Avi Limited Class Y · JSE:AVI

Avi Limited Class Y — H1 FY2021 Earnings Presentation

69 slides from Avi Limited Class Y's earnings presentation, December 2020

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

    AVI Limited presentation to shareholders & analysts for the six months ended 31 December 2020

  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 ❑ Mixed impact on demand across categories ❑ Additional costs of R18 million  Group revenue declined by 0,1%  Selling price increases taken to offset higher raw material costs in some categories  6,9% decline in selling and administrative costs  I&J’s abalone category mat

  4. Slide 4: Key Features: COVID-19 impact on revenue

    KEY FEATURES COVID-19 – impact on revenue % Revenue compared to corresponding period in the prior year Mar – Jun 20 Jul – Sep 20 Oct – Dec 20 Entyce & Snackworks (excl Ciro) 21% 12% 1% Ciro (59%) (47%) (33%) I&J (15%) 12% (2%) Personal Care (12%) (6%) (7%) Footwear and Apparel (55%) (18%) (8%)  Sto

  5. Slide 5: Key Features: COVID-19 impact on costs and provisions

    KEY FEATURES COVID-19 – impact on costs and provisions H1 F20 H2 F20 H1 F21 Rm Rm Rm Cost of sales - 39 15 Selling and administrative expenses - 19 3 Total - 58 18  H1 F21 includes R3,5 million for special arrangements to pack Choice Assorted  Costs will decrease in H2  Minor impact on stock and

  6. Slide 6: Results History: Operating profit history

    RESULTS HISTORY Operating profit history Operating profit history 1 600 1 530 1 456 1 457 1 408 1 420 1 400 1 302 287 342 247 209 1 152 310 1 200 94 110 1 021 306 140 128 1 000 921 140 169 126 309 179 153 124 R million 854 296 167 800 303 103 507 674 160 231 97 98 452 489 600 74 430 520 512 170 86 9

  7. Slide 7: 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% F11 F12 F13 F14 F15 F16 F17 F18 F19 F20 F21* Net operating profit after tax Average capital employed ROCE (%) * F21 represents 12 months to 31 December 2020  High return ma

  8. Slide 8: 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% 1 000 500 20% 0 0% F11 F12 F13 F14 F15 F16 F17 F18 F19 F20 F21* EBITDA Cash generated by operations Cash to EBITDA * F21 represents 12 months to 31 December 2020  Sustained strong conversion of earnings in

  9. Slide 9: 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% 5.8% 6% 5.2% 4.9% 4.5% 4.1% 4.5% 4.3% 4.5% 3.8% 4.4% 4.1% 3.7% 4.0% 4.0% 4% 2.8% 2% 0% F05 F06 F07 F08 F09 F10 F11 F12 F13 F14 F15 F16 F17 F18 F19 F20 Normal dividend yield Total dividend yield  Based on sh

  10. Slide 10: Results History: Returns to shareholders

    RESULTS HISTORY Returns to shareholders 3 500.0 3 000.0 2 500.0 2 253 2 000.0 R million 1 703 823 1455 1 500.0 1 360 1 322 1 368 1 352 639 1 197 550 953 926 1 000.0 870 789 270 621 1 430 1 368 1 352 319 1 197 1 322 500.0 227 953 1 065 318 231 263 301 810 166 229 621 202 529 229 239 263 301 373 116 1

  11. Slide 11: Group Financial Results

    Group Financial Results GROWING GREAT BRANDS

  12. Slide 12: Income statement

    GROUP FINANCIAL RESULTS Income statement H1 F21 H1 F20 Rm Rm %∆ Revenue 7 131,2 7 141,7 (0,1) Cost of Sales (4 305,6) (4 174,8) (3,1) Gross Profit 2 825,6 2 966,9 (4,8) Gross Profit margin 39,6 41,5 (4,6) Selling and administrative expenses (1 405,9) (1 509,7) (6,9) Operating profit 1 419,7 1 457,2

