating profit margin.
Snackworks
Revenue of R1,83 billion was 13,1% higher than last year while operating profit rose by 14,0%, from
R297,9 million to R339,5 million. The operating profit margin increased from 18,5% to 18,6%.
Biscuits revenue grew 14,2% with higher selling prices and a 3,5% increase in sales volumes. Snacks
revenue increased 9,4% with higher pricing in the category supported by volume growth of 1,2%.
Gross profit margin improved due to higher selling prices and higher sales volumes. This was partially
offset by increased marketing spend to support new product innovation, mostly in biscuits, resulting
in a slight improvement in operating profit margin.
I&J
Revenue increased by 19,1% from R824,5 million to R982,1 million while operating profit increased from
R74,3 million to R98,1 million. The operating profit margin increased from 9,0% to 10,0%.
Revenue growth largely reflects the benefit of the weaker Rand on export sales, supported by increases
in selling prices and a 7,5% increase in sales volumes. Fishing and processing performances were sound
and gross profit margin improved. However, unrealised losses on fuel hedges and foreign currency
balances resulted in a significant increase in selling and administrative expenses that tempered I&J’s
result for the period. I&J hedges its fuel price and foreign currency exposure on a consistent basis,
and the significant decline in oil prices and weakening of the Euro towards the end of the first
semester resulted in the recognition of unrealised losses, compared to unrealised gains in the first
half of last year.
Fashion Brands (Personal Care, Footwear and Apparel)
Revenue rose by 5,3% to R1,62 billion while operating profit increased 4,6% to R411,3 million. The
operating profit margin decreased slightly from 25,5% to 25,4%.
In the Personal Care category, Indigo’s revenue from owned brands grew by 8,7% due to volume growth
and price increases, although total revenue declined following the commencement of new trading terms
with Coty with effect from November 2013. Operating profit grew 5,5% to R102,6 million and the
operating profit margin increased from 16,9% to 19,0%, partly because of the revised Coty trading
terms which result in lower revenue. Gross profit margin was preserved by well managed selling and
administrative expenses.
The Footwear and Apparel category increased revenue by 11,9% to R1,08 billion while operating profit
increased by 4,3% from R296,0 million to R308,7 million. The operating profit margin decreased from
30,6% to 28,6%.
In the Spitz business revenue grew 13,2% as a result of higher selling prices as well as increased
footwear and clothing sales volumes. Core brands performed strongly notwithstanding the constrained
consumer environment, with record sales in December, while price increases taken in the last financial
year stabilised gross profit margin. Gross profit margin was slightly down on last year, having
normalised from the very high levels achieved when the Rand was relatively stable for a protracted
period. Operating profit increased from R258,9 million to R282,7 million and the operating profit
margin declined from 33,1% to 31,9%.
In Green Cross revenue growth was inhibited by poor wholesale demand and the refurbishment of six of
the retail stores during the semester, growing just 5,0% to R171,4 million. Apart from the lost sales
from refurbishments, retail stores performed well with consumers reacting favourably to the new store
design. Gross profit margin declined, partly because of the weaker Rand, and also due to the cost of
high stock levels resulting from changes in product ranging and low wholesale demand. Overall revenue
growth was insufficient to recover the additional fixed costs and operating profit decreased from
R34,3 million to R23,6 million.
Outlook
We expect the current constrained consumer demand environment to persist. The weaker Rand will put
additional pressure on input costs and selling prices will need to be adjusted during the second half
of the year, with due cognisance of the impact that this could have on demand.
We have installed full back?up power capabilities at many of our manufacturing sites, with further
mitigation in progress in both our manufacturing and retail activities. Consequently the irregular
power supply in the first semester did not have a material impact on our results, however, prolonged
and severe load shedding or major power outages could result in significantly higher operating costs
and lost sales.
I&J has secured the majority of its foreign currency exchange rates for the second half and will
benefit from lower fuel prices. Provided catch rates are maintained at sound levels, this business
should have a strong second half.
Entyce and Snackworks have well established capabilities to defend market share and profit margins
and will be seeking to protect gross profit margin and grow sales volumes where there is opportunity.
