Slide 1: AVI Limited presentation to shareholders & analysts for the year ended 30 June 2019
AVI Limited presentation to shareholders & analysts for the year ended 30 June 2019
Slide 2: Agenda
AGENDA Key features and results history Group financial results Business unit performance Prospects Questions and answers
Slide 3: Key Features
KEY FEATURES Improved second semester Like-for-like revenue growth of 1,2%: Pressure on sales volumes in constrained consumer environment Balanced value versus volume across key categories Gross profit margins protected despite the difficult environment Selling and administrative costs u
Slide 4: Results History: Operating profit history
RESULTS HISTORY Operating profit history - Reported 2 600 2 568 2534 2 398 Constrained environment resulting in volume pressure and lower profit in F19 2 400 328 2 165 395 Compound annual growth rate from F05 to F19 of 14,5% 2 200 366 1 929 250 237 2 000 Operating profit margin increased from
Slide 5: Results History: Capital expenditure and depreciation
RESULTS HISTORY Capital expenditure and depreciation* 1 000 F12 F13 F14 F15 F16 F17 F18 F19 12.00 882 900 849 10.00 800 101 260 700 8.00 600 541 567 546 R million 532 500 473 6.00 108 420 408 394 388 400 347 308 283 4.00 300 256 217 200 2.00 100 - - F12 F13 F14 F15 F16 F17 F18 F19 Capital expenditur
Slide 6: Results History: Return on capital employed
RESULTS HISTORY Return on capital employed 8 000 30% 29% 7 000 28% 6 000 27% R million 5 000 26% 4 000 25% 24% 3 000 23% 2 000 22% 1 000 21% 0 20% F11 F12 F13 F14 F15 F16 F17 F18 F19 Net operating profit after tax Average capital employed ROCE (%) High return maintained in tough environment
Slide 7: Results History: Cash conversion
RESULTS HISTORY Cash conversion 3 500 120% 3 000 100% 2 500 550.0 80% R million 2 000 60% 1 500 226.6 40% 1 000 230.6 500 201.8 20% 0 0% F11 F12 F13 F14 F15 F16 F17 F18 F19 EBITDA Cash generated by operations Cash to EBITDA Sustained strong conversion of earnings into cash
Slide 8: Results History: Dividend yield
RESULTS HISTORY Dividend yield (Year end) 14% 12.0% 12% 10% 7.7% 7.4% 8% 6.4% 6.5% 6.3% 6.2% 5.2% 6% 4.9% 4.5% 4.5% 4.5% 4.1% 4.4% 4.3% 3.8% 3.7% 4.0% 4.1% 4.0% 4% 2.8% 2% 0% F05 F06 F07 F08 F09 F10 F11 F12 F13 F14 F15 F16 F17 F18 F19 Normal dividend yield Total dividend yield Based on share price
Slide 9: Results History: Returns to shareholders
RESULTS HISTORY Returns to shareholders 2 500 2 252,4 2 000 1 703.3 822.9 R million 1 500 1 359.7 1 367.0 - 638.8 1 322.0 1 197.4 - 550.0 953.5 1 000 869.5 823.5 788.3 269.9 620.7 1 429.5 319.1 - 1 197.4 1 322.0 500 1 064.5 226.6 953.5 317.8 230.6 301.1 809.7 229.4 262.8 - 620.7 543.5 201.8 166.0 -
Slide 10: Group Financial Results
AN | Group Financial Results ee luvlish > ane GROWING GREAT BRANDS
Slide 11: Income statement – Reconciliation between FY19 reported and like-for-like
GROUP FINANCIAL RESULTS Income statement – Reconciliation between FY19 reported and like-for-like results F19 New F19 Reported Accounting Like-for like Rm Standards Rm Revenue 13 150,9 448,6 13 599,5 Cost of sales (7 740,2) 61,9 (7 678,3) Gross profit 5 410,7 510,5 5 921,2 Gross profit margin % 41,1
Slide 12: Income statement – Like-for-like
GROUP FINANCIAL RESULTS Income statement – Like-for-like F19 F18 Like-for-like Reported % Rm Rm Revenue 13 599,5 13 437,5 1,2 Cost of sales (7 678,3) (7 498,0) 2,4 Gross profit 5 921,3 5 939,5 (0,3) Gross profit margin % 43,5 44,2 (1,6) Selling and administrative expenses (3 446,1) (3 387,0) 1,7 Op
Slide 13: H2 income statement – Like-for-like