  13. Slide 13: Business unit financial results

    GROUP FINANCIAL RESULTS Business unit financial results Segmental Segmental Operating Revenue Operating Profit Margin H1 F21 H1 F20 Δ H1 F21 H1 F20 Δ H1 F21 H1 F20 Rm Rm % Rm Rm % % % Food & Beverage brands 5 554,5 5 391,9 3,0 1 105,6 1 118,0 (1,1) 19,9 20,7 Entyce Beverages 1 954,9 1 967,8 (0,7) 47

  14. Slide 14: Movement in group revenue

    GROUP FINANCIAL RESULTS Movement in group revenue 7 500 7 000 R million 6 500 6 000 7,142 261 -272 7,131 H1 F20 Price Volume H1 F21  Price increases across the Group, supported by tighter management of discounts  Export sales benefitted from impact of weaker Rand  Lower volumes in fashion busines

  15. Slide 15: Gross profit margin

    GROUP FINANCIAL RESULTS Gross profit margin 60% 50% 41.5% 39.6% 40% 30% 20% 10% 0% H1 F20 H1 F21  Cost pressure from weaker Rand  Significant drop in abalone selling prices  Mix changes from COVID-19 – higher demand for affordable products, lower fashion brand volumes  Selling price increases in

  16. Slide 16: Operating profit 2,6% down

    GROUP FINANCIAL RESULTS Operating profit 2,6% down 1 500 1 450 1 400 R million 1 350 1 300 1 250 1,457 13 17 (43) 16 (39) (1) 1,420 H1 Entyce Snackworks I&J Personal Footwear and Other H1 F20 Care Apparel F21  Entyce: Higher sales volumes in all categories except Ciro and good cost control  Snackw

  17. Slide 17: Cash flow, gearing and return on capital

    GROUP FINANCIAL RESULTS Cash flow, gearing and return on capital * Represents 12 months to 31 December H1 F21 H1 F20 Rm Rm % Cash generated by operations 1 609,0 1 646,4 (2,3) Working capital to revenue % * 24,0 25,8 (7,0) Capital expenditure (140,7) (187,0) (24,8) Proceeds from disposal of Simplot

  18. Slide 18: Cash flow, gearing and return on capital: special dividend

    GROUP FINANCIAL RESULTS Cash flow, gearing and return on capital * Represents 12 months to 31 December H1 F21 H1 F20 Rm Rm % Cash generated by operations 1 609,0 1 646,4 (2,3) Working capital to revenue % * 24,0 25,8 (7,0) Capital expenditure (140,7) (187,0) (24,8) Proceeds from disposal of Simplot

  19. Slide 19: Key capital projects spend summary

    GROUP FINANCIAL RESULTS Key capital projects spend summary H1 F21 H2 F21 F21 Total Actual Planned Planned Rm Rm Rm Tea packaging line replacements and upgrades 1 6 7 Biscuit line capacity and process improvements 18 30 48 I&J vessel dry-docks and upgrades 46 41 87 Coffee and creamer line upgrades -

  20. Slide 20: Performance and Prospects

    Performance Performance and prospects and Prospects

  21. Slide 21: Entyce Beverages: Tea income statement

    Income statement H1 F21 H1 F20 % Rm Rm Revenue 1 954,9 1 967,8 (0,7) Operating profit 473,0 459,7 2,9 Operating profit margin % 24,2 23,4 3,4  Tea profit growth due to higher volumes, lower rooibos raw material prices and good cost control ❑ Rooibos volume growth due to lower selling prices ❑ Affo

  22. Slide 22: Entyce Beverages: Coffee income statement

    Income statement H1 F21 H1 F20 % Rm Rm Revenue 1 954,9 1 967,8 (0,7) Operating profit 473,0 459,7 2,9 Operating profit margin % 24,2 23,4 3,4  Coffee profit decrease due to severe impact of COVID-19 on Ciro out- of-home coffee business ❑ Lower Ciro volumes to hospitality, leisure and corporate cus

  23. Slide 23: Entyce Beverages: Creamer income statement

    Income statement H1 F21 H1 F20 % Rm Rm Revenue 1 954,9 1 967,8 (0,7) Operating profit 473,0 459,7 2,9 Operating profit margin % 24,2 23,4 3,4  Creamer profit increase due to higher volumes and good cost control ❑ Volume growth due to COVID-19 related demand in first quarter ❑ Gross Profit margin p