Indigo is maintaining its strong aerosol and colour cosmetics positions and is performing well in
export markets. Spitz, Kurt Geiger and Green Cross retail stores will benefit from refurbishments and
measured space growth, and the decline in the Green Cross wholesale business has been stemmed. Our
international business is achieving good revenue growth and continues to focus on growing profitable,
branded market positions supported by our South African manufacturing capability.
Notwithstanding expectations of a difficult trading environment we remain confident that our unique
brand portfolio can continue to deliver growth in key categories. This will be supported by ongoing
improvements in manufacturing capability and procurement activity.
Accordingly the Board is confident that AVI is well positioned to weather a difficult trading
environment while continuing to pursue growth opportunities from the current brand portfolio and
remaining vigilant for brand acquisition opportunities, both domestically and regionally.
The above outlook statements have not been reviewed or reported on by AVI’s auditors.
Gavin Tipper Simon Crutchley
Chairman CEO
9 March 2015
Condensed group balance sheet
Unaudited at Audited
31 December at 30 June
2014 2013 2014
Rm Rm Rm
Assets
Non?current assets
Property, plant and equipment 2 386,0 2 142,6 2 317,1
Intangible assets and goodwill 1 144,9 1 144,2 1 146,6
Investments 385,9 380,4 406,8
Deferred taxation 24,3 38,9 41,8
3 941,1 3 706,1 3 912,3
Current assets
Inventories and biological assets 1 463,5 1 308,2 1 382,7
Trade and other receivables including derivatives 1 819,7 1 666,6 1 509,1
Cash and cash equivalents 323,7 358,3 298,5
Other assets classified as held?for?sale* - 5,9 -
3 606,9 3 339,0 3 190,3
Total assets 7 548,0 7 045,1 7 102,6
Equity and liabilities
Capital and reserves
Total equity 4 474,7 4 018,3 4 216,2
Non?current liabilities
Operating lease straight?line liabilities 15,2 17,3 16,2
Employee benefits 358,5 354,1 348,5
Deferred taxation 292,6 267,0 269,8
666,3 638,4 634,5
Current liabilities
Current borrowings 764,9 880,9 647,5
Trade and other payables including derivatives 1 580,3 1 422,7 1 599,8
Corporate taxation 61,8 84,6 4,6
Other liabilities classified as held?for?sale ? 0,2 ?
2 407,0 2 388,4 2 251,9
Total equity and liabilities 7 548,0 7 045,1 7 102,6
Net debt** 456,4 539,9 365,2
* Other assets held?for?sale comprise equipment and property held for disposal.
** Comprises operating lease straight?line liabilities and current borrowings, less cash and cash
equivalents.
Condensed group statement of comprehensive income
Unaudited Audited
six months ended year ended
31 December 30 June
2014 2013 % 2014
Rm Rm change Rm
Revenue 6 002,2 5 400,3 11 10 267,4
Cost of sales 3 331,2 3 006,1 11 5 839,6
Gross profit 2 671,0 2 394,2 12 4 427,8
Selling and administrative expenses 1 518,7 1 373,5 11 2 715,3
Operating profit before capital items 1 152,3 1 020,7 13 1 712,5
Income from investments 2,9 2,8 4 7,6
Finance costs (32,6) (33,5) (3) (56,0)
Share of equity?accounted earnings of
joint ventures 5,8 11,7 (50) 28,5
Capital items (1,9) 149,2 (101) 138,0
Profit before taxation 1 126,5 1 150,9 (2) 1 830,6
Taxation 323,1 311,2 4 514,9
Profit for the period 803,4 839,7 (4) 1 315,7
Profit attributable to:
Owners of AVI 803,4 839,7 (4) 1 315,7
Other comprehensive income, net of tax (4,9) 6,4 (177) 17,5
Items that are or may be subsequently
reclassified to profit or loss
Foreign currency translation differences (19,1) 21,3 (190) 41,3
Cash flow hedging reserve 20,6 (20,1) (202) (31,3)
Taxation on items that are or may be subsequently
reclassified to profit or loss (5,8) 5,6 8,8
Page 5
AVI interim results for the six months ended 31 December 2014
Items that will never be reclassified to profit or loss
Actuarial loss recognised (0,8) (0,6) (1,8)
Taxation on items that will never be
reclassified to profit or loss 0,2 0,2 0 0,5
Total comprehensive income for the period 798,5 846,1 (6) 1 333,2
Total comprehensive income attributable to:
Owners of AVI 798,5 846,1 (6) 1 333,2
Depreciation and amortisation of property,
plant and equipment, fishing rights and
trademarks included in operating profit 151,2 138,8 9 286,1
Earnings per share
Basic earnings per share (cents)# 252,5 269,6 (6) 419,3
Diluted basic earnings per share (cents)## 247,5 261,6 (5) 409,3
Headline earnings per share (cents)# 252,9 230,6 10 383,6
Diluted headline earnings per share (cents)## 247,9 223,8 11 374,5
# Basic earnings and headline earnings per share are calculated on a weighted average of 318 170 151
(31 December 2013: 311 458 224 and 30 June 2014: 313 804 047) ordinary shares in issue.
