Avi Limited Class Y · JSE:AVI

Avi Limited Class Y — H1 FY2022 Earnings Presentation

68 slides from Avi Limited Class Y's earnings presentation, Dec 31, 2021

  1. Slide 1: AVI Limited presentation to shareholders & analysts

    AVI Limited presentation to shareholders & analysts for the six months ended 31 December 2021

  2. Slide 2: Agenda

    AGENDA  Key features and results history  Group financial results  Performance and prospects  Questions and answers

  3. Slide 3: Key features

    KEY FEATURES  COVID-19 and July unrest  Significant disruption to supply chains  Direct costs of R36,9 million across Snackworks and Spitz  SASRIA insurance proceeds of R64,4 million  Group revenue increased by 2,3%  Selling price increases in most categories to offset higher raw material cost

  4. Slide 4: Results history: operating profit history

    RESULTS HISTORY Operating profit history 1 800 Operating profit history 1 600 1 530 1 408 1 456 1 457 1 420 1 515 1 400 1 302 265 342 287 247 209 310 1 200 1 152 100 306 94 110 140 128 1 021 160 309 140 169 126 1 000 921 R million 124 179 153 854 296 167 800 303 103 160 547 674 231 489 507 97 98 452

  5. Slide 5: Results history: return on capital employed

    RESULTS HISTORY Return on capital employed 8 000 35% 7 000 30% 6 000 5 000 25% R million 4 000 20% 3 000 2 000 15% 1 000 0 10% F12 F13 F14 F15 F16 F17 F18 F19 F20 F21 F22* Net operating profit after tax Average capital employed ROCE (%) * F22 represents a rolling 12 month period to 31 December 2021

  6. Slide 6: Results history: cash conversion

    RESULTS HISTORY Cash conversion 3 500 120% 3 000 100% 2 500 80% 2 000 R million 60% 1 500 40% 1 000 20% 500 0 0% F12 F13 F14 F15 F16 F17 F18 F19 F20 F21 F22* EBITDA Cash generated by operations Cash to EBITDA (%) * F22 represents a rolling 12 month period to 31 December 2021  Sustained strong conve

  7. Slide 7: Results history: dividend yield

    RESULTS HISTORY Dividend yield (Year end) 14% 12,0% 12% 10,1% 10% 7,7% 7,4% 8% 6,4% 6,5% 6,3% 6,2% 5,8% 6,1% 6% 5,2% 4,9% 4,5% 4,1% 4,5% 4,3% 4,5% 4,4% 4,1% 4,0% 4,0% 4% 3,8% 3,7% 2,8% 2% 0% F05 F06 F07 F08 F09 F10 F11 F12 F13 F14 F15 F16 F17 F18 F19 F20 F21 Normal dividend yield Total dividend yiel

  8. Slide 8: Results history: returns to shareholders

    RESULTS HISTORY Returns to shareholders 2 500 2 364 2 253 2 000 926 823 1 704 1 500 1 360 1 368 1 354 R million 639 1 322 1 197 550 953 1 000 870 789 270 1 438 319 621 1 322 1 430 1 368 1 354 562 1 197 500 227 953 1 065 318 231 301 810 229 263 621 562 202 166 263 301 373 166 229 239 - 116 F05 F06 F0

  9. Slide 9: Group Financial Results

    AN | Group Financial Results reall ia“ a \d GROWING GREAT BRANDS

  10. Slide 10: Group financial results: income statement

    GROUP FINANCIAL RESULTS Income statement H1 F22 H1 F21 Rm Rm %∆ Revenue 7 295,6 7 131,2 2,3 Cost of sales (4 409,4) (4 305,6) 2,4 Gross profit 2 886,2 2 825,6 2,1 Gross profit margin 39,6 39,6 (0,2) Selling and administrative expenses (1 371,2) (1 405,9) (2,5) Operating profit 1 515,0 1 419,7 6,7 Op

  11. Slide 11: Business unit financial results

    GROUP FINANCIAL RESULTS Business unit financial results Segmental Segmental Operating Revenue Operating Profit Margin H1 F22 H1 F21 Δ H1 F22 H1 F21 Δ H1 F22 H1 F21 Rm Rm % Rm Rm % % % Food & Beverage brands 5 764,8 5 554,5 3,8 1 159,1 1 105,6 4,8 20,1 19,9 Entyce Beverages 1 999,2 1 954,9 2,3 451,9

