Slide 1: AVI Limited presentation to shareholders & analysts for the year ended 30 June 2023
AVI Limited presentation to shareholders & analysts for the year ended 30 June 2023
Slide 2: Agenda
AGENDA Key features and results history Group financial results Performance Prospects Questions and answers
Slide 3: Key Features
KEY FEATURES Challenging macroeconomic environment Increased levels of load-shedding disrupted operations ❑ Direct operating cost of R58,5 million ❑ Significant indirect costs I&J’s profitability impacted by higher fuel prices, poor catch-rates, load- shedding costs and lockdown affected abalo
Slide 4: Key Features
KEY FEATURES Stable gross margins despite cost pressures Operating profit in the second semester improved by 14,5% Operating profit for the year increased by 6,9% Operating profit for the year, excluding I&J, increased by 12,7% R9,4 million benefit from lower corporate tax rate Headline
Slide 5: Results History: Operating profit history
RESULTS HISTORY Operating profit history 3 000 Operating profit history 2 800 2 743 2 600 2 568 2 534 2 564 2 347 2 430 355 2 400 2 397 328 303 395 2 165 202 230 233 2 200 366 193 237 150 170 197 2 000 1 928 345 250 306 241 238 342 R million 1 800 1 722 404 408 1 600 1 529 218 425 389 1 388 388 1 03
Slide 6: 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% F13 F14 F15 F16 F17 F18 F19 F20 F21 F22 F23 Net operating profit after tax Average capital employed ROCE (%) High return maintained in a difficult environment
Slide 7: Results History: Cash conversion
RESULTS HISTORY Cash conversion 3 500 120% 3 000 100% 2 500 80% R million 2 000 60% 1 500 40% 1 000 500 20% 0 0% F13 F14 F15 F16 F17 F18 F19 F20 F21 F22 F23 EBITDA Cash generated by operations Cash to EBITDA (%) Strong cash generation including increased working capital
Slide 8: Results History: Dividend yield
RESULTS HISTORY Dividend yield 14,0% 12,0% 12,0% 10,1% 10,0% 7,7% 7,4% 8,0% 7,0% 7,1% 6,4% 6,5% 6,3% 6,2% 6,1% 6,0% 4,9% 5,8% 5,2% 4,5% 4,1% 4,5% 4,3% 4,5% 4,0% 4,4% 4,1% 4,0% 4,0% 3,8% 3,7% 2,8% 2,0% 0,0% F05 F06 F07 F08 F09 F10 F11 F12 F13 F14 F15 F16 F17 F18 F19 F20 F21 F22 F23 Normal dividend yi
Slide 9: Results History: Returns to shareholders
RESULTS HISTORY Returns to shareholders 2 500 2 364 2 253 2 000 926 823 1 704 1 603 1 531 1 500 1 360 1 368 1 354 1 322 R million 639 1 197 550 1 033 1 000 953 870 789 270 621 1 430 1 368 1 354 1 438 1 531 319 1 197 1 322 500 227 953 1 065 318 231 263 301 810 229 621 570 202 166 373 229 239 263 301
Slide 10: Group Financial Results
AN | Group Financial Results GROWING GREAT BRANDS
Slide 11: Group Financial Results: Income statement
GROUP FINANCIAL RESULTS Income statement F23 F22 Rm Rm %∆ Revenue 14 919,6 13 845,3 7,8 Cost of sales (9 095,1) (8 506,7) 6,9 Gross profit 5 824,5 5 338,6 9,1 Gross profit margin % 39,0 38,6 1,0 Selling and administrative expenses (3 109,7) (2 798,5) 11,1 Operating profit 2 714,8 2 540,1 6,9 Operati
Slide 12: Change in operating profit F23 vs F22
GROUP FINANCIAL RESULTS Change in operating profit F23 vs F22 200 175 157 149 150 120 100 37 40 46 52 R million 50 25 40 37 15 26 3 6 - (21) (50) (100) (88) (109) (150) Entyce Beverages Snackworks I&J Personal Care Footwear & Apparel AVI Group H1 H2 FY Strong growth in H2 supported by Snackworks a
Slide 13: Business unit financial results
GROUP FINANCIAL RESULTS Business unit financial results Segmental Segmental Operating Revenue Operating Profit Margin F23 F22 Δ F23 F22 Δ F23 F22 Rm Rm % Rm Rm % % % Food & Beverage brands 11 999,4 11 157,8 7,5 2 155,4 2 068,2 4,2 18,0 18,5 Entyce Beverages 4 251,6 3 981,6 6,8 920,2 880,6 4,5 21,6 2
Slide 14: Movement in Group revenue