## Diluted basic earnings and headline earnings per share are calculated on a weighted average of 324 580 376
(31 December 2013: 320 932 285 and 30 June 2014: 321 421 910) ordinary shares in issue.
Condensed group statement of cash flows
Unaudited Audited
six months ended year ended
31 December 30 June
2014 2013 % 2014
Rm Rm change Rm
Operating activities
Cash generated by operations before working
capital changes 1 309,6 1 132,0 16 2 102,8
Increase in working capital (355,3) (190,3) 87 (101,1)
Cash generated by operations 954,3 941,7 1 2 001,7
Interest paid (32,6) (33,5) (3) (56,0)
Taxation paid (253,0) (220,4) 15 (465,1)
Net cash available from operating activities 668,7 687,8 (3) 1 480,6
Investing activities
Interest received 2,9 2,8 4 7,6
Property, plant and equipment acquired (225,8) (199,9) 13 (531,9)
Additions to intangible assets ? ? (4,0)
Proceeds from disposals of property, plant and equipment 5,8 8,1 (28) 13,8
Payment from Coty on revision of commercial relationship ? 150,0 150,0
Movement in joint ventures and other investments 1,6 12,7 (87) 27,1
Net cash used in investing activities (215,5) (26,3) 719 (337,4)
Financing activities
Proceeds from shareholder funding 26,9 21,2 27 93,9
Short?term funding raised/(repaid) 117,4 (12,6) (246,1)
Dividends paid (574,3) (531,0) 8 (910,2)
Net cash used in financing activities (430,0) (522,4) (18) (1 062,4)
Increase in cash and cash equivalents 23,2 139,1 (83) 80,8
Cash and cash equivalents at beginning of period 298,5 212,4 41 212,4
321,7 351,5 293,2
Page 6
AVI interim results for the six months ended 31 December 2014
Translation of cash equivalents of foreign subsidiaries
at beginning of period 2,0 6,8 (71) 5,3
Cash and cash equivalents at end of period 323,7 358,3 298,5
Condensed group statement of changes in equity
Share
capital and Treasury Retained Total
premium shares Reserves earnings equity
Rm Rm Rm Rm Rm
Six months ended 31 December 2014
Balance at 1 July 2014 29,5 (448,1) 347,5 4 287,3 4 216,2
Profit for the period 803,4 803,4
Other comprehensive income
Foreign currency translation differences (19,1) (19,1)
Actuarial losses recognised, net of tax (0,6) (0,6)
Cash flow hedging reserve, net of tax 14,8 14,8
Total other comprehensive income - - (4,9) - (4,9)
Total comprehensive income for the period - - (4,9) 803,4 798,5
Transactions with owners, recorded directly in equity
Share?based payments 6,2 6,2
Deferred taxation on Group share scheme recharge 2,9 2,9
Dividends paid (574,3) (574,3)
Issue of ordinary shares to AVI Share Trusts 10,5 (10,5) ?