  12. Slide 12: Movement in group revenue

    GROUP FINANCIAL RESULTS Movement in group revenue 7 500 7 000 R million 6 500 6 000 7 131 305 -140 7 296 H1 F21 Price Volume H1 F22  Price increases taken across the Group and tight management of discounts  Abalone price recovery with Asian markets re-opening  Demand in snacking and beverage norm

  13. Slide 13: Gross profit margin

    GROUP FINANCIAL RESULTS Gross profit margin 40,4% 40,2% 40,0% 39,8% Gross Profit 39,6% 39,4% 39,2% 39,0% 38,8% 38,6% 39,6% -0,4% 1,0% -0,3% -0,3% 39,6% H1 Civil unrest Abalone Mix Other H1 F21 F22  Stock write-off costs of R31,6 million associated with July’s unrest  Abalone margin expansion suppo

  14. Slide 14: Operating profit 6,7% up

    GROUP FINANCIAL RESULTS Operating profit 6,7% up 1 550 1 500 1 450 R million 1 400 1 350 1 300 1 420 -21 41 34 -10 56 -5 1 515 H1 Entyce Snackworks I&J Personal Footwear & Other H1 F21 Care Apparel F22  Entyce: Lower volumes in coffee and deflation in tea offset by Ciro recovery and good creamer pe

  15. Slide 15: Cash flow, gearing and return on capital

    GROUP FINANCIAL RESULTS Cash flow, gearing and return on capital H1 F22 H1 F21 Rm Rm % Cash generated by operations 1 723,5 1 609,0 7,1 Working capital to revenue % * 22,5 24,0 (6,3) Capital expenditure (136,4) (140,7) (3,1) Net debt 1 541,9 1 122,6 37,4 Net debt / capital employed % 25,2 17,8 41,6

  16. Slide 16: Key capital projects spend summary

    GROUP FINANCIAL RESULTS Key capital projects spend summary H1 F22 H2 F22 F22 Total Actual Planned Planned Rm Rm Rm Tea packaging line replacements and upgrades 4 13 17 Creamer capacity increase - 29 29 Biscuit line capacity and process improvements 6 34 40 Snack line upgrades and improvements 2 17 1

  17. Slide 17: Performance and prospects

    Performance and prospects Performance

  18. Slide 18: Entyce Beverages: Tea income statement

    Income statement H1 F22 H1 F21 % Rm Rm Revenue 1 999,2 1 954,9 2,3 Operating profit 451,9 473,0 (4,5) Operating profit margin % 22,6 24,2 (6,6)  Tea profit decline  Rooibos volume growth due to lower selling prices supported by reduced raw material input costs  Additional lockdown demand for bla

  19. Slide 19: Entyce Beverages: Coffee income statement

    Income statement H1 F22 H1 F21 % Rm Rm Revenue 1 999,2 1 954,9 2,3 Operating profit 451,9 473,0 (4,5) Operating profit margin % 22,6 24,2 (6,6)  Coffee profit decline due to lower volumes offset by Ciro recovery  Pressure on mixed instant volumes from competitor discounting  Improved Ciro demand

  20. Slide 20: Entyce Beverages: Creamer income statement

    Income statement H1 F22 H1 F21 % Rm Rm Revenue 1 999,2 1 954,9 2,3 Operating profit 451,9 473,0 (4,5) Operating profit margin % 22,6 24,2 (6,6)  Creamer profit gains due to higher volumes  Effective upgrade of packaging and formats  Volume growth underpinned by support from key customers  Gross

  21. Slide 21: Sales volume and selling prices

    Sales volume and selling prices %Δ Comments H1 F22 vs H1 F21 Tea revenue decline (4,7) Volume (2,2) Declines in black tea volumes partly offset by Rooibos volume growth Ave. selling price (2,6) Lower Rooibos pricing in line with cheaper raw materials offset by higher black tea selling prices Coffee

  22. Slide 22: Market shares – 12 months value

    Market shares – 12 months value 60,0% 52,1% 49,5% 50,0% 41,3% 40,0% 38,4% 30,0% 27,9% 27,5% 19,2% 20,0% 16,0% 12,4% 12,4% 10,0% 0,0% Five Roses Freshpak Frisco Ellis Brown Trinco H1 F21 H1 F22  Short term market shares reflect targeted price / volume balance in constrained market  Market share ref