GROUP FINANCIAL RESULTS Movement in Group revenue 16 000 15 500 15 000 14 500 R million 14 000 13 500 13 000 12 500 12 000 13 845 1 797 (722) 14 920 F22 Price Volume F23 Price increases across the Group required to recover significant input cost inflation I&J selling price increases, supported b
Slide 15: Gross profit margin
GROUP FINANCIAL RESULTS Gross profit margin 60% 50% Gross Profit % 41,1% 39,8% 39,0% 39,0% 40% 38,6% 30% 20% F19 F20 F21 F22 F23 Gross profit margins largely protected in difficult environment Decrease relative to historical levels mainly due to lower I&J profit
Slide 16: Operating profit 6,9% up
GROUP FINANCIAL RESULTS Operating profit 6,9% up 2 800 2 750 2 700 2 650 R million 2 600 2 550 2 500 2 450 2 400 2 540 40 157 (109) 40 52 (5) 2 715 F22 Entyce Snackworks I&J Personal Footwear & Other F23 Care Apparel Entyce: Sustained Ciro recovery and improved performance in coffee partly offset
Slide 17: Cash flow, gearing and return on capital
GROUP FINANCIAL RESULTS Cash flow, gearing and return on capital F23 F22 Rm Rm % Cash generated by operations 3 079,7 2 999,4 2,7 Cash / EBITDA % 93,6 96,9 (3,4) Working capital to revenue % 23,7 23,5 0,9 Capital expenditure (482,2) (240,8) Acquisition of intangibles (8,0) (165,3) Net debt 1 749,8
Slide 18: Dividends
GROUP FINANCIAL RESULTS Dividends F23 F22 Rm Rm % Interim dividend – cps 172,0 170,0 1,2 Final dividend - cps 310,0 292,0 6,2 Ordinary dividend – cps 482,0 462,0 4,3 Dividend yield - %* 7,1 7,0 Ordinary dividend cover ratio 1,15 1,15 Closing share price - cps 6 809 6 572 * Calculated using the clos
Slide 19: Performance and prospects: Performance
Performance and prospects Performance
Slide 20: Entyce Beverages income statement: tea
Income statement F23 F22 % Rm Rm Revenue 4 251,6 3 981,6 6,8 Operating profit 920,2 880,6 4,5 Operating profit margin % 21,6 22,1 (2,3) Tea profit decline ❑ Price increases across both black tea and rooibos to ameliorate inflationary cost pressures ❑ Tea revenue constrained by lower volume from h
Slide 21: Entyce Beverages income statement: coffee
Income statement F23 F22 % Income statement Rm Rm Revenue 4 251,6 3 981,6 6,8 Operating profit 920,2 880,6 4,5 Operating profit margin % 21,6 22,1 (2,3) Coffee growth due to sustained Ciro out-of-home recovery and better mixed instant profit ❑ Significant selling price increases in response to c
Slide 22: Entyce Beverages income statement: creamer
Income statement F23 F22 % Income statement Rm Rm Revenue 4 251,6 3 981,6 6,8 Operating profit 920,2 880,6 4,5 Operating profit margin % 21,6 22,1 (2,3) Creamer profit slightly lower ❑ Material selling price increases in response to significantly higher raw material costs ❑ Volume pressure due t
Slide 23: Sales volume and selling prices
Sales volume and selling prices %Δ %Δ F23 H2 vs Comments F23 vs F22 F22 H2 Tea revenue flat (0,0) 6,1 Volume (8,3) (1,9) Declines in both black tea and rooibos volumes with declines slowing in the second semester Ave. selling price 9,0 8,2 Prices increases in July 2022 on both black tea and rooibos
Slide 24: Market shares – 12 months value
Market shares – 12 months value 70,0% 60,0% 57,7% 56,5% 50,0% 44,2% 41,2% 40,0% 29,8% 29,6% 30,0% 20,0% 17,1% 15,0% 15,5% 15,5% 10,0% 0,0% Five Roses Freshpak Frisco Ellis Brown Trinco F22 F23 Short term market shares reflect targeted price / volume balance Trinco brand well positioned to addres
Slide 25: Raw material costs
Raw material costs Cost impact of raw materials and commodities consumed in the period (F23 vs F22): 45 41 40 37 35 30 28 25 R million 22 21 20 15 15 10 5 0 Glucose Robusta / chicory Casein Tea Arabica Palm oil Impact net of hedging
Slide 26: Snackworks Performance
Snackw@orks That’s Good Times! Performance reer
Slide 27: Snackworks income statement: biscuits