Own ordinary shares sold by AVI Share Trusts 23,7 1,5 25,2
Total contributions by and distributions to owners 10,5 13,2 9,1 (572,8) (540,0)
Balance at 31 December 2014 40,0 (434,9) 351,7 4 517,9 4 474,7
Six months ended 31 December 2013
Balance at 1 July 2013 29,5 (538,2) 309,0 3 877,3 3 677,6
Profit for the period 839,7 839,7
Other comprehensive income
Foreign currency translation differences 21,3 21,3
Actuarial losses recognised, net of tax (0,4) (0,4)
Cash flow hedging reserve, net of tax (14,5) (14,5)
Total other comprehensive income - - 6,4 - 6,4
Total comprehensive income for the period - - 6,4 839,7 846,1
Transactions with owners, recorded directly in equity
Share?based payments 7,6 7,6
Deferred taxation on Group share scheme recharge (2,7) (2,7)
Dividends paid (531,0) (531,0)
Own ordinary shares sold by AVI Share Trusts 17,6 3,1 20,7
Total contributions by and distributions to owners - 17,6 4,9 (527,9) (505,4)
Balance at 31 December 2013 29,5 (520,6) 320,3 4 189,1 4 018,3
Year ended 30 June 2014
Balance at 1 July 2013 29,5 (538,2) 309,0 3 877,3 3 677,6
Profit for the year 1 315,7 1 315,7
Other comprehensive income
Foreign currency translation differences 41,3 41,3
Actuarial losses recognised, net of tax (1,3) (1,3)
Cash flow hedging reserve, net of tax (22,5) (22,5)
Total other comprehensive income - - 17,5 - 17,5
Total comprehensive income for the period - - 17,5 1 315,7 1 333,2
Transactions with owners, recorded directly in equity
Share?based payments 13,0 13,0
Deferred taxation on Group share scheme recharge 8,0 8,0
Dividends paid (910,2) (910,2)
Own ordinary shares sold by AVI Share Trusts 90,1 4,5 94,6
Total contributions by and distributions to owners - 90,1 21,0 (905,7) (794,6)
Balance at 30 June 2014 29,5 (448,1) 347,5 4 287,3 4 216,2
Supplementary notes to the condensed consolidated interim financial statements
For the six months ended 31 December 2014
AVI Limited (“AVI” or the “Company”) is a South African registered company. These condensed consolidated interim financial
statements comprise the Company and its subsidiaries (together referred to as the “Group”) and the Group’s interest in
joint ventures.
1. Statement of compliance
The condensed consolidated interim financial statements have been prepared in accordance with the recognition and
measurement criteria of International Financial Reporting Standards, the presentation and disclosure requirements
of IAS 34 Interim Financial Reporting, the SAICA Financial Reporting Guides as issued by the Accounting Practices
Committee, the Financial Reporting Pronouncements as issued by the Financial Reporting Standards Council, the
Listings Requirements of the JSE Limited (the “JSE”) and the Companies Act of South Africa. These condensed
consolidated interim financial statements have not been reviewed or audited by the Group’s auditors.
2. Basis of preparation
The condensed consolidated interim financial statements are prepared in millions of South African Rands (“Rm”) on
the historical cost basis, except for derivative financial instruments, biological assets and liabilities for
cash?settled share?based payment arrangements, which are measured at fair value, and non?current assets and disposal
groups held?for?sale which are stated at the lower of carrying amount and fair value less costs to sell.
The accounting policies used in the preparation of these interim financial statements are in terms of International
Financial Reporting Standards and are consistent with those applied in preparing the annual financial statements
for the year ended 30 June 2014.
The Group adopted all new, revised or amended accounting pronouncements, which were effective and applicable to the
Group from 1 July 2014, none of which had any material impact on the Group’s financial results for the period.
3. Segmental results
Unaudited Audited
six months ended year ended
31 December 30 June
2014 2013 % 2014
Rm Rm change Rm
Segmental revenue
Food & Beverage Brands 4 376,1 3 854,6 14 7 598,4
Entyce Beverages 1 568,9 1 416,1 11 2 717,4
Snackworks 1 825,1 1 614,0 13 3 057,9
I&J 982,1 824,5 19 1 823,1
Fashion Brands 1 622,1 1 540,6 5 2 659,3
Personal Care* 541,4 574,4 (6) 1 043,8
Footwear & Apparel 1 080,7 966,2 12 1 615,5
Corporate and consolidation 4,0 5,1 9,7
Group 6 002,2 5 400,3 11 10 267,4
Segmental operating profit before capital items
Food & Beverage Brands 749,7 631,1 19 1 161,5
Entyce Beverages 312,1 258,9 21 442,4
Snackworks 339,5 297,9 14 474,5
I&J 98,1 74,3 32 244,6
Fashion Brands 411,3 393,2 5 560,1
Personal Care 102,6 97,2 6 172,0
Footwear & Apparel 308,7 296,0 4 388,1
Corporate and consolidation (8,7) (3,6) (9,1)
Group 1 152,3 1 020,7 13 1 712,5
*Decrease due to revision of commercial relationship with Coty effective 31 October 2013 ? see note 4.