  23. Slide 23: Raw material costs

    Raw material costs Cost impact of raw materials and commodities consumed in the period (H1 F22 vs H1 F21) 35 31 30 25 20 R million 15 10 10 5 5 5 1 0 -5 -10 -8 Robusta / chicory Glucose Arabica Casein Palm oil Tea  Impact net of hedging

  24. Slide 24: Snackworks Performance

    SnackwoOrks That’s Good Times! Vow ; y,. 5 SZ ES War Vir, Performance GROWING GREAT BRANDS

  25. Slide 25: Snackworks: Biscuits income statement

    Income statement H1 F22 H1 F21 % Rm Rm Revenue 2 521,0 2 364,7 6,6 Operating profit 547,2 506,7 8,0 Operating profit margin % 21,7 21,4 1,4  Growth in biscuit profit due to improved mix and volume growth  Higher volumes with strong festive season and support for lower priced formats during the se

  26. Slide 26: Snackworks: Snacks income statement

    Income statement H1 F22 H1 F21 % Rm Rm Revenue 2 521,0 2 364,7 6,6 Operating profit 547,2 506,7 8,0 Operating profit margin % 21,7 21,4 1,4  Decline in snacks profit  Weather related shortages of potatoes significantly impacted potato chip volumes  Careful management of volume / value and trade

  27. Slide 27: Sales volume and selling prices

    Sales volume and selling prices %Δ Comments H1 F22 vs H1 F21 Biscuits revenue growth 7,3 Volume 1,3 Strong festive season sales Ave. selling prices 5,9 Price increase in April 2021 Snacks revenue growth 4,5 Volume (3,3) Decline in volumes due to potato supply challenges Ave. selling prices 8,0 Price

  28. Slide 28: Market shares – 12 months value

    Market shares – 12 months value 45,0% 42,3% 39,3% 40,0% 35,0% 30,0% 25,0% 20,0% 18,2% 17,6% 14,1% 14,5% 15,0% 10,0% 5,0% 0,0% Bakers (Sweet) Bakers (Savoury) Willards H1 F21 H1 F22  Balanced price / volume in constrained environment  Market share reflects formal retail only  Good growth of afford

  29. Slide 29: Raw material costs

    Raw material costs Cost impact of raw materials and commodities consumed in the period (H1 F22 vs H1 F21) 40 37 35 30 25 20 R million 15 10 5 3 3 1 0 0 -2 -5 Palm oil Sugar Flour Maize Potatoes Butter  Impact net of hedging

  30. Slide 30: I&J Performance

    » SINCE 1910 - GROWING GREAT BRANDS

  31. Slide 31: I&J income statement

    Income statement H1 F22 H1 F21 % Rm Rm Revenue 1 244,6 1 234,9 0,8 Operating profit 160,0 125,9 27,1 Operating profit margin % 12,9 10,2 26,5  Profit growth underpinned by abalone recovery  Abalone  Improved demand and selling prices in key markets  Savings from restructuring initiatives  Fish

  32. Slide 32: I&J operating profit

    Operating profit 250 200 R million 150 100 50 - 126 75 10 -12 -12 -27 160 H1 Abalone Forex Fuel Catch Rates Costs / other H1 F21 F22  Abalone growth supported by selling prices, mix and improved volumes  Forex gains due to mark-to-market revaluation at reporting date with underlying export rate ac

  33. Slide 33: I&J profit history

    Profit history 250 207 204 200 189 184 176 29 50 40 25 160 25 22 150 5 27 153 154 128 34 35 50 R million 130 153 100 117 114 110 50 - - 25 H1 F16 H1 F17 H1 F18 H1 F19 H1 F20 H1 F21 H1 F22 - 50 Fishing Abalone Simplot  Robust recovery of abalone post COVID-19 impact in the prior year  F22 fishing p

