Slide 1: AVI Limited presentation to shareholders & analysts
AVI Limited presentation to shareholders & analysts for the six months ended 31 December 2015
Slide 2: Agenda
AGENDA Key features and results history Group financial results Performance and prospects Questions and answers
Slide 3: Key Features
KEY FEATURES Brand portfolio underpinned a sound performance in a challenging environment; I&J improvement largely from the weaker Rand and lower fuel costs; Sound sales momentum of key grocery brands in regional markets; Revenue up 6,5% to R6,39 billion; Operating profit up 13,0% to R1,30
Slide 4: Results History: Operating profit history
RESULTS HISTORY Operating profit history 1400 1 302 1200 1 152 306 1 021 1000 921 309 854 124 296 800 303 103 160 R million 674 231 97 98 600 520 512 170 86 91 74 101 47 369 450 82 67 340 402 111 400 99 42 298 282 100 57 181 246 36 126 60 203 240 31 75 69 75 -27 27 121 200 39 16 129 140 351 67 97 25
Slide 5: Results History: Return on capital employed
RESULTS HISTORY Return on capital employed 6 000 35 32 5 000 28 25 4 000 21 R million % 3 000 18 14 2 000 11 7 1 000 4 0 0 F09 F10 F11 F12 F13 F14 F15 F16* Net operating profit after tax Average capital employed ROCE (%) * F16 represents 12 months to 31 December 2015 Sustained returns including in
Slide 6: Results History: Earnings to cash conversion
RESULTS HISTORY Earnings to cash conversion 3 000 120% 2 500 100% 550.0 2 000 80% R million 1 500 60% % 226.6 1 000 40% 230.6 201.8 500 20% 0 0% F09 F10 F11 F12 F13 F14 F15 F16* EBITDA Cash generated by operations after working capital changes Cash to EBITDA * F16 represents 12 months to 31 December
Slide 7: Results History: Dividend yield
RESULTS HISTORY Dividend yield (Year end) 14% 12% 12.0% 10% 8% 7.7% 7.4% % 6.4% 6.2% 6.5% 6% 5.2% 4.5% 4.9% 4.1% 4.4% 3.8% 3.7% 4.0% 4.1% 4% 2.8% 2% 0% F05 F06 F07 F08 F09 F10 F11 F12 F13 F14 F15 Normal dividend yield Total dividend yield Based on share price at end of each year Total dividend y
Slide 8: Results History: Returns to shareholders
RESULTS HISTORY Returns to shareholders 1 800 1 703.3 1 600 1 400 1 359.7 638.8 1 200 550.0 550.0 R million 1 000 953.5 869.5 800 788.3 269.9 620.7 600 319.1 226.6 1 064.5 482.6 230.6 226.6 953.5 400 809.7 317.8 201.8 230.6 301.1 229.4 262.8 620.7 200 201.8 166.0 482.6 301.1 373.0 229.4 238.6 262.8
Slide 9: Group Financial Results
AN | Group Financial Results
Slide 10: Group Financial Results: Income statement
GROUP FINANCIAL RESULTS Income statement H1 F16 H1 F15 Rm Rm % Revenue 6 393,0 6 002,2 6,5 Gross profit 2 892,8 2 671,0 8,3 Gross profit margin % 45,3 44,5 1,8 Operating profit 1 302,1 1 152,3 13,0 Operating profit margin % 20,4 19,2 6,3 Net financing cost (54,9) (29,7) 84,8 Share of Joint Venture
Slide 11: Movement in group revenue
GROUP FINANCIAL RESULTS Movement in group revenue 6 500 6 400 6 300 R million 6 200 6 100 6 000 5 900 5 800 5 700 6 002 345 46 6 393 H1 F15 Price Volume H1 F16 Price increases taken to protect gross profit margin Volume pressure in constrained environment
Slide 12: Movement in gross profit margin
GROUP FINANCIAL RESULTS Movement in gross profit margin 46% 45% 44% Gross profit % 43% 42% 41% 40% 44.5% 0.4% 0.4% 45.3% H1 Fashion brands Food and beverage brands H1 F15 F16 Price increases taken to recover accumulated cost pressures Normal hedging activity provided shelter against Rand weaknes
Slide 13: Gross profit margin history
GROUP FINANCIAL RESULTS Gross profit margin history 60% 50% 46.5% 45.9% 45.4% 45.3% 44.3% 44.5% 40% 30% 20% H1 F11 H1 F12 H1 F13 H1 F14 H1 F15 H1 F16 Margin improvement from focus on selling prices to offset accumulated cost pressure Ongoing focus on costs and efficiencies to protect gross profi