  24. Slide 24: Sales volume and selling prices

    Sales volume and selling prices %Δ H1 F21 vs H1 F20 Comments Tea revenue growth 2,4 Volume 0,8 Rooibos volume growth supported by lower raw material prices; affordable black tea volume growth due to COVID- 19 Ave. selling price 1,6 Black tea price increase to recover weaker Rand; offset by lower roo

  25. Slide 25: Market shares – 12 months value

    Market shares – 12 months value 60.0% 56.0% 50.1% 50.0% 44.0% 41.4% 40.0% 29.7% 29.0% 30.0% 20.3% 19.3% 20.0% 11.9% 11.8% 10.0% 0.0% Five Roses Freshpak Frisco Ellis Brown Trinco H1 F20 H1 F21  Volume growth acceptable  Short term market shares reflect targeted price / volume balance in volatile m

  26. Slide 26: Raw material costs

    Raw material costs Cost impact of raw materials and commodities consumed in the period (H1 F21 vs H1 F20): 20 12 9 10 2 3 2 0 R million -10 -20 -30 -35 -40 Robusta / chicory Glucose Arabica Casein Palm oil Tea

  27. Slide 27: Performance and Prospects: Snackworks

    Sma CK WOKS That’s Good Times! GROWING GREAT BRANDS

  28. Slide 28: Snackworks: Biscuits income statement

    Income Statement H1 F21 H1 F20 % Rm Rm Revenue 2 364,7 2 242,6 5,4 Operating profit 506,7 489,3 3,6 Operating profit margin % 21,4 21,8 (1,8)  Growth in biscuit profit due to improved price realisation and good cost control ❑ Strong COVID-19 related demand in first quarter ❑ Offset by lower demand

  29. Slide 29: Snackworks: Snacks income statement

    Income Statement H1 F21 H1 F20 % Rm Rm Revenue 2 364,7 2 242,6 5,4 Operating profit 506,7 489,3 3,6 Operating profit margin % 21,4 21,8 (1,8)  Strong snacks performance ❑ Volume growth due to COVID-19 related demand in first quarter ❑ Flat volumes in second quarter due to return to normal spending

  30. Slide 30: Sales volume and selling prices

    Sales volume and selling prices %Δ Comments H1 F21 vs H1 F20 Biscuits revenue growth 5,1 Volume (0,2) Strong COVID-19 related demand offset by declines in second quarter Ave. selling prices 5,4 Annual price increase in April 2020 and control of discounts Snacks revenue growth 6,6 Volume 5,4 Strong C

  31. Slide 31: Raw material costs

    Raw material costs Cost impact of raw materials and commodities consumed in the period (H1 F21 vs H1 F20): 25 23 20 15 15 R million 10 7 5 1 0 0 -2 -5 Palm oil Sugar Flour Maize Potatoes Butter

  32. Slide 32: Market shares – 12 months value

    Market shares – 12 months value 45.0% 42.1% 40.9% 40.0% 35.0% 30.0% 25.0% 20.0% 17.9% 18.7% 15.0% 14.1% 14.0% 10.0% 5.0% 0.0% Bakers (Sweet) Bakers (Savoury) Willards H1 F20 H1 F21  Balanced price / volume in constrained environment

  33. Slide 33: Performance and Prospects: I&J

    * SINCE 1910 - GROWING GREAT BRANDS

  34. Slide 34: I&J income statement

    Income statement H1 F21 H1 F20 % Rm Rm Revenue 1 234,9 1 181,5 4,5 Operating profit 125,9 169,0 (25,5) Operating profit margin % 10,2 14,3 (28,7)  Revenue growth of 4,5% benefitting materially from weaker Rand on exports  Profit decline largely due to losses from abalone operation and lower royal

  35. Slide 35: I&J operating profit

    Operating profit 200 180 160 140 R million 120 100 80 60 40 20 - 169 (32) (5) 37 16 (7) (52) 126 H1 Abalone Simplot Forex Fuel COVID-19 Cost H1 F20 costs inflation F21  Abalone decrease due to lower sales volumes and selling prices resulting from COVID-19 impact in key markets  Simplot royalty low