  34. Slide 34: Fishing performance: hake tons per sea day

    Fishing performance 12,0 10,0 9,8 10,0 9,6 9,3 9,3 9,1 8,9 8,5 8,3 8,2 Hake tons per sea day 8,0 6,0 4,0 2,0 0,0 H1 F13 H1 F14 H1 F15 H1 F16 H1 F17 H1 F18 H1 F19 H1 F20 H1 F21 H1 F22 I&J catch rate  Decline due to wet and freezer vessel catch rates partially offset by better utilisation of the free

  35. Slide 35: Sales volume and selling prices (Hake)

    Sales volume and selling prices (Hake) %Δ Comments H1 F22 vs H1 F21 I&J Domestic revenue growth 15,2 Volume 17,6 Increased whole fish volumes Ave. selling prices (2,0) Unfavourable mix, offset by price increase in Q2 F22 I&J Export revenue decline (5,4) Volume (6,6) Shipping delays impacting retail

  36. Slide 36: Indigo Brands Performance

    indigo brands YARDLEY LENTHERIC LONDON LONDON + PARIS GROWING GREAT BRANDS

  37. Slide 37: Personal Care income statement

    Income statement H1 F22 H1 F21 % Rm Rm Revenue 606,9 642,1 (5,5) Operating profit 99,5 109,7 (9,3) Operating profit margin % 16,4 17,1 (4,1)  Body spray category remains demand constrained and competitive  Colour cosmetic and fragrance revenue improved but below pre-COVID levels  Volume decrease

  38. Slide 38: Sales volume and selling prices

    Sales volume and selling prices %Δ Comments H1 F22 vs H1 F21 Personal Care revenue increase* 0,3 Volume (6,2) COVID related demand decline, particularly colour cosmetics. Aggressive competition in aerosol body sprays Ave. selling price 6,8 Price increases in response to cost pressure * Excludes Coty

  39. Slide 39: Market shares – 12 months value

    Market shares – 12 months value 34,0% 32,4% 32,0% 31,1% 31,1% 30,1% 30,0% 28,0% 26,0% 24,0% 22,0% 20,0% Body sprays - Female * Body sprays - Male * H1 F21 H1 F22 * Excludes Coty  Balanced price / volume in constrained environment  Continued aggressive discounting in female body sprays

  40. Slide 40: Footwear and Apparel Performance

    FOOTWEAR AND APPAREL Performance

  41. Slide 41: Footwear and Apparel income statement

    FOOTWEAR AND APPAREL Income statement H1 F22 H1 F21 % Rm Rm Revenue 923,9 934,6 (1,1) Operating profit 265,0 208,9 26,9 Operating profit margin % 28,7 22,4 28,1  Declines in footwear volumes offset by higher selling prices  Constrained environment persists  July unrest, stock availability challe

  42. Slide 42: Footwear and Apparel business unit results

    FOOTWEAR AND APPAREL Business Unit financial results Segmental Segmental Operating Revenue Operating Profit Margin H1 F22 H1 F21 Δ H1 F22 H1 F21 Δ H1 F22 H1 F21 Rm Rm % Rm Rm % % % Footwear & Apparel 923,9 934,6 (1,1) 265,0 208,9 26,9 28,7 22,4 Spitz, Kurt Geiger and Gant 852,4 853,0 (0,1) 269,6 227

  43. Slide 43: Sales volume and selling prices

    FOOTWEAR AND APPAREL Sales volume and selling prices %Δ H1 F22 vs Comments H1 F21 Spitz and Kurt Geiger Footwear revenue (1,2) decrease Volume (10,6) Volume decline due to July unrest, constrained consumer environment and supply challenges Ave. selling price 10,6 Inflation on non-core lines and pric

  44. Slide 44: International Performance

    AN | International Performance GROWING GREAT BRANDS

  45. Slide 45: AVI International operating profit history

    AVI INTERNATIONAL Operating profit history 160 135 139 140 117 120 109 100 92 94 93 R million 82 80 73 77 70 60 40 20 - H1 F12 H1 F13 H1 F14 H1 F15 H1 F16 H1 F17 H1 F18 H1 F19 H1 F20 H1 F21 H1 F22  Profit growth from main regional markets  Zambia positively impacted by the appreciation of the Kwac