Slide 14: Marketing expenditure
GROUP FINANCIAL RESULTS Marketing expenditure 18% 16% 15.4% 14.1% 14% 12% 10% 8.4% 7.8% 7.4% 8% 7.3% 6.5% 6.2% 6.7% 6.6% 6% 4.2% 4.4% 3.9% 4.1% 4% 2.3% 1.9% 2% 0% Tea Coffee Creamer Biscuits Snacks I&J retail Personal care * Footwear * Excludes Coty H1 F15 H1 F16 Includes advertising and promotion
Slide 15: Operating profit 13,0% up
GROUP FINANCIAL RESULTS Operating profit 13,0% up 1 350 1 300 1 250 R million 1 200 1 150 1 100 1 050 1 152 39 29 62 21 6 -6 -1 1 302 H1 Entyce Snackworks I&J Personal Spitz Green Cross Other H1 F15 Care F16 Entyce: Higher selling prices and creamer volume growth Snackworks: Higher selling price
Slide 16: Cash generation and utilisation
GROUP FINANCIAL RESULTS Cash generation and utilisation H1 16 H1 15 Rm Rm % Cash generated by operations 1 497,2 1 309,6 14,3 Working capital to revenue % 21,8 20,8 4,8 Capital expenditure 559,8 225,8 147,9 Depreciation and amortisation 168,3 151,2 11,3 Net debt 1 549,5 441,2 Net debt / capital emp
Slide 17: Cash flows
GROUP FINANCIAL RESULTS Cash flows 1 600 1 400 1 200 R million 1 000 800 600 400 200 - 1 497 -349 -252 -560 362 -55 -643 Cash from Working capital Taxation Capital Increase in net Net interest paid Dividends paid operations and other expenditure debt
Slide 18: Capital expenditure and depreciation
GROUP FINANCIAL RESULTS Capital expenditure and depreciation 1 000 F9 F10 F11 F12 F13 F14 F15 F16 950 900 849 800 390 700 600 541 567 532 623 R million 500 410 257 400 250 351 337 332 308 300 258 256 283 138 261 217 185 92 182 186 191 200 146 158 113 129 96 94 97 100 166 86 199 92 149 94 291 104 310
Slide 19: Key capital projects spend summary
GROUP FINANCIAL RESULTS Key capital projects spend summary H1 F16 H2 F16 F16 Total Actual Planned Planned Rm Rm Rm Tea packaging line replacements and upgrades 15 20 35 Additional creamer capacity 12 − 12 Biscuit line capacity and process improvements 72 122 194 Rosslyn snacks factory upgrades 14 −
Slide 20: Foreign exchange hedges
GROUP FINANCIAL RESULTS Foreign exchange hedges March 2016 to July 2016 to January 2017 to June 2016 December 2016 June 2017 % Cover % Cover % Cover USD imports 85% 46% 1% EUR imports 84% 44% 2% USD exports 81% 64% 12% EUR exports 69% 64% 19% Consistent hedging philosophy provides stability to man
Slide 21: Procurement savings
GROUP FINANCIAL RESULTS Procurement savings (Rm) Other cost of Raw materials Packaging Total H1 F16 sales Entyce 1,2 6,4 2,7 10,3 Snackworks 13,9 9,7 3,5 27,1 I&J 1,8 0,9 0,7 3,4 Indigo 0,6 3,0 1,5 5,1 Spitz − − 1,6 1,6 17,5 20,0 10,0 47,5 Savings measured against prior year actual cost Savings
Slide 22: Performance and prospects
TYCE “one” a WE eNO gm ge Ken... sauPran Performance and prospects GROWING 4 GREAT BRANDS
Slide 23: Entyce: Tea income statement
Income statement H1 F16 H1 F15 % Rm Rm Revenue 1 728,1 1 568,9 10,1 Operating profit 351,0 312,1 12,5 Operating profit margin % 20,3 19,9 2,0 Constrained performance from tea Category volumes under pressure at higher price points Significant input cost pressure from rooibos and weaker Rand
Slide 24: Entyce: Coffee income statement
Income statement H1 F16 H1 F15 % Rm Rm Revenue 1 728,1 1 568,9 10,1 Operating profit 351,0 312,1 12,5 Operating profit margin % 20,3 19,9 2,0 Resilient coffee performance in competitive category Selling price increases taken to protect margin Growth in premium coffee – Hug In A Mug speciality