Income statement F23 F22 % Income statement Rm Rm Revenue 5 261,2 4 702,4 11,9 Operating profit 1 038,4 881,4 17,8 Operating profit margin % 19,7 18,7 5,3 Increase in biscuit profit supported by top-line growth ❑ Selling price increases to recover material input cost pressures and protect margin
Slide 28: Snackworks income statement: snacks
Income statement F23 F22 % Rm Rm Revenue 5 261,2 4 702,4 11,9 Operating profit 1 038,4 881,4 17,8 Operating profit margin % 19,7 18,7 5,3 Decline in snacks profit ❑ Volumes impacted by price increases required to protect margins and aggressive competitor pricing ❑ Potato volumes further impacted
Slide 29: Sales volume and selling prices
Sales volume and selling prices %Δ %Δ F23 H2 vs Comments F23 vs F22 F22 H2 Biscuits revenue growth 14,3 16,4 Volume (1,1) (0,7) Increased pricing and constrained consumers partly offset by demand for lower priced formats, strong festive season and rusk innovation Ave. selling prices 15,5 17,2 Price
Slide 30: Market shares – 12 months value
Market shares – 12 months value 45,0% 39,3% 38,4% 40,0% 35,0% 30,0% 25,0% 20,0% 17,7% 16,2% 14,1% 14,1% 15,0% 10,0% 5,0% 0,0% Bakers (Sweet) Bakers (Savoury) Willards F22 F23 Balanced price / volume Market share reflects formal retail only Sound demand for affordable formats in wholesale chann
Slide 31: Raw material costs
Raw material costs Cost impact of raw materials and commodities consumed in the period (F23 vs F22): 90 84 80 70 60 R million 50 46 40 30 30 20 15 11 10 8 0 Flour Butter Palm oil Maize Sugar Potatoes Impact net of hedging
Slide 32: Performance
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Slide 33: I&J income statement
Income statement F23 F22 % Rm Rm Revenue 2 486,6 2 473,8 0,5 Operating profit 196,8 306,2 (35,7) Operating profit margin % 7,9 12,4 (36,3) Challenging year with lower fishing profitability, despite weaker Rand ❑ Higher diesel costs not fully recovered despite material price increases ❑ Lower catc
Slide 34: I&J income statement: abalone
Income statement F23 F22 % Income statement Rm Rm Revenue 2 486,6 2 473,8 0,5 Operating profit 196,8 306,2 (35,7) Operating profit margin % 7,9 12,4 (36,3) Lower profits from abalone ❑ Unfavourable sales mix impacted by lockdown in China and Hong Kong with improvement following lifting of COVID-
Slide 35: I&J operating profit bridge
Operating profit 700 600 500 R million 400 300 200 100 - 306 267 97 (160) (69) (40) (27) (16) (161) 197 F22 Selling Exchange Fuel Catch rates Load- Abalone VAP Fire Other F23 price rate shedding fair value (load- inflation impact adjustment shedding related) Selling price increases and weaker Rand
Slide 36: I&J profit history
Profit history 460 417 398 380 380 67 345 71 98 317 305 350 300 347 69 309 300 236 123 R million 0 220 199 248 236 182 89 140 110 60 (20) (2) F16 F17 F18 F19 F20 F21 F22 F23 * F16 – F20 restated to exclude Simplot Fishing Abalone Fishing performance impacted by high fuel costs and lower catch rate
Slide 37: Fishing performance
Fishing performance 12,0 10,2 10,1 9,9 10,0 9,5 9,4 9,0 9,2 8,5 8,3 8,4 8,1 Hake tons per sea day 8,0 6,0 4,0 2,0 0,0 F13 F14 F15 F16 F17 F18 F19 F20 F21 F22 F23 I&J catch rate Decline due to poorer wet and freezer vessel catch rates
Slide 38: Sales volume and selling prices (Hake)
Sales volume and selling prices (Hake) %Δ %Δ F23 vs F23 H2 vs Comments F22 F22 H2 I&J Domestic revenue decline (13,2) (12,5) Volume (28,9) (23,7) Competitor activity, constrained demand, reduced value-added product availability (including impact of fire) and significantly lower whole fish volumes (Q
Slide 39: Performance
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Slide 40: Personal Care income statement