4. Determination of headline earnings
Unaudited Audited
six months ended year ended
31 December 30 June
2014 2013 % 2014
Rm Rm change Rm
Profit for the year attributable to owners of AVI 803,0 839,7 (4) 1 315,7
Total capital items after taxation (1,4) 121,4 111,9
Net loss on disposal of investments
and property, plant and equipment (1,9) (0,8) (5,1)
Payment from Coty on revision of commercial relationship* ? 150,0 150,0
Impairment of assets ? ? (6,9)
Taxation attributable to capital items 0,5 (27,8) (26,1)
Headline earnings 804,8 718,3 12 1 203,8
Headline earnings per ordinary share (cents) 252,9 230,6 10 383,6
Diluted headline earnings per ordinary share (cents) 247,9 223,8 11 374,5
Number Number % Number
of shares of shares change of shares
Weighted average number of
ordinary shares 318 170 151 311 458 224 2 313 804 047
Weighted average diluted
number of ordinary shares 324 580 376 320 932 285 1 321 421 910
*Payment from Coty on revision of commercial relationship
Effective 31 October 2013, AVI Limited and Coty Inc. agreed to a revision of their existing commercial
relationship whereby AVI ceased to be the exclusive licensee of Coty in South Africa and was appointed
as the exclusive manufacturer, importer, distributor and marketer of Coty’s value brand portfolio in
South Africa and 13 other African countries. As compensation for the revision, Coty made a once?off
pre?tax payment to Indigo of R150,0 million in November 2013.
Following the revision Indigo no longer reports revenue and profit associated with the sale of Coty
branded product but instead recognises revenue and profit in relation to the services provided to Coty
by Indigo. The impact on the individual lines disclosed in AVI’s consolidated statement of comprehensive
income for the periods ended 31 December 2014, 30 June 2014 and 31 December 2013 is not significant and
is not expected to be significant going forward.
The impact on Group prior year results is as follows:
Rm
Payment from Coty on revision of
commercial relationships 150,0
Less: Capital gains taxation (28,0)
Net capital profit 122,0
5. Commitments
Unaudited Audited
six months ended year ended
31 December 30 June
2014 2013 2014
Rm Rm Rm
Capital expenditure commitments for
property, plant and equipment 598,4 187,3 562,1
Contracted for 485,8 170,1 436,9
Authorised but not contracted for 112,6 17,2 125,2
It is anticipated that this expenditure will be financed by cash resources, cash generated from
activities and existing borrowing facilities. Other contractual commitments have been entered
into in the normal course of business.
6. Post-reporting date events
No significant events that meet the requirements of IAS 10 have occurred since the
reporting date.
7. Dividend declaration
Notice is hereby given that a gross interim ordinary dividend No 82 of 132 cents per share
for the six months ended 31 December 2014 and gross special dividend No 83 of 200 cents per
share have been declared payable to shareholders of ordinary shares. Both dividends have been declared
out of income reserves and will be subject to dividend withholding tax at a rate of 15%. The Company has
no secondary tax credits available and consequently a net interim dividend of 112,2 cents per share
and a net special dividend of 170 cents per share will be distributed to those shareholders who
are not exempt from paying dividend tax. In terms of dividend tax legislation, the dividend tax amount due
will be withheld and paid over to the South African Revenue Service by a nominee company, stockbroker or
Central Securities Depository Participant (“CSDP”) (collectively “Regulated Intermediary”) on behalf of
shareholders. However, all shareholders should declare their status to their Regulated Intermediary, as
they may qualify for a reduced dividend tax rate or exemption. AVI’s issued share capital at the declaration
date is 346 113 309 ordinary shares. AVI’s tax reference number is 9500/046/71/0. The salient dates relating
to the payment of the dividend are as follows:
Last day to trade cum dividend on the JSE Thursday, 26 March 2015
First trading day ex dividend on the JSE Friday, 27 March 2015
Record date Thursday, 2 April 2015
Payment date Tuesday, 7 April 2015
In accordance with the requirements of Strate Limited, no share certificates may be dematerialised or
rematerialised between Friday, 27 March 2015 and Thursday, 2 April 2015, both days inclusive.