Slide 25: Entyce: Creamer income statement
Income statement H1 F16 H1 F15 % Rm Rm Revenue 1 728,1 1 568,9 10,1 Operating profit 351,0 312,1 12,5 Operating profit margin % 20,3 19,9 2,0 Strong creamer result Category and market share growth underpinned by capacity and good service levels Margin improvement with disciplined price manage
Slide 26: Sales volume and selling prices
Sales volume and selling prices %Δ Comments H1 F16 vs H1 F15 Tea revenue growth 10,9 Volume (2,4) Increased market share; category decline; growth in value-for-money teas Ave. selling price 13,5 Increases in response to cost pressures, mainly rooibos raw material and weaker Rand Coffee revenue growt
Slide 27: Market shares – value
Market shares – value 60% Market shares – value 55.5% 53.5% 50% 46.3% 40% 39.1% 35.9% 36.5% 30% 22.8% 23.2% 20% 10% 0% Five Roses Freshpak Frisco Ellis Brown H1 F15 H1 F16
Slide 28: Raw material costs
Raw material costs Cost impact of raw materials and commodities consumed in the period (H1 F16 vs H1 F15): 50 41 40 30 R million 20 10 7 4 5 0 -1 -10 -7 Casein Palm oil Glucose Robusta / chicory Arabica Tea Tea cost increase mainly from higher rooibos prices due to constrained supply and export pr
Slide 29: Prospects for H2
Prospects for H2 Tactile price / volume management in constrained and competitive market Further cost pressure from higher rooibos raw material and weaker Rand Incremental innovation Continued focus on export business Projects Ongoing upgrade of tea packing lines – capacity and efficienc
Slide 30: Performance and prospects: Snackworks
Snackworks That’s Good Times! Poo y ) . ANS QW Willard» eMir, S- GROWING GREAT BRANDS
Slide 31: Snackworks: Biscuits income statement
Income statement H1 F16 H1 F15 % Rm Rm Revenue 1 954,2 1 825,1 7,1 Operating profit 368,7 339,5 8,6 Operating profit margin % 18,9 18,6 1,6 Good biscuit performance in constrained environment Volume restrained by higher price points Volume growth from sweet biscuit launches and line extension
Slide 32: Snackworks: Snacks income statement
Income statement H1 F16 H1 F15 % Rm Rm Revenue 1 954,2 1 825,1 7,1 Operating profit 368,7 339,5 8,6 Operating profit margin % 18,9 18,6 1,6 Improved snacks profit Selling prices and sales volumes suppressed by aggressive competitor activity, particularly on potato chips Benign commodity price
Slide 33: Sales volume and selling prices
Sales volume and selling prices %Δ Comments H1 F16 vs H1 F15 Biscuits revenue growth 7,8 Volume growth 1,5 Product launches and line extensions Ave. selling prices 6,2 Price increases to recover input cost pressure Snacks revenue growth 4,6 Volume growth (1,1) Aggressive competitor pricing, particul
Slide 34: Market shares – value
Market shares – value 50% 44.2% 45% 41.9% 40% 35% 30% 25% 20.0% 19.2% 20% 17.2% 16.3% 15% 10% 5% 0% Bakers (Sweet) Bakers (Savoury) Willards H1 F15 H1 F16
Slide 35: Raw material costs
Raw material costs Cost impact of raw materials and commodities consumed in the period (H1 16 vs H1 15): 10 8 7 6 4 2 2 R million 0 -2 -1 -4 -6 -8 -8 -10 Palm oil Butter Flour Sugar Currency hedges protected against Rand weakness and volatility
Slide 36: Prospects for H2
Prospects for H2 Tactile price / volume management in constrained and competitive market Continuing program of product extensions should support volumes Ongoing cost pressure – weaker Rand, employment costs and drought conditions Continued focus on export business Projects Capacity impro
Slide 37: Performance and prospects: I&J
- SINCE 1910 - GROWING GREAT BRANDS
Slide 38: I&J income statement