  36. Slide 36: I&J profit history

    Profit history 250 207 204 200 189 184 176 29 50 25 25 22 40 128 150 5 34 27 35 R million 102 100 13 19 153 154 130 153 117 114 50 70 0 -25 F15 H1 F16 H1 F17 H1 F18 H1 F19 H1 F20 H1 F21 H1 -50 Fishing Abalone Simplot  Abalone losses due to impact of COVID-19 in key markets  Simplot disposal in Nov

  37. Slide 37: Fishing performance

    Fishing performance 12.0 11.4 10.0 9.8 10.0 9.6 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 F12 H1 F13 H1 F14 H1 F15 H1 F16 H1 F17 H1 F18 H1 F19 H1 F20 H1 F21 I&J catch rate  Improvement due to higher wet vessel catch rates

  38. Slide 38: Sales volume and selling prices (Hake)

    Sales volume and selling prices (Hake) %Δ Comments H1 F21 vs H1 F20 I&J Domestic revenue decrease (5,3) Volume (10,6) Lower demand across retail and food service; increased allocation to export Ave. selling prices 5,9 Price increases taken to mitigate cost pressure I&J Export revenue growth 6,3 Volu

  39. Slide 39: Performance and Prospects: Indigo Brands

    indigo brands » f - YARDLEY Lenrueme COTY RimmMeEL gf nailene. SalyHlnsen EN ER bet i . Tw EZ ry GROWING GREAT BRANDS

  40. Slide 40: Personal Care income statement

    Income statement H1 F21 H1 F20 % Rm Rm Revenue 642,1 687,8 (6,6) Operating profit 109,7 93,5 17,3 Operating profit margin % 17,1 13,6 25,7  Negative impact of COVID-19 on sales volumes, particularly in colour cosmetics and fragrances ❑ Some recovery in sales volumes from low base in H2 F20 ❑ Sound

  41. Slide 41: Personal Care sales volume and selling prices

    Sales volume and selling prices Sales volume and selling % Δprices Comments H1 F21 vs H1 F20 Personal Care revenue decrease (10,4) Volume (14,4) Impacted of COVID-19, particularly cosmetics and fragrance; recovering from H2 F20 levels Ave. selling price 4,7 Price increases in response to cost press

  42. Slide 42: Footwear and Apparel

    FOOTWEAR AND APPAREL Performance and Prospects

  43. Slide 43: Footwear and Apparel income statement

    FOOTWEAR AND APPAREL Income statement H1 F21 H1 F20 % Rm Rm Revenue 934,6 1 062,0 (12,0) Operating profit 208,9 247,4 (15,6) Operating profit margin % 22,4 23,3 (3,9)  Footwear and clothing volumes declined ❑ Underperforming stores closed – 8 Green Cross, 2 Spitz and 1 Kurt Geiger ❑ Lower demand i

  44. Slide 44: Footwear and Apparel business unit financial results

    FOOTWEAR AND APPAREL Business Unit financial results Segmental Segmental Operating Revenue Operating Profit Margin H1 F21 H1 F20 Δ H1 F21 H1 F20 Δ H1 F21 H1 F20 Rm Rm % Rm Rm % % % Footwear & Apparel 934,6 1 062,0 (12,0) 208,9 247,4 (15,6) 22,4 23,3 Spitz and Kurt Geiger 827,7 913,4 (9,4) 224,0 253,

  45. Slide 45: Footwear and Apparel sales volume and selling prices

    FOOTWEAR AND APPAREL Sales volume and selling prices %Δ H1 F21 vs Comments H1 F20 Spitz and Kurt Geiger Footwear revenue (8,4) decrease Volume (10,3) Volume decline due to COVID-19 lockdown restrictions as well as constrained consumer environment Ave. selling price 2,2 Inflation on non-core lines an

  46. Slide 46: Performance and Prospects: AVI International

    AN | International Performance and Prospects GROWING GREAT BRANDS

  47. Slide 47: AVI International operating profit history

    AVI INTERNATIONAL Operating profit history 160 140 135 117 120 109 100 92 94 93 82 R million 73 77 80 70 60 56 40 20 - H1 F11 H1 F12 H1 F13 H1 F14 H1 F15 H1 F16 H1 F17 H1 F18 H1 F19 H1 F20 H1 F21  Profit growth across all key export markets except Zambia ❑ Sound demand with volume growth in most ca