Dividends in respect of certificated shareholders will be transferred electronically to shareholders’ bank
accounts on payment date. In the absence of specific mandates, dividend cheques will be posted to
shareholders. Shareholders who hold dematerialised shares will have their accounts at their CSDP or broker
credited on Tuesday, 7 April 2015.
8. Preparation of financial statements
These condensed consolidated interim financial statements have been prepared under the supervision of
Owen Cressey CA(SA), the AVI Group Chief Financial Officer.
Administration and principal subsidiaries
Administration
Company registration
AVI Limited (“AVI”)
Reg no: 1944/017201/06
Share code: AVI
ISIN: ZAE000049433
Directors
Executive
Simon Crutchley (Chief Executive Officer)
Owen Cressey (Chief Financial Officer)
Michael Koursaris (Business Development Director)
Independent non?executive
Gavin Tipper (1) (Chairman)
James Hersov (2)
Adriaan Nühn (1, 4)
Mike Bosman (2)
Andisiwe Kawa (1)
Abe Thebyane (1)
Neo Dongwana (2, 3)
Barry Smith (3) (Resigned 30 October 2014)
Richard Inskip
1 Member of the Remuneration, Nomination and Appointments Committee
2 Member of the Audit and Risk Committee
3 Member of the Social and Ethics Committee
4 Dutch
Company Secretary
Sureya Naidoo
Business address and registered office
2 Harries Road
Illovo
Johannesburg 2196
South Africa
Postal address
PO Box 1897
Saxonwold 2132
South Africa
Telephone: +27 (0)11 502 1300
Telefax: +27 (0)11 502 1301
E?mail: info@avi.co.za
Website: www.avi.co.za
Auditors
KPMG Inc.
Sponsor
The Standard Bank of South Africa Limited
Commercial bankers
Standard Bank
FirstRand Bank
Transfer secretaries
Computershare Investor Services Proprietary Limited
Business address
70 Marshall Street
Marshalltown
Johannesburg 2001
South Africa
Postal address
PO Box 61051
Marshalltown 2107
South Africa
Telephone: +27 (0)11 370 5000
Telefax: +27 (0)11 370 5271
Principal subsidiaries
Food & Beverage Brands
National Brands Limited
Reg no: 1948/029389/06
(incorporating Entyce Beverages & Snackworks)
30 Sloane Street
Bryanston 2021
PO Box 5159
Rivonia 2128
Managing Directors
Sarah?Anne Orphanides (Entyce beverages)
Telephone: +27 (0)11 707 7100
Telefax: +27 (0)11 707 7799
Gaynor Poretti (Snackworks)
Telephone: +27 (0)11 707 7200
Telefax: +27 (0)11 707 7799
I&J
Irvin & Johnson Holding Company Proprietary Limited
Reg no: 2004/013127/07
1 Davidson Street
Woodstock
Cape Town 7925
PO Box 1628
Cape Town 8000
Managing Director
Jonty Jankovich
Telephone: +27 (0)21 440 7800
Telefax: +27 (0)21 440 7270
Fashion Brands
Personal Care
Indigo Brands Proprietary Limited
Reg no: 2003/009934/07
16 ? 20 Evans Avenue
Epping 1 7460
PO Box 3460
Cape Town 8000
Managing Director
Robert Lunt
Telephone: +27 (0)21 507 8500
Telefax: +27 (0)21 507 8501
Footwear & Apparel
A&D Spitz Proprietary Limited
Reg no: 1999/025520/07
29 Eaton Avenue
Bryanston 2021
PO Box 782916
Sandton 2145
Acting Managing Director
Simon Crutchley
Telephone: +27 (0)11 707 7300
Telefax: +27 (0)11 707 7763
Green Cross Manufacturers Proprietary Limited
Reg no: 1994/08549/07
26 ? 30 Benbow Avenue
Epping Industria 7460
PO Box 396
Epping Industria 7475
Managing Director
Greg Smith
Telephone: +27 (0)21 507 9700
Telefax: +27 (0)21 507 9707
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