GROUP FINANCIAL RESULTS H2 income statement – Like-for-like H2 F19 H2 F18 Like-for-like Reported % Rm Rm Revenue 6 287,1 6 137,1 2,4 Cost of sales (3 603,3) (3 479,6) 3,6 Gross profit 2 683,8 2 657,5 1,0 Gross profit margin % 42,7 43,3 (1,4) Selling and administrative expenses (1 640,3) (1 635,2) 0
Slide 14: Movement in headline earnings
GROUP FINANCIAL RESULTS Movement in headline earnings 1 900 1 800 1 700 1 600 1 500 R million 1 400 1 300 1 200 1 100 1 000 1 774 -53 -21 -10 1 690 6 1 696 F18 Operating profit Net finance costs Equity earnings F19 New accounting Reported after tax after tax after tax Like-for -like standards Net
Slide 15: Business unit financial results – Like-for-like
GROUP FINANCIAL RESULTS Business unit financial results – Like-for-like Segmental Segmental Operating Revenue Operating Profit Margin F19 F18 F19 F18 F19 F18 Δ Δ Like-for-like Reported Like-for-like Reported Like-for-like Reported % % Rm Rm Rm Rm % % Food & Beverage Brands 10 590,2 10 282,5 3,0 1 95
Slide 16: Movement in group revenue
GROUP FINANCIAL RESULTS Movement in group revenue 14 000 13 000 12 000 11 000 R million 10 000 9 000 8 000 7 000 6 000 13 438 314 -152 13 600 -449 13 151 Price Volume F19 New accounting F19 F18 Like-for-like standards Reported Benign cost inflation across the basket of raw materials and good cost
Slide 17: Gross profit margin history
GROUP FINANCIAL RESULTS Gross profit margin history 60% 50% 45.4% 44.6% 43.8% 43.9% 43.7% 44.2% 43.5% 43.1% 40% 30% 20% F12 F13 F14 F15 F16 F17 F18 F19 Like-for-like Gross profit margin largely protected in difficult environment
Slide 18: Full year operating profit 3,0% down on a like-for-like basis
GROUP FINANCIAL RESULTS Full year operating profit 3,0% down on a like-for-like basis 2 600 2 350 2 100 R million 1 850 1 600 1 350 1 100 2 552 43 17 -30 -13 -59 -42 7 2 475 47 2 522 FY18 Entyce Snackworks I&J Personal Spitz Green Other F19 New F19 Care Cross Like-for accounting Reported -like stand
Slide 19: H2 operating profit 2,1% up on a like-for-like basis
GROUP FINANCIAL RESULTS H2 operating profit 2,1% up on a like-for-like basis 1 350 1 100 R million 850 600 1022 1 40 2 -1 -7 -19 6 1044 23 1067 FY18 Entyce Snackworks I&J Personal Spitz Green Other F19 New F19 Care Cross Like-for accounting Reported -like standards Snackworks improvement from bett
Slide 20: Cash flow, gearing and return on capital – Reconciliation
GROUP FINANCIAL RESULTS Cash flow, gearing and return on capital – Reconciliation between FY19 reported and like-for-like results F19 New F19 Reported accounting Like-for-like Rm standards Rm Cash generated by operations 2 849,9 (205,7) 2 644,2 Working capital to revenue % 25,3 27,5 Capital expendit
Slide 21: Cash flow, gearing and return on capital – Like-for-like
GROUP FINANCIAL RESULTS Cash flow, gearing and return on capital – Like-for-like F19 F18 Like-for-like Reported % Rm Rm Cash generated by operations 2 644,2 2 691,9 (1,8) Working capital to revenue % 27,5 24,5 12,2 Capital expenditure 472,6 419,9 12,6 Depreciation and amortisation 432,0 412,9 4,6 N
Slide 22: Dividends
GROUP FINANCIAL RESULTS Dividends F19 F18 % Interim dividend - cps 165 175 (5,7) Final dividend - cps 250 260 (3,8) Normal dividend - cps 415 435 (4,6) Dividend yield - %* 4,5 4,0 Special dividend - cps - 250 Total dividend - cps 415 685 (39,4) Total dividend yield - %* 4,5 6,3 Normal dividend cove
Slide 23: Key capital projects spend summary
GROUP FINANCIAL RESULTS Key capital projects spend summary F19 F20 Actual Planned Rm Rm Rooibos expansion project 52 35 Biscuit line capacity and process improvements 109 16 I&J vessel dry-docks and upgrades 41 125 I&J processing plant replacements and upgrades 27 45 Abalone farm expansion and upgra
Slide 24: Foreign exchange hedges