  46. Slide 46: Entyce, Snackworks and Indigo – Non-RSA sales

    AVI INTERNATIONAL Entyce, Snackworks and Indigo – Non-RSA sales H1 F22 H1 F21 % Rm Rm International Revenue 609,4 607,2 0,4 % of Grocery and Personal Care brands 11,9 12,2 (2,5) International Operating Profit 138,9 135,2 2,7 % of Grocery and Personal Care brands 12,6 12,4 1,6 % % International Oper

  47. Slide 47: Prospects for H2: Entyce and Snackworks

    Prospects for H2  Protect Entyce and Snackworks profits in a tough environment  Demand pressure from constrained consumers exacerbated by high inflation  Raw material prices and exchange rates secured provide support against rising commodity inputs and Rand volatility  Careful price / volume man

  48. Slide 48: Prospects for H2: Indigo

    Prospects for H2  Target improvement in Indigo profit  Demand pressure from constrained consumers exacerbated by high inflation  Targeting revenue and volume growth off the H2 F21 base underpinned by innovation in core deodorant category  Volume recovery in post COVID environment for beauty and

  49. Slide 49: Prospects for H2: I&J

    AVI GROUP Prospects for H2  I&J H2 fishing performance expected to be lower than H2 F21  Fuel price increases will materially impact fishing cost  Five percent cut in total allowable catch for calendar 2022  Long term fishing rights application process concluded with loss of 4,4% of quota volume

  50. Slide 50: Prospects for H2: Footwear and Apparel

    AVI GROUP Prospects for H2  Footwear and Apparel  Constrained consumer demand environment will persist  Price increases to offset margin pressure  Improving sales as consumers return to working in offices and COVID restrictions are repealed  Increase in Kurt Geiger work wear  Increase in Spitz

  51. Slide 51: Investor proposition

    AVI GROUP Investor proposition  Ongoing review and simplification of business model to accommodate a challenging macro environment  Ongoing focus on relevant innovation for constrained consumers  Group initiatives – margin management, procurement, cost savings and production efficiency  Manage o

  52. Slide 52: Questions

    AN | Questions GROWING GREAT BRANDS

  53. Slide 53: Revenue 2,3% up

    INFORMATION SLIDES Revenue 2,3% up 7 400 7 350 7 300 7 250 R million 7 200 7 150 7 100 7 050 7 000 7 131 44 156 10 -34 -11 7 296 H1 Entyce Snackworks I&J Personal Footwear & H1 F21 Care Apparel F22  Entyce: Growth due to creamer and Ciro, offset by declines in coffee and tea  Snackworks: Selling p

  54. Slide 54: Gross profit 2,1% up

    INFORMATION SLIDES Gross profit 2,1% up 2 950 2 900 R million 2 850 2 800 2 750 2 826 -13 53 41 -21 0 2 886 H1 Entyce Snackworks I&J Personal Footwear and H1 F21 Care Apparel F22  Entyce: Declines in coffee and tea offset by growth in Ciro and Creamer  Snackworks: Price increases and biscuit volum

  55. Slide 55: Marketing expenditure

    INFORMATION SLIDES Marketing expenditure 14,0% 13,3% 12,8% 12,0% 10,0% 7,8% 7,7% 8,0% 6,6% 6,8% 6,5% 5,6% 5,5% 6,0% 6,0% 6,0% 6,0% 4,6% 4,4% 4,0% 2,0% 1,2% 1,6% 0,0% * Excludes Coty H1 F21 H1 F22  Total expenditure for H1 F22 of R375,2 million compared to R359,1 million in H1 F21  Increase in pers

  56. Slide 56: Capital expenditure and depreciation

    INFORMATION SLIDES Capital expenditure and depreciation (excluding depreciation on right-of-use assets) 1 000 F16 F17 F18 F19 F20 F21 F22 120,0 0 900 882 100,0 0 800 700 80,00 600 322 R million 546 500 473 60,00 420 408 411 404 394 388 377 388 397 400 347 316 262 183 40,00 300 200 182 206 190 203 18

  57. Slide 57: Cash flows

    INFORMATION SLIDES Cash flows 2 000 1 800 1 600 1 400 1 200 R million 1 000 800 600 400 200 - 1 776 -55 -338 -136 -81 -56 -911 -199 Cash from Working capital Taxation Capital Lease liabilities Net interest Ordinary Decrease in net operations and other* expenditure paid paid dividend paid debt * Incl