Income statement F23 F22 % Rm Rm Revenue 1 223,3 1 176,5 4,0 Operating profit 233,1 193,4 20,5 Operating profit margin % 19,1 16,4 16,5 Indigo profit growth supported by trademarks acquired ❑ Revenue growth from aerosol, fragrance and roll-on offset by reduced manufacturing revenue due to tradema
Slide 41: Sales volume and selling prices
Sales volume and selling prices %Δ %Δ F23 H2 vs F22 Comments F23 vs F22 H2 Personal Care revenue 21,4 27,4 growth* Volume** 10,3 12,6 Coty acquired trademarks, aerosol, fragrance and roll- on growth offset by declines in colour and lotions Ave. selling price 10,1 13,1 Price increases in response to
Slide 42: Market shares – 12 months value
Market shares – 12 months value 45,0% 41,5% 40,7% 40,0% 35,0% 33,1% 32,9% 30,0% 25,0% 20,0% Body sprays - Female * Body sprays - Male * * Excludes Coty licensed brands F22 F23 Balanced price / volume in competitive environment Good performance from both Yardley and Lentheric in female and male p
Slide 43: Footwear and Apparel: Performance
FOOTWEAR AND APPAREL Performance
Slide 44: Footwear and Apparel income statement
FOOTWEAR AND APPAREL Income statement F23 F22 % Rm Rm Revenue 1 696,9 1 511,0 12,3 Operating profit 354,8 302,5 17,3 Operating profit margin % 20,9 20,0 4,5 Strong operating profit growth from higher selling prices and improved footwear volumes through peak season ❑ Volume performance supported b
Slide 45: Footwear and Apparel business unit financial results
FOOTWEAR AND APPAREL Business unit financial results Segmental Segmental Operating Revenue Operating Profit Margin F23 F22 Δ F23 F22 Δ F23 F22 Rm Rm % Rm Rm % % % Footwear & Apparel 1 696,9 1 511,0 12,3 354,8 302,5 17,3 20,9 20,0 Spitz, Kurt Geiger and Gant 1 538,1 1 359,8 13,1 344,6 300,3 14,8 22,4
Slide 46: Footwear and Apparel sales volume and selling prices
FOOTWEAR AND APPAREL Sales volume and selling prices %Δ Comments F23 vs F22 Spitz and Kurt Geiger Footwear 14,9 revenue growth Volume 2,5 Volume growth due to improved stock availability and non-repeat of last year’s July unrest Ave. selling price 12,1 Price increases to protect gross margins Green
Slide 47: International Performance
AN | International Performance WE ROSE. on gars 2 Om ICY Tova et FLAVOURse
Slide 48: AVI International operating profit history
AVI INTERNATIONAL Operating profit history 350 301 300 271 273 253 250 213 194 197 189 R million 200 159 150 129 132 103 100 92 50 - F11 F12 F13 F14 F15 F16 F17 F18 F19 F20 F21 F22 F23 Profit growth from main subsidiary markets, partly offset by declines in distributor markets Price increases in
Slide 49: AVI International non-RSA sales
AVI INTERNATIONAL Entyce, Snackworks and Indigo – Non RSA sales F23 F22 % Rm Rm International Revenue 1 275,7 1 219,7 4,6 % of Grocery and Personal Care brands 11,9 12,4 (4,0) International Operating Profit 300,9 273,0 10,2 % of Grocery and Personal Care brands 13,7 14,0 (2,1) % % International Ope
Slide 50: F24 Prospects
AN | F24 Prospects GROWING GREAT BRANDS
Slide 51: Prospects for F24: load-shedding and water risk
AVI GROUP Prospects for F24 Impact of load-shedding across the business to persist ❑ Back-up power solutions at all sites and key retail outlets ▪ New generator installation at I&J’s value-added plant will provide additional capacity during load-shedding alleviating disruptions ▪ Capability to wea
Slide 52: Prospects for F24: margins and commodity costs
AVI GROUP Prospects for F24 Protect Entyce and Snackworks margins in tough macro environment Demand pressure from constrained consumers exacerbated by high prices Continued price / volume management essential to protect long-term profitability given demand risks Selling price inflation abati
Slide 53: Prospects for F24: Entyce, Snackworks, Indigo