GROUP FINANCIAL RESULTS Foreign exchange hedges September 2019 to January 2020 to July 2020 to December 2019 June 2020 December 2020 % Cover % Cover % Cover USD imports 89% 39% 2% EUR imports 81% 40% 4% EUR exports 72% 59% 16% Consistent hedging philosophy provides stability to manage gross margin
Slide 25: Analysis of I&J fuel costs
GROUP FINANCIAL RESULTS Analysis of I&J fuel costs F19 F18 Actual Actual Var Rm Rm Rm Supplier cost for fuel 145,1 127,7 17,4 Hedge settlements (7,0) (5,5) (1,5) Realised cost of fuel 138,1 122,2 15,9 Unrealised loss / (gain) 13,4 (15,6) 29,0 Opening mark-to-market asset / (liability) 12,0 (3,6) Clo
Slide 26: Performance and Prospects
Performance and Prospects prospects
Slide 27: Entyce income statement – tea
Income statement F19 F18 Like-for-like Reported % Rm Rm Revenue 3 981,6 3 834,1 3,8 Operating profit 835,8 792,6 5,5 Operating profit margin % 21,0 20,7 1,5 Good growth in tea operating profit despite lower volumes Freshpak rooibos margins maintained despite volume pressure Some relief from l
Slide 28: Entyce income statement – coffee
Income statement F19 F18 Like-for-like Reported % Rm Rm Revenue 3 981,6 3 834,1 3,8 Operating profit 835,8 792,6 5,5 Operating profit margin % 21,0 20,7 1,5 Coffee profit decrease due to increased competitor activity Aggressive competitor discounting Reduced profitability in mixed instant cof
Slide 29: Entyce income statement – creamer
Income statement F19 F18 Like-for-like Reported % Rm Rm Revenue 3 981,6 3 834,1 3,8 Operating profit 835,8 792,6 5,5 Operating profit margin % 21,0 20,7 1,5 Strong creamer performance High demand due to competitor supply issues – volumes up 22,7% High service levels achieved with utilisation
Slide 30: Sales volume and selling prices
Sales volume and selling prices %Δ Comments F19 vs F18 Tea revenue growth 2,1 Sales volume (3,2) Premium brands decline at higher price points; competitor discounting. Black tea overall volumes flat due to growth in affordable brands Ave. selling price 5,4 Price increases in response to ongoing cost
Slide 31: Market shares – Value
Market shares – Value 70% 60% 57.2% 56.4% 48.8% 50% 40.6% 40% 30.8% 29.2% 30% 21.1% 21.4% 20% 10.5% 11.9% 10% 0% Five Roses Freshpak Frisco Trinco Ellis Brown F18 F19 Balanced price / volume in constrained environment Constrained consumers move to our affordable tea brands Creamer gains from c
Slide 32: Raw material costs
Raw material costs Cost impact of raw materials and commodities consumed in the period (F19 vs F18): 60 55 50 40 30 R million 20 10 1 0 -10 -7 -7 -9 -20 -15 -30 -24 Black tea Robusta / chicory Arabica Casien Palm oil Glucose Rooibos Rooibos cost increase due to constrained supply and export pricin
Slide 33: Snackworks
Snackworks That's Good Times! ney Willal® eMir, = GROWING GREAT BRANDS
Slide 34: Snackworks income statement – biscuits
Income statement F19 F18 Like-for-like Reported % Rm Rm Revenue 4 120,8 3 960,8 4,0 Operating profit 721,7 705,0 2,4 Operating profit margin % 17,5 17,8 (1,7) Growth in biscuit profit due to strong second semester performance Volume growth due to partial recovery in international markets Incr
Slide 35: Snackworks income statement – snacks
Income statement F19 F18 Like-for-like Reported % Rm Rm Revenue 4 120,8 3 960,8 4,0 Operating profit 721,7 705,0 2,4 Operating profit margin % 17,5 17,8 (1,7) Snacks profit declined off higher base achieved last year Revenue growth from higher volumes and price increase in second semester in re
Slide 36: Sales volume and selling prices