  58. Slide 58: Foreign exchange hedges

    INFORMATION SLIDES Foreign exchange hedges February 2022 to July 2022 to January 2023 to June 2022 December 2022 June 2023 % Cover % Cover % Cover USD imports 64% 19% 0% EUR imports 70% 33% 0% EUR exports 70% 67% 5%  Consistent hedging philosophy provides stability to manage gross profit margins

  59. Slide 59: I&J period end fair value adjustments

    INFORMATION SLIDES I&J period end fair value adjustments H1 F22 H1 F21 Actual Actual  Rm Rm Rm Fuel hedge unrealised gain (1,5) (10,2) (8,7) Opening mark-to-market asset / (liability) 5,0 (10,6) Closing mark-to-market asset / (liability) 6,5 (0,4) Abalone – (increase) / decrease in unrealised profi

  60. Slide 60: I&J fishing quota

    INFORMATION SLIDES I&J fishing quota CY16 CY17 CY18 CY19 CY20 CY21 CY22 Quota (tons) South African Total Allowable Catch (TAC) 147 500 140 216 133 120 146 430 146 430 139 119 132 154 % change in TAC - (5,0) (5,0) 10,0 - (5,0) (5,0) I&J 41 245 37 901 36 013 39 517 39 517 37 543 34 143 % 28,0 27,1 27,

  61. Slide 61: Civil unrest – direct costs and insurance proceeds

    INFORMATION SLIDES Civil unrest – direct costs incurred and insurance proceeds recognised H1 F22 Rm Cost of sales - stock written off (31,6) Gross profit (31,6) Selling an administrative expenses - SASRIA insurance proceeds 64,4 - Store restoration and other costs (3,6) Operating profit before capit

  62. Slide 62: Trading space and trading density: Spitz

    INFORMATION SLIDES Trading space and trading density Spitz H1 F22 H1 F21 Number of stores 72 72 Turnover (Rm) 703,4 725,7 Average m2 18 770 19 130 Trading Density (R/m2) 37 477 37 938 Closing m2 18 941 18 865 Like-for-like metrics* H1 F22 H1 F21 Number of stores 70 70 Turnover (Rm) 691,2 700,3 Avera

  63. Slide 63: Trading density – Spitz stores

    INFORMATION SLIDES 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 H1 F16 H1 F17 H1 F18 H1 F19 H1 F20 H1 F21 H1 F22 Trading density (R/m2) Average trading space (m2)  Closed one Spitz store and opened one new store

  64. Slide 64: Trading space and trading density: Kurt Geiger

    INFORMATION SLIDES Trading space and trading density Kurt Geiger H1 F22 H1 F21 Number of stores 34 33 Turnover (Rm) 104,5 101,0 Average m2 4 287 4 224 Trading Density (R/m2) 24 379 23 907 Closing m2 4 287 4 178 Like-for-like metrics* H1 F22 H1 F21 Number of stores 33 33 Turnover (Rm) 102,0 98,9 Aver

  65. Slide 65: Trading density – Kurt Geiger stores

    INFORMATION SLIDES Trading density – Kurt Geiger stores 35 000 4 400 30 000 4 300 4 200 25 000 4 100 20 000 R/m2 m2 4 000 15 000 3 900 10 000 3 800 5 000 3 700 0 3 600 H1 F16 H1 F17 H1 F18 H1 F19 H1 F20 H1 F21 H1 F22 Trading density (R/m2) Average trading space (m2)

  66. Slide 66: Trading space and trading density: Green Cross

    INFORMATION SLIDES Trading space and trading density Green Cross H1 F22 H1 F21 Number of stores # 18 29 Turnover (Rm) 45,8 50,2 Average m2 2 662 3 851 Trading Density (R/m2) 17 206 13 548 Closing m2 2 326 3 482 Like-for-like metrics* H1 F22 H1 F21 Number of stores # 18 18 Turnover (Rm) 41,4 34,3 Ave

  67. Slide 67: Closing number of stores and trading space

    INFORMATION SLIDES 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 2010 56 15 012 3 346 December 2010 57 15 124 7 1 047 June 2011 57 14 991 15 1 910 December 2011 5

  68. Slide 68: Growing Great Brands

    GROWING GREAT BRANDS

AVI — H1 FY2022 Earnings Presentation on 6ix