AVI GROUP Prospects for F24 Protect Entyce and Snackworks margins in tough macro environment ❑ Volatility in commodity and foreign exchange markets will continue to be managed in a disciplined way to protect margins ❑ Raw material and exchange rate secured provide some certainty for H1 ❑ Innovatio
Slide 54: Prospects for F24: I&J
AVI GROUP Prospects for F24 I&J performance dependent on exchange rates, catch rates and fuel prices ❑ New BBBEE shareholder ensures continued 25% direct shareholding ▪ Economic cost of structure aligned to previous minority arrangement ▪ Initial non-cash cost recognition expected in H1 F24 ❑ Fina
Slide 55: Prospects for F24: Footwear and Apparel
AVI GROUP Prospects for F24 Footwear and Apparel ❑ Risk of cost / margin pressure if Rand weakness persists although large portion of H1 exposure is hedged ❑ Continued development of owned brands ❑ Ongoing focus on cost control and improving operating metrics ▪ Retail densities ▪ Staff costs ▪ New
Slide 56: Prospects for F24: capital investment projects
AVI GROUP Prospects for F24 Capital investment projects to improve capability, product quality and customer service levels Approved & Planned Projects Rm Tea production and packaging equipment 18 Creamer capacity increase – packaging automation 44 Biscuit line capacity and process improvements 54
Slide 57: Investor proposition
AVI GROUP Investor proposition Ongoing simplification of business model to accommodate a challenging macro environment Focus on scalable and relevant innovation for constrained consumers Group initiatives – margin management, procurement, cost savings and production efficiencies Manage our u
Slide 58: Questions
AN | Questions GROWING GREAT ANDS
Slide 59: Information Slides: Revenue 7,8% up
INFORMATION SLIDES Revenue 7,8% up 15 000 14 500 R million 14 000 13 500 13 000 13 845 270 559 13 47 186 14 920 F22 Entyce Snackworks I&J Personal Footwear & F23 Care Apparel Entyce: Growth in all categories with tea flat on prior year Snackworks: Growth in biscuits and snacks from selling price
Slide 60: Information Slides: Gross profit 9,1% up
INFORMATION SLIDES Gross profit 9,1% up 5 900 5 800 5 700 5 600 R million 5 500 5 400 5 300 5 200 5 100 5 000 5 339 86 250 (90) 79 161 5 825 F22 Entyce Snackworks I&J Personal Footwear & F23 Care Apparel Entyce: Revenue growth partly offset by margin pressure with higher commodity input costs not
Slide 61: Information Slides: Gross profit margin
INFORMATION SLIDES Gross profit margin 40,5% 40,0% 39,5% Gross profit 39,0% 38,5% 38,0% 37,5% 38,6% 0,2% 0,5% 0,7% (1,0%) 39,0% F22 Non-repeat of civil Entyce & Fashion brands I&J F23 unrest Snackworks Non-recurrence of stock write-off costs of R31,6 million associated with July 2021 unrest Snac
Slide 62: Civil unrest – direct costs and insurance proceeds
INFORMATION SLIDES Civil unrest – direct costs incurred and insurance proceeds recognised Reported Adjusted F22 civil F23 F22 F22 unrest Like-for- Actual Actual Actual Adjusted impact like Rm Rm % Rm Rm % Revenue 14 919,6 13 845,3 7,8 - 13 845,3 7,8 Cost of sales (9 095,1) (8 506,7) 6,9 (31,6) (
Slide 63: Impact of non-renewal of Coty distributor agreement
INFORMATION SLIDES Impact of non-renewal of Coty distributor agreement Personal Care F23 Coty F23 excluding F23 Reported contribution Coty Operating performance Rm Rm Rm Revenue 1 223,3 209,8 1 013,5 Operating profit 233,1 50,0 183,1 Operating profit margin 19,1 23,8 18,1 F23 Rm Working capital* 86,
Slide 64: Marketing expenditure
INFORMATION SLIDES Marketing expenditure 14,0% 12,7% 12,6% 12,0% 10,0% 8,3% 8,6% % of Revenue 8,0% 7,0% 7,0% 6,9% 7,2% 5,9% 6,2% 6,2% 6,0% 5,9% 4,3% 4,2% 4,0% 2,5% 2,0% 1,5% 0,0% F22 F23 * Excludes Coty Total expenditure for F23 of R820,7 million compared to R732,3 million in F22 ❑ Increase in foo
Slide 65: Capital expenditure and depreciation