Sales volume and selling prices %Δ Comments F19 vs F18 Biscuits revenue growth 4,4 Sales volume 2,7 Partial recovery in international markets Ave. selling prices 1,7 Price increases in fourth quarter, offset by increased discounting in favour of below- the-line marketing costs Snacks revenue growth
Slide 37: Market shares - Value
Market shares - Value 50% 41.1% 41.3% 40% 30% 20% 18.6% 18.1% 14.3% 14.0% 10% 0% Bakers (Sweet) Bakers (Savoury) Willards F18 F19 Volumes resilient in constrained environment
Slide 38: Raw material costs
Raw material costs Cost impact of raw materials and commodities consumed in the period (F19 vs F18): 15 10 9 5 1 R million 0 -5 -4 -7 -10 -12 -15 Palm oil Flour Sugar Maize Butter
Slide 39: I&J
+ SINCE 1910 - GROWING GREAT BRANDS
Slide 40: I&J income statement
Income statement Income statement F19 F18 Like-for-like Reported % Rm Rm Revenue 2 487,8 2 487,6 0,0 Operating profit 395,2 425,0 (7,0) Operating profit margin % 15,9 17,1 (7,0) Revenue flat – price increases and favourable Rand exchange rate on export sales offset by lower sales volumes Sales
Slide 41: I&J operating profit movement
Operating Profit 450 400 350 300 250 R million 200 150 100 50 - 425 -53 -16 -22 45 10 6 395 13 408 Fuel price Vessel Vessel Forex Abalone fair Other F19 New F19 F19 utilisation repairs & value Like-for accounting Reported maintenance -like standards Fuel cost includes R29 million movement in mark-
Slide 42: Profit history
Profit history 550 480 453 450 450 62 382 73 52 67 350 70 98 R million 71 351 273 255 69 309 300 250 47 24 53 243 52 150 174 178 50 F14 F15 F16 F17 F18 F19 Fishing Abalone Simplot Abalone contribution increase due to: Higher stock value in line with expansion grow out into saleable sizes Weake
Slide 43: Fishing performance
Fishing performance 14.0 11.9 12.0 11.0 11.0 10.2 9.9 10.0 9.5 9.0 Hake tons per sea day 8.5 8.3 8.1 8.0 6.0 4.0 2.0 0.0 F10 F11 F12 F13 F14 F15 F16 F17 F18 F19 I&J catch rate Improvement mainly due to change in fleet utilisation - increase in freezer vessel fishing days and decrease in wet vessel
Slide 44: Sales volume and selling prices (Hake)
Sales volume and selling prices (Hake) %Δ Comments F19 vs F18 I&J Domestic revenue growth (8,8) Sales volume (15,3) Decrease in wet vessel fishing days and increased export allocation Ave. selling prices 7,6 Price increases and changes in sales mix I&J Export revenue growth 10,1 Sales volume 6,9 Hig
Slide 45: Indigo Brands
indigo brands P ascui GROWING GREAT BRANDS
Slide 46: Indigo Brands income statement
Income statement Income Statement F19 F18 Like-for-like Reported % Rm Rm Revenue 1 190,5 1 190,6 (0,0) Operating profit 237,1 250,3 (5,3) Operating profit margin % 19,9 21,0 (5,3) Fragrance body spray volumes constrained by aggressive discounting across the category Good volume growth from bo
Slide 47: Sales volume and selling prices
Sales volume and selling prices %Δ Comments F19 vs F18 Personal Care revenue growth* (0,6) Sales volume (3,3) Competitor discounting, particularly on fragrance body sprays Ave. selling price 2,8 Price increases to recover accumulated cost pressure, partly offset by increased discounting * Like-for-l
Slide 48: Spitz
SPITZ SPIT2 CARVELA KURTGEIGER LACOSTE GANT Aninaroche FTOSONI Performance and Prospects GROWING GREAT BRANDS
Slide 49: Spitz income statement
Income statement F19 F18 Like-for-like Reported % Rm Rm Revenue 1 461,2 1 546,4 (5,5) Operating profit 320,6 379,6 (15,5) Operating profit margin % 21,9 24,5 (10,6) Footwear volume decline Lower demand in constrained environment F18 record December performance not repeated Stable gross prof
Slide 50: Sales volume and selling prices