  48. Slide 48: Entyce, Snackworks and Indigo – Non RSA sales

    AVI INTERNATIONAL Entyce, Snackworks and Indigo – Non RSA sales H1 F21 H1 F20 % Rm Rm International Revenue 607,2 572,7 6,0 % of Grocery and Personal Care brands 12,2 11,7 4,7 International Operating Profit 135,2 117,3 15,2 % of Grocery and Personal Care brands 12,4 11,3 10,3 % % International Oper

  49. Slide 49: Prospects for H2

    AVI GROUP Prospects for H2  Protect Entyce and Snackworks profits in a tough environment ❑ Unlikely to annualise levels of demand from COVID-19 in Q4 F20 ❑ Price increases in biscuits and snacks to offset cost pressures ❑ Careful price / volume management to defend market shares while protecting lo

  50. Slide 50: Prospects for H2 continued: Indigo

    AVI GROUP Prospects for H2 continued  Target improvement in Indigo profit ❑ Unlikely to repeat the demand disruption from COVID-19 seen in Q4 F20 ❑ Focus on discounts and trade promotions to improve price realisation ❑ Product launches and packaging refresh focused on core brands ❑ Potential for co

  51. Slide 51: Prospects for H2 continued: I&J

    AVI GROUP Prospects for H2 continued  I&J H2 fishing performance expected to be materially better than H2 F20 ❑ Limited COVID-19 impact anticipated ❑ Processing throughput normalized ❑ Exchange rates secured are at higher rates than F20 ❑ Fuel hedges secured are at lower prices than F20 ❑ Export an

  52. Slide 52: Prospects for H2 continued: Footwear and Apparel

    AVI GROUP Prospects for H2 continued  Footwear and Apparel ❑ Unlikely to repeat the demand disruption from COVID-19 seen in Q4 F20 ❑ Demand pressure from constrained environment ❑ Further Green Cross store closures to match retail space to brand opportunity ❑ Target additional rent reductions on re

  53. Slide 53: Investor proposition

    AVI GROUP Investor proposition  Continue adapting to changing macro environment ❑ Ongoing review and simplification 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

  54. Slide 54: Questions

    AN | Questions GROWING GREAT BRANDS

  55. Slide 55: Revenue 0,1% down

    INFORMATION SLIDES Revenue 0,1% down 7 350 7 300 7 250 R million 7 200 7 150 7 100 7 050 7 000 7,142 (13) 122 53 (46) (127) 7,131 H1 Entyce Snackworks I&J Personal Footwear and H1 F20 Care Apparel F21  Entyce: Decline due to Ciro, offset by growth in all other categories  Snackworks: Selling price

  56. Slide 56: Gross profit 4,8% down

    INFORMATION SLIDES Gross profit 4,8% down 3 000 2 950 2 900 R million 2 850 2 800 2 750 2,967 (14) 9 (40) (14) (82) 2,826 H1 Entyce Snackworks I&J Personal Footwear and H1 F20 Care Apparel F21  Entyce: Decline in Ciro offset by growth in all other categories  Snackworks: Price increases and snacks

  57. Slide 57: Marketing expenditure

    INFORMATION SLIDES Marketing expenditure 20.0% 17.8% 18.0% 16.0% 14.0% 12.8% 12.0% 10.0% 8.4% 7.4% 7.8% 8.0% 6.6% 6.5% 6.2% 6.2% 6.0% 5.6% 5.1% 6.0% 6.0% 4.6% 4.0% 2.2% 2.0% 1.2% 0.0% * Excludes Coty H1 F20 H1 F21  Total expenditure for H1 F21 of R359,1 million compared to R405,2 million in H1 F20

  58. Slide 58: Capital expenditure and depreciation

    INFORMATION SLIDES Capital expenditure and depreciation (excluding depreciation on right-of-use assets) 1 000 F15 F16 F17 F18 F19 F20 F21 120 .00 900 822 849 100 .00 800 700 80.0 0 600 322 546 R million 500 473 60.0 0 394 420 408 411 400 412 400 388 377 347 308 183 262 40.0 0 300 623 182 206 203 210