Income statement H1 F16 H1 F15 % Rm Rm Revenue 1 000,8 982,1 1,9 Operating profit 159,7 98,1 62,8 Operating profit margin % 16,0 10,0 60,0 Revenue growth reflects the benefit of the weaker Rand on export sales and selling price increases, offset by changes in sales mix Portion of foreign exchan
Slide 39: Revenue growth
Revenue growth H1 F16 H1 F15 % Rm Rm Revenue as stated 1 000,8 982,1 1,9 Foreign exchange gains/(losses) recorded in S&A costs 32,8 (2,5) 1033,6 979,6 5,5 Exports mostly in Euros where average exchange rate was 7% higher than H1 F15 Expected increase in Frozen at Sea fillets not achieved becaus
Slide 40: Fishing performance
Fishing performance 14 12 11.6 11.4 10.9 10.0 10 9.1 9.3 9.1 Hake tons per sea day 8.5 7.9 8 7.3 6 4 2 0 H1 F07 H1 F08 H1 F09 H1 F10 H1 F11 H1 F12 H1 F13 H1 F14 H1 F15 H1 F16 I&J catch rate Net decrease in catch rates – wet vessels increased; freezer vessels decreased More fishing days with new
Slide 41: Operating profit
Operating profit 200 180 160 140 R million 120 100 80 60 40 20 - 98 62 -11 -9 35 -15 160 H1 Exchange rates Sales mix Catch rates Fuel price Costs/ other H1 F15 F16 Significant benefit of weaker Rand Sales mix: higher local market volumes Catch rates: wet vessels improved; freezer vessels decre
Slide 42: Sales volume and selling prices – core hake volumes
Sales volume and selling prices – core hake volumes %Δ Comments H1 F16 vs H1 F15 I&J Domestic revenue growth 11,5 Volume 5,0 Higher wet vessel catches and smaller size mix favoured local market formats Ave. selling prices 6,2 Price increases taken to mitigate cost pressure I&J Export revenue growth
Slide 43: Prospects for H2
Prospects for H2 Expect continued benefit of weaker Rand on export revenue Lower fuel cost Extra fishing days from new vessels New freezer vessel will produce high value export format, offsetting lower catch rates As always, exposed to fishing catch rates and size mix Quota for 2016 cale
Slide 44: Performance and prospects: Indigo Brands
indigo brands LONDON | LONDON PARIS = rams. newyonn = OS TOON O°" [Sion y (OW | |" GROWING ur y 7 5 | GREAT j , \ eee BRANDS
Slide 45: Indigo Brands income statement
Income Statement H1 F16 H1 F15 % Rm Rm Revenue 569,1 541,4 5,1 Operating profit 124,0 102,6 20,9 Operating profit margin % 21,8 19,0 14,7 Revenue from owned brands grew by 13,2% Improved gross margin price increases to recover cost pressure lower volume of product manufactured for Coty St
Slide 46: Sales volume and selling prices
Sales volume and selling prices %Δ Sale volume and selling Comments H1prices F16 vs H1 F15 Personal Care revenue 13,2 growth* Volume growth 1,5 Increase in domestic body sprays and colour cosmetics; export volumes lower where currency impacted prices Ave. selling price 11,6 Price increases to reco
Slide 47: Prospects for H2
Prospects for H2 Pressure on cost of sales from weaker Rand Stronger export demand as currency effect abates Product ranges positioned to benefit from constrained environment New product launches Body sprays Fragrances Lower commissions from Coty – R10 million Projects Distribution
Slide 48: Performance and prospects: Spitz
SPITZ SPITZ CARVELA KURTGEIGER LACOSTE GANT ninaroche FTOSONI Performance and prospects GROWING GREAT BRANDS
Slide 49: Spitz income statement
Income statement H1 F16 H1 F15 % xxx Rm Rm xxx Revenue 942,8 885,7 6,5 Operating profit 288,6 282,7 2,1 Operating profit margin % 30,6 31,9 (4,1) Strong performance from core brands – Carvela, Lacoste, Kurt Geiger Improved footwear and clothing volumes Improved like-for-like trading densi