Sales volume and selling prices %Δ H1 F19 vs Comments F18 Spitz & KG Footwear revenue growth (6,4) Sales volume (6,9) Constrained consumer environment; F18 record December not repeated Ave. selling price 0,6 Changes in sales mix; no price increases on core lines KG Clothing revenue growth (2,4)
Slide 51: Spitz and Kurt Geiger
Spitz and Kurt Geiger Operating profit (Rm) 400 350 300 250 R million 200 150 100 50 0 F10 F11 F12 F13 F14 F15 F16 F17 F18 F19 Like-for-like Gross profit and operating profit margins 80% 60% Margin % 40% 20% 0% F10 F11 F12 F13 F14 F15 F16 F17 F18 F19 Operating profit % Gross profit %
Slide 52: Green Cross
GREEN CROSS Performance and Prospects GROWING GREAT BRANDS
Slide 53: Green Cross income statement
Income statement F19 F18 Like-for-like Reported % Rm Rm Revenue 295,0 366,1 (19,4) Operating profit (36,1) 6,2 (682,3) Operating profit margin % (12,2) 1,7 (817,6) Revenue decline of 19,4% Wholesale decline with continued shift to retail Aggressive discounting across the category Integratio
Slide 54: International
AN | International Performance and Prospects GROWING GREAT BRANDS
Slide 55: AVI International operating profit history
AVI INTERNATIONAL Operating profit history - Reported 250 213 194 197 200 189 159 R million 150 129 132 117 100 92 76 56 58 50 - F08 F09 F10 F11 F12 F13 F14 F15 F16 F17 F18 F19 Revenue growth Some recovery in international markets, with notable growth in Mozambique, DRC and Botswana Main growt
Slide 56: Entyce, Snackworks and Indigo – Non RSA sales
AVI INTERNATIONAL Entyce, Snackworks and Indigo – Non RSA sales F19 F18 Like-for-like Reported % Rm Rm International Revenue 1 059,4 992,1 6,8 % of Grocery and Personal Care brands 11,4 11,0 3,6 % of Group 7,8 7,4 5,4 International Operating Profit 211,4 188,6 12,1 % of Grocery and Personal Care br
Slide 57: Prospects for F20
AVI GROUP Prospects for F20 Target Entyce, Snackworks and Indigo profit growth in a tough environment Sustain medium term approach Careful price / volume management in market expected to remain constrained and competitive Raw material prices and exchange rates secured support consistent gros
Slide 58: Prospects for F20 continued
AVI GROUP Prospects for F20 continued I&J performance dependent on catch rates Exchange rates at levels that support sound export profit margins Depend materially on catch rates and size mix Increasing competition in export markets may impact selling prices Quota for CY19 up 10% to 39 616
Slide 59: Prospects for F20 continued
AVI GROUP Prospects for F20 continued Spitz Group Low selling price inflation supported by Rand exchange rates secured Incremental space growth and in-cycle refurbishments Continued focus on costs – rental reductions Sustain medium term approach Continued focus on brand and design via It
Slide 60: Investor proposition
AVI GROUP Investor proposition Continue adapting to changing macro environment Ongoing review of business model Group initiatives keep focus on margin management, procurement, cost savings and efficiency Manage our unique brand portfolio to its long term potential Target real earnings grow
Slide 61: Questions
AN | Questions ee tuvlish > ane GROWING GREAT BRANDS
Slide 62: Information slides
AN | Information slides ee tuvlish > ane GROWING GREAT BRANDS
Slide 63: Revenue 1,2% up on a like-for-like basis
INFORMATION SLIDE Revenue 1,2% up on a like-for-like basis 14 000 13 500 13 000 R million 12 500 12 000 13 438 148 160 0 -0 -85 -71 10 13 600 -449 13 151 F18 Entyce Snackworks I&J Personal Spitz Green Other F19 New F19 Care Cross Like-for accounting Reported -like standards Entyce: Strong creamer
Slide 64: Gross profit 0,3% down on a like-for-like basis