INFORMATION SLIDES Capital expenditure and depreciation (excluding depreciation on right-of-use assets) 600 546 500 473 482 400 420 408 411 394 388 388 388 390 377 R million 300 316 241 200 100 - F17 F18 F19 F20 F21 F22 F23 Capital expenditure Depreciation charge Continued investment in manufactur
Slide 66: Capital expenditure
INFORMATION SLIDES Capital expenditure H1 F23 Full Year F23 Actual Actual Rm Rm Tea packaging line replacements and upgrades 7 22 Creamer capacity increase 12 23 Biscuit line upgrades and improvements 17 52 Snacks fryer essential replacement 10 11 I&J processing plant and storage facility upgrades 2
Slide 67: Cash flows
INFORMATION SLIDES Cash flows 4 000 3 500 3 000 2 500 R million 2 000 1 500 1 000 500 - 3 432 (376) (697) (482) (8) (147) (191) 8 (1 539) Cash from Working Taxation Capital Acquisition of Lease Net interest Increase in Ordinary operations capital and expenditure intangibles liabilities paid paid net
Slide 68: Foreign exchange hedges
INFORMATION SLIDES Foreign exchange hedges September 2023 to January 2024 to July 2024 to December 2023 June 2024 December 2024 % Cover % Cover % Cover USD imports 80% 13% 0% EUR imports 63% 18% 0% USD exports 75% 58% 29% EUR exports 74% 58% 28% Consistent hedging philosophy provides stability to
Slide 69: I&J period end fair value adjustments
INFORMATION SLIDES I&J period end fair value adjustments F23 F22 Actual Actual Rm Rm Rm Fuel hedge unrealised loss 12,6 5,2 7,4 Opening mark-to-market (liability) / asset (0,2) 5,0 Closing mark-to-market (liability) (12,8) (0,2) Abalone – decrease / (increase) in unrealised profit in 3,2 (24,0) 27
Slide 70: I&J fishing quota
INFORMATION SLIDES I&J fishing quota CY17 CY18 CY19 CY20 CY21 CY22 CY23 Quota (tons) South African Total Allowable Catch 140 216 133 120 146 430 146 430 139 119 132 163 138 772 (TAC) % change in TAC (5,0) (5,0) 10,0 - (5,0) (5,0) 5,0 I&J 37 901 36 013 39 517 39 517 37 543 34 143 35 850 % 27,1 27,1 2
Slide 71: Trading space and trading density – Spitz
INFORMATION SLIDES Trading space and trading density Spitz F23 F22 Number of stores 69 69 Turnover (Rm) 1 262,1 1 102,4 Average m2 18 313 18 681 Trading Density (R/m2) 68 919 59 013 Closing m2 18 250 18 394 Like-for-like metrics* F23 F22 Number of stores 68 68 Turnover (Rm) 1 255,6 1 084,2 Average a
Slide 72: Trading density – Spitz stores
INFORMATION SLIDES Trading density – Spitz stores 70 000 25 000 60 000 20 000 50 000 15 000 40 000 R/m2 m2 30 000 10 000 20 000 5 000 10 000 0 0 F17 F18 F19 F20 F21 F22 F23 Trading density (R/m2) Average trading space (m2) No stores opened or closed during the year with 2 stores relocated
Slide 73: Trading space and trading density – Kurt Geiger
INFORMATION SLIDES Trading space and trading density Kurt Geiger F23 F22 Number of stores 31 31 Turnover (Rm) 187,8 187,0 Average m2 3 909 4 222 Trading Density (R/m2) 48 047 44 295 Closing m2 3 883 3 934 Like-for-like metrics* F23 F22 Number of stores 31 31 Turnover (Rm) 187,8 177,2 Average and clo
Slide 74: Trading density – Kurt Geiger stores
INFORMATION SLIDES Trading density – Kurt Geiger stores 55 000 4 500 50 000 4 000 45 000 3 500 40 000 3 000 35 000 30 000 2 500 R/m2 m2 25 000 2 000 20 000 1 500 15 000 1 000 10 000 5 000 500 0 0 F17 F18 F19 F20 F21 F22 F23 Trading density (R/m2) Average trading space (m2) 1 Store relocation in th
Slide 75: Trading space and trading density – Green Cross
INFORMATION SLIDES Trading space and trading density Green Cross F23 F22 Number of stores # 15 18 Turnover (Rm) 103,5 102,7 Average m2 2 141 2 494 Trading Density (R/m2) 48 325 41 196 Closing m2 1 999 2 326 Like-for-like metrics* F23 F22 Number of stores # 15 15 Turnover (Rm) 97,3 85,5 Average and c
Slide 76: 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