Slide 1: AVI Limited presentation to shareholders & analysts for the year ended June 2017
AVI Limited presentation to shareholders & analysts for the year ended June 2017
Slide 2: Agenda
AGENDA Key features and results history Group financial results Performance and prospects Questions and answers
Slide 3: Key features
KEY FEATURES Sound performance in a challenging environment; Revenue up 8,2% to R13,18 billion; Gross margin recovered in second semester; Operating profit up 10,7% to R2,39 billion; Cash from operations up 8,4% to R2,99 billion; Capital expenditure of R545,6 million; Return on capital
Slide 4: Results history: operating profit history
RESULTS HISTORY Operating profit history 2 600 2 398 2 400 2 165 2 200 366 2 000 1 929 345 1 800 1 722 241 404 218 1 600 1 529 1 386 388 389 1 400 198 331 410 R million 1 200 1 121 308 172 248 915 892 167 666 1 000 236 156 245 718 806 609 101 151 133 179 166 533 800 95 133 105 91 475 435 509 147 73
Slide 5: Results history: return on capital employed
RESULTS HISTORY Return on capital employed 7 000 35% 6 000 30% 5 000 25% R million 4 000 20% % 3 000 15% 2 000 10% 1 000 5% 0 0% F10 F11 F12 F13 F14 F15 F16 F17 Net operating profit after tax Average capital employed ROCE (%) Sustained returns including increasing capital expenditure to support gr
Slide 6: Results history: historical cash conversion
RESULTS HISTORY Historical cash conversion 3 000 120% 2 500 100% 550.0 2 000 80% R million 1 500 60% % 226.6 1 000 230.6 40% 201.8 500 20% 0 0% F10 F11 F12 F13 F14 F15 F16 F17 EBITDA Cash generated by operations Cash to EBITDA Sustained strong conversion of earnings into cash
Slide 7: Results history: historical cash generation
RESULTS HISTORY Historical cash generation 2 400 2 200 2 000 1 800 1 694 1 620 1 548 1 600 1 488 1 400 1074 R million 812 1 200 1 043 1 097 699 1 005 1 000 956 780 530 800 502 101 619 595 260 600 480 436 460 454 356 363 108 400 748 622 284 237 567 227 92 541 546 200 325 410 424 196 209 224 264 256 -
Slide 8: Results history: dividend yield
RESULTS HISTORY Dividend yield 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% 4.5% 3.8% 4.4% 4.1% 4.3% 3.7% 4.0% 4% 2.8% 2% 0% F05 F06 F07 F08 F09 F10 F11 F12 F13 F14 F15 F16 F17 Normal dividend yield Total dividend yield Based on share price at end of each year Total divid
Slide 9: Results history: returns to shareholders
RESULTS HISTORY Returns to shareholders 1800 1 703.3 1600 1400 1 359.7 638.8 - 1 318.9 1 197.4 1200 550.0 - 550.0 953.5 1000 R million 869.5 791.4 788.3 800 269.9 620.7 600 319.1 - 1 197.4 1 064.5 226.6 953.5 400 317.8 809.7 230.6 262.8 301.1 229.4 - 620.7 - 527.5 200 201.8 166.0 373.0 229.4 238.6 2
Slide 10: Group Financial Results
Group Financial Results GROWING GREAT BRANDS
Slide 11: Income statement
GROUP FINANCIAL RESULTS Income statement F17 F16 Rm Rm % Revenue 13 184,6 12 188,9 8,2 Gross profit 5 762,2 5 346,6 7,8 Gross profit margin % 43,7 43,9 (0,5) Operating profit 2 385,3 2 154,6 10,7 Operating profit margin % 18,1 17,7 2,3 Net financing cost (152,4) (129,4) 17,8 Share of Joint Ventures
Slide 12: 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 12 189 1 408 -412 13 185 F16 Price Volume F17 Price increases in all categories taken to offset weaker Rand and higher raw material costs Volume pressure in constrained environm
Slide 13: Gross profit margin history
GROUP FINANCIAL RESULTS Gross profit margin history 50% 44.9% 45.4% 44.6% 43.9% 43.1% 43.8% 43.7% 41.8% 40% 30% 20% F10 F11 F12 F13 F14 F15 F16 F17 Price increases haven’t fully recovered accumulated cost pressure in food and beverages Ongoing focus on cost and efficiencies to protect gross prof
Slide 14: Operating profit 10,7% up
GROUP FINANCIAL RESULTS Operating profit 10,7% up 2 450 2 400 2 350 2 300 2 250 R million 2 200 2 150 2 100 2 050 2 000 2 155 73 57 58 24 20 -1 -1 2 385 F16 Entyce Snackworks I&J Personal Spitz Green Cross Other F17 Care Entyce: Higher selling prices, especially tea; speciality coffee volume growt
Slide 15: Marketing expenditure
GROUP FINANCIAL RESULTS Marketing expenditure 18% 16.0% 16% 15.3% 14% 12% 10% 8.4% 8.1% 8.5% 8.4% 7.8% 7.7% 7.9% 8% 7.1% 6% 5.1% 4.7% 4.1% 4.0% 4% 1.8% 2.3% 2% 0% * Excludes Coty F17 F16 Total expenditure for F17 of R760m compared to R728m in F16 Spend focused on core brands, new product launche