INFORMATION SLIDE Gross profit 0,3% down on a like-for-like basis 6 500 6 000 5 500 R million 5 000 4 500 4 000 5 939 52 19 -9 -14 -37 -34 5 5 921 -510 5 411 F18 Entyce Snackworks I&J Personal Spitz Green Other F19 New F19 Care Cross Like-for accounting Reported -like standards Entyce: Revenue gro
Slide 65: Cash flows
INFORMATION SLIDE Cash flows 3 500 3 000 2 500 2 000 R million 1 500 1 000 500 - 3 117 -216 -604 -473 760 -167 -195 -1 399 -823 Cash from Working Taxation Capital Increase in Lease Net interest Ordinary Special operations capital and expenditure net debt liabilities paid paid dividends dividend othe
Slide 66: Marketing expenditure – Like-for-like comparison
INFORMATION SLIDE Marketing expenditure – Like-for-like comparison 18.0% 15.7% 15.5% 16.0% 14.0% 12.0% 10.0% 8.5% 8.4% 7.9% 7.6% 8.0% 7.0% 7.0% 7.5% 6.5% 5.8% 6.0% 4.9% 5.2% 4.6% 4.0% 2.3% 1.6% 2.0% 0.0% * Excludes Coty F19 F18 Entyce and Snackworks reduced spend in favour of increased discounts
Slide 67: I&J fishing quota
INFORMATION SLIDE I&J fishing quota CY13 CY14 CY15 CY16 CY17 CY18 CY19 Quota (tons) South African Total Allowable Catch (TAC) 156 088 155 308 147 500 147 500 140 126 133 120 146 430 % change in TAC 7,8 (0,5) (5,0) - (5,0) (5,0) 10,0 I&J 43 689 43 471 41 223 41 245 37 901 36 013 39 616 % 28,0 28,0 27
Slide 68: Trading space and trading density – Spitz
INFORMATION SLIDE Trading space and trading density Spitz F19 F18 Number of stores 74 75 Turnover (Rm) 1 250,8 1 328,5 Average m2 19 484 19 841 Trading Density (R /m2) 64 198 66 960 Closing m2 19 363 19 460 Like-for-like metrics* F19 F18 Number of stores 72 72 Turnover (Rm) 1 213,7 1 289,1 Average &
Slide 69: Trading density – Spitz stores
INFORMATION SLIDE Trading density – Spitz stores 80 000 25 000 70 000 20 000 60 000 50 000 15 000 R/m2 m2 40 000 10 000 30 000 20 000 5 000 10 000 0 0 F14 F15 F16 F17 F18 F19 Trading density (R/m2) Average trading space (m2) Opened 1 new Spitz store and closed 2 Refurbished 7 Spitz stores
Slide 70: Trading space and trading density – Kurt Geiger
INFORMATION SLIDE Trading space and trading density Kurt Geiger F19 F18 Number of stores 33 33 Turnover (Rm) 210,3 216,6 Average m2 4 191 4 194 Trading Density (R /m2) 50 237 51 640 Closing m2 4 191 4 194 Like-for-like metrics* F19 F18 Number of stores 33 33 Turnover (Rm) 210,3 205,9 Average & closi
Slide 71: Trading density – Kurt Geiger stores
INFORMATION SLIDE Trading density – Kurt Geiger stores 60 000 4 300 50 000 4 200 4 100 40 000 4 000 30 000 m2 R/m2 3 900 20 000 3 800 10 000 3 700 0 3 600 F14 F15 F16 F17 F18 F19 Trading density (R/m2) Average trading space (m2) No store changes in FY19
Slide 72: Trading space and trading density – Green Cross
INFORMATION SLIDE Trading space and trading density Green Cross F19 F18 Number of stores 41 45 Turnover (Rm) 224,9 276,2 Average m2 5 340 5 436 Trading Density (R /m2) 42 110 50 804 Closing m2 4 936 5 536 Like-for-like metrics* F19 F18 Number of stores 38 38 Turnover (Rm) 205,8 250,1 Average & closi
Slide 73: Closing number of stores and trading space
INFORMATION SLIDE Closing number of stores and trading space at the end of each period Period Spitz Kurt Geiger Green Cross End # of stores Closing m² # of stores Closing m² # of stores Closing m² June 2009 56 15,595 3 346 December 2009 56 15,220 3 346 June 2010 56 15,012 3 346 December 2010 57 15,1
Slide 74: Business unit financial results - Reported
INFORMATION SLIDE Business unit financial results - Reported IFRS 15 and 16, adopted by AVI with effect from 1 July 2018, have had a material impact on reported F19 segmental revenue and operating profit, rendering direct comparison to last year’s results meaningless for these lines. The F19 numbers
Slide 75: ee tuvlish
ee tuvlish > ane GROWING GREAT BRANDS