  59. Slide 59: Cash flows

    INFORMATION SLIDES Cash flows 1 800 1 600 1 400 1 200 1 000 R million 800 600 400 200 - 1,649 (39) (332) (141) (87) (52) (827) (171) Cash from Working capital Taxation Capital Lease liabilities Net interest Dividends paid Decrease in net operations and other expenditure paid paid debt

  60. Slide 60: Foreign exchange hedges

    INFORMATION SLIDES Foreign exchange hedges February 2021 to June July 2021 to January 2022 to June 2021 December 2021 2022 % Cover % Cover % Cover USD imports 74% 46% 1% EUR imports 67% 28% 0% EUR exports 85% 46% 2%  Consistent hedging philosophy provides stability to manage gross profit margins

  61. Slide 61: I&J period end fair value adjustments

    INFORMATION SLIDES I&J period end fair value adjustments H1 F21 H1 F20 Actual Actual  Rm Rm Rm Fuel hedge unrealised loss / (gain) (10,2) 1,2 (11,4) Opening mark-to-market asset / (liability) (10,6) (1,4) Closing mark-to-market asset / (liability) (0,4) (2,6) Abalone – decrease in unrealised profit

  62. Slide 62: I&J fishing quota

    INFORMATION SLIDES I&J fishing quota CY15 CY16 CY17 CY18 CY19 CY20 CY21 Quota (tons) South African Total Allowable Catch (TAC) 147 500 147 500 140 216 133 120 146 430 146 430 139 109 % change in TAC (5,0) - (5,0) (5,0) 10,0 0,0 (5,0) I&J 41 223 41 245 37 901 36 013 39 517 39 517 37 543 % 27,9 28,0 2

  63. Slide 63: Trading space and trading density: Spitz

    INFORMATION SLIDES Trading space and trading density Spitz H1 F21 H1 F20 Number of stores 72 75 Turnover (Rm) 725,7 789,6 Average m2 19 130 19 551 Trading Density (R/m2) 37 938 40 388 Closing m2 18 865 19 645 Like-for-like metrics* H1 F21 H1 F20 Number of stores 71 71 Turnover (Rm) 717,5 770,9 Avera

  64. Slide 64: 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 1H16 1H17 1H18 1H19 1H20 1H21 Trading density (R/m2) Average trading space (m2)  Closed 2 Spitz stores in the semester

  65. Slide 65: Trading space and trading density: Kurt Geiger

    INFORMATION SLIDES Trading space and trading density Kurt Geiger H1 F21 H1 F20 Number of stores 33 34 Turnover (Rm) 101,0 122,1 Average m2 4 224 4 230 Trading Density (R/m2) 23 907 28 854 Closing m2 4 178 4 289 Like-for-like metrics* H1 F21 H1 F20 Number of stores 31 31 Turnover (Rm) 97,1 116,4 Aver

  66. Slide 66: Trading density – Kurt Geiger stores

    INFORMATION SLIDES Trading density – Kurt Geiger stores 35 000 4 300 30 000 4 200 25 000 4 100 20 000 4 000 R/m2 m2 15 000 3 900 10 000 3 800 5 000 3 700 0 3 600 1H16 1H17 1H18 1H19 1H20 1H21 Trading density (R/m2) Average trading space (m2)  Closed 1 Kurt Geiger store in the semester

  67. Slide 67: Trading space and trading density: Green Cross

    INFORMATION SLIDES Trading space and trading density Green Cross H1 F21 H1 F20 Number of stores # 29 41 Turnover (Rm) 50,2 90,5 Average m2 3 851 4 901 Trading Density (R/m2) 13 548 18 473 Closing m2 3 482 4 896 Like-for-like metrics* H1 F21 H1 F20 Number of stores 29 29 Turnover (Rm) 49,4 72,1 Avera

  68. Slide 68: 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 December 2009 56 15,220 3 346 June 2010 56 15,012 3 346 December 2010 57 15,124 7 1,047 June 2011 57 1

  69. Slide 69: Growing Great Brands

    GROWING GREAT BRANDS

AVI — H1 FY2021 Earnings Presentation on 6ix