Slide 50: Sales volume and selling prices
Sales volume and selling prices %Δ Comments H1 F16 vs H1 F15 Spitz & KG Footwear 7,0 revenue growth Volume growth 1,7 Volume growth on core brands notwithstanding constrained consumer environment and price increases Ave. selling price 5,2 Price increases, offset by increased volumes of non-core prod
Slide 51: Spitz and Kurt Geiger operating profit and margins
Spitz and Kurt Geiger Operating profit (Rm) 350 300 Spitz and Kurt Geiger 250 R million 200 150 100 50 0 H1 F06 H1 F07 H1 F08 H1 F09 H1 F10 H1 F11 H1 F12 H1 F13 H1 F14 H1 F15 H1 F16 90% Gross profit and operating profit margins 80% 70% 60% Margin % 50% 40% 30% 20% 10% 0% H1 F06 H1 F07 H1 F08 H1 F0
Slide 52: Spitz and Kurt Geiger trading density
Spitz and Kurt Geiger Trading density - Spitz stores 50 000 25 000 40 000 20 000 30 000 15 000 R/m2 m2 20 000 10 000 10 000 5 000 0 0 H1 F11 H1 F12 H1 F13 H1 F14 H1 F15 H1 F16 Trading density (R/m2) Average trading space (m2) Trading density - Kurt Geiger stores 30 000 5 000 25 000 4 000 20 000 R/m2
Slide 53: Prospects for H2
Prospects for H2 Further price increases needed to offset cost pressure from weaker Rand Careful management of price / volume / margin Increased activity to stimulate sales May need to absorb some margin pressure in the short term Constrained spending environment impacting demand Improve
Slide 54: Performance and prospects: Green Cross
GREEN CROSS Performance and prospects
Slide 55: Green Cross income statement
Income Statement H1 F16 H1 F15 % Rm Rm Revenue 174,3 171,4 1,7 Operating profit 17,8 23,6 (24,6) Operating profit margin % 10,2 13,8 (26,1) Retail sales disrupted by major mall renovations and store refurbishments Positive consumer response and improved trading post refurbishments Cost pressu
Slide 56: Prospects for H2
Prospects for H2 Continue investing in retail stores 3 new doors 2 refurbishments Benefits from improved product ranges Leverage improved SA factory capability Constrained consumer spending Cost pressure from weaker Rand Continued focus on wholesale in difficult environment Project
Slide 57: AVI International
AVI INTERNATIONAL
Slide 58: AVI International operating profit history
AVI INTERNATIONAL Operating profit history 100 92 90 82 80 77 73 70 70 60 56 R million 50 46 40 36 30 27 20 10 - H1 F08 H1 F09 H1 F10 H1 F11 H1 F12 H1 F13 H1 F14 H1 F15 H1 F16 Revenue growth in most markets, notably Botswana, Zimbabwe and Namibia Currency weakness in Zambia and Mozambique Stro
Slide 59: Entyce, Snackworks and Indigo – Non RSA sales
AVI INTERNATIONAL Entyce, Snackworks and Indigo – Non RSA sales H1 F16 H1 F15 % Rm Rm International Revenue 473,7 447,9 5,8 % of Grocery and Personal Care brands 11,1 11,4 International Operating Profit 92,5 82,4 12,3 % of Grocery and Personal Care brands 11,0 10,9 International Operating Margin 19
Slide 60: AVI Group: Prospects for H2
AVI GROUP Prospects for H2 I&J performance dependent on catch rates Additional vessels available for whole of H2 - increased sea days Potential upside if weak Rand and low fuel price persist Ongoing focus on fishing and processing efficiency Key export markets healthy Sustain Entyce, Sna
Slide 61: Prospects for H2 continued
AVI GROUP Prospects for H2 continued Footwear and Apparel Impeccable retail execution Green Cross new store design roll-out and improved range Spitz store refresh – store design, tiering and ranging Kurt Geiger brand evolution Appropriate promotional retailing support Optimise price vs
Slide 62: Investor proposition
AVI GROUP Investor proposition Manage our unique brand portfolio to its long term potential Organic earnings growth; target >10% HEPS growth p.a. High dividend yield – maintain normal dividend payout ratio of 80% Sustain high return on capital employed Effective capital projects Return e
Slide 63: Questions
AN | Questions
Slide 64: Information slides
AN | Information slides
Slide 65: Business unit financial results
BUSINESS UNIT FINANCIAL RESULTS Income statement Segmental Segmental Operating Revenue Operating Profit Margin H1 F16 H1 F15 Δ H1 F16 H1 F15 Δ H1 F16 H1 F15 Rm Rm % Rm Rm % Rm Rm Food & Beverage Brands 4 683,1 4 376,1 7,0 879,4 749,7 17,3 18,8 17,1 Entyce 1 728,1 1 568,9 10,1 351,0 312,1 12,5 20,3 1
Slide 66: Footwear & Apparel financial results
FOOTWEAR & APPAREL FINANCIAL RESULTS Income statement Segmental Segmental Operating Revenue Operating Profit Margin H1 F16 H1 F15 Δ H1 F16 H1 F15 Δ H1 F16 H1 F15 Rm Rm % Rm Rm % Rm Rm Footwear & Apparel 1 138,1 1080,7 5,3 305,6 308,7 (1,0) 26,9 28,6 Spitz 942,8 885,7 6,5 288,6 282,7 2,1 30,6 31,9 Gr
Slide 67: Revenue 6,5% up
INFORMATION SLIDE Revenue 6,5% up 6 500 6 400 6 300 R million 6 200 6 100 6 000 5 900 5 800 6 002 159 129 19 28 57 3 -4 6 393 H1 Entyce Snackworks I&J Personal Spitz Green Cross Other H1 F15 Care F16 Entyce: Price increases in tea, coffee and creamer together with creamer volume growth Snackwork
Slide 68: Gross profit 8,3% up
INFORMATION SLIDE Gross profit 8,3% up 2 950 2 900 2 850 2 800 R million 2 750 2 700 2 650 2 600 2 550 2 671 71 54 27 38 31 3 -2 2 893 H1 Entyce Snackworks I&J Personal Spitz Green Cross Other H1 F15 Care F16 Entyce: Revenue growth offset by higher input costs, mostly weaker Rand Snackworks: Rev
Slide 69: Vessel replacement cash flow summary
INFORMATION SLIDE Vessel replacement cash flow summary F14 F15 F16 Total Rm Rm Rm Rm New wet vessel 27 88 43 158 Freezer vessel 36 13 218 267 Purchased & sale back wet vessel 45 ─ (33) 12 108 101 228 437 Wet vessel commenced fishing in November 2015 Freezer vessel commenced fishing in October 20
Slide 70: I&J fishing quota
INFORMATION SLIDE I&J fishing quota Quota (tons) CY10 CY11 CY12 CY13 CY14 CY15 CY16 South African Total Allowable Catch (TAC) 119 861 131 847 144 742 156 088 155 308 147 500 147 500 % change in TAC 1,1 10,0 9,8 7,8 (0,5) (5,0) − I&J 33 550 36 906 40 515 43 689 43 471 41 223 41 245 % 28,0 28,0 28,0 2
Slide 71: Trading space and trading density: Spitz
INFORMATION SLIDE Trading space and trading density Spitz H1 F16 H1 F15 Number of stores 75 72 Turnover (Rm) 833,0 786,0 Average m2 19 239 17 901 Trading Density (R /m2) 43 298 43 911 Closing m2 19 376 18 342 Like-for-like metrics* H1 F16 H1 F15 Number of stores 69 69 Turnover (Rm) 809,8 782,7 Avera
Slide 72: Trading space and trading density: Kurt Geiger
INFORMATION SLIDE Trading space and trading density Kurt Geiger H1 F16 H1 F15 Number of stores 33 33 Turnover (Rm) 109,8 99,6 Average m2 4 095 3 978 Trading Density (R /m2) 26 816 25 050 Closing m2 4 156 3 978 Like-for-like metrics* H1 F16 H1 F15 Number of stores 28 28 Turnover (Rm) 99,9 89,6 Averag
Slide 73: Trading space and trading density: Green Cross
INFORMATION SLIDE Trading space and trading density Green Cross H1 F16 H1 F15 Number of stores 34 30 Turnover (Rm) 118,1 109,7 Average m2 3 941 3 423 Trading Density (R /m2) 29 973 32 034 Closing m2 4 097 3 423 Like-for-like metrics* H1 F16 H1 F15 Number of stores 30 30 Turnover (Rm) 112,1 109,7 Ave
Slide 74: 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 December 2005 29 8,232 1 128 June 2006 31 8,730 1 128 December 2006 35 10,397 1 128 June 2007 38 10,397