Slide 16: Cash generation and utilisation
GROUP FINANCIAL RESULTS Cash generation and utilisation F17 F16 Rm Rm % Cash generated by operations* 2 993,6 2 761,8 8,4 Working capital to revenue % 22,2 20,3 9,4 Capital expenditure 545,6 881,8 (38,1) Depreciation and amortisation 397,4 350,2 13,5 Net debt 1 444,1 1 428,6 Net debt / capital empl
Slide 17: Dividends
GROUP FINANCIAL RESULTS Dividends F17 F16 % Interim dividend - cps 162 150 8,0 Final dividend - cps 243 220 10,5 Total dividend - cps 405 370 9,5 Dividend yield - %* 4,3 4,5 Cover ratio 1,25 1,25 Closing share price - cps 9 500 8 300 * Calculated using the closing share price at 30 June
Slide 18: Capital expenditure and depreciation
GROUP FINANCIAL RESULTS Capital expenditure and depreciation F9 F10 F11 F12 F13 F14 F15 F16 F17 1 000 900 882 849 800 101 260 700 567 546 R million 600 541 532 500 108 410 394 400 347 308 300 256 283 217 191 200 100 - F11 F12 F13 F14 F15 F16 F17 Capital expenditure I&J vessel replacement Depreciatio
Slide 19: Key capital projects spend summary
GROUP FINANCIAL RESULTS Key capital projects spend summary F17 F18 Actual Planned Rm Rm Tea packaging line replacements and upgrades 18 4 Biscuit line capacity and process improvements 81 143 I&J vessel dry-docks and upgrades 33 26 Woodstock processing plant replacements and upgrades 19 21 Abalone f
Slide 20: Foreign exchange hedges
GROUP FINANCIAL RESULTS Foreign exchange hedges September 2017 to January 2018 to July 2018 to December 2017 June 2018 December 2018 % Cover % Cover % Cover USD imports 84% 65% 2% EUR imports 77% 67% 4% EUR exports 76% 60% 16% Consistent hedging philosophy provides stability to manage gross margin
Slide 21: Performance and Prospects
F BEVERAGES mm Wey mnxc mom BM &., ©. tawPr.n %S ag Performance and Prospects ee we PehIog ceyLon Sat. GROWING GREAT BRANDS
Slide 22: Entyce: tea income statement
Income statement F17 F16 % Rm Rm Revenue 3 757,1 3 421,9 9,8 Operating profit 735,1 661,7 11,1 Operating profit margin % 19,6 19,3 1,6 Strong tea performance despite significant cost inflation Selling price increases taken to protect margin Premium product volumes under pressure at higher pri
Slide 23: Entyce: coffee income statement
Income statement F17 F16 % Rm Rm Revenue 3 757,1 3 421,9 9,8 Operating profit 735,1 661,7 11,1 Operating profit margin % 19,6 19,3 1,6 Strong coffee performance in a competitive category Selling price increases taken to protect margin Volume gains in speciality coffee range (Hug In A Mug) A
Slide 24: Entyce: creamer income statement
Income statement F17 F16 % Rm Rm Revenue 3 757,1 3 421,9 9,8 Operating profit 735,1 661,7 11,1 Operating profit margin % 19,6 19,3 1,6 Constrained creamer performance Volume and market share decline due to aggressive competitor pricing and new pack size Ellis Brown launched in new pack size i
Slide 25: Sales volume and selling prices
Sales volume and selling prices %Δ Comments F17 vs F16 Tea revenue growth 15,2 Volume (5,0) Category decline at higher price points; offset by growth in value-for-money teas Ave. selling price 21,3 Increases in response to cost pressures, mainly rooibos raw material and weaker Rand Coffee revenue gr
Slide 26: Market shares – value
Market shares – value 70% 60.3% 60% 58.0% 50% 47.1% 40.5% 40% 35.3% 34.3% 30% 24.7% 24.7% 20% 11.1% 11.6% 10% 0% Five Roses Freshpak Frisco Trinco Ellis Brown F16 F17 Creamer market share decline due to aggressive competitor pricing and new pack size
Slide 27: Raw material costs
Raw material costs Cost impact of raw materials and commodities consumed in the period (F17 vs F16): 90 85 80 70 60 49 50 R million 40 30 24 19 20 9 11 10 0 Palm oil Arabica Glucose Robusta / chicory Black tea Rooibos Rooibos cost increase due to constrained supply and export pricing opportunity
Slide 28: Prospects for F18
Prospects for F18 Careful price / volume management in constrained and competitive market Protect Five Roses premium positioning Rooibos input costs and selling prices at record levels More stable rooibos raw material cost Easing of margin pressure with stronger Rand exchange rates secured
Slide 29: Performance and Prospects
Performance and Prospects
Slide 30: Snackworks: biscuits income statement
Income statement F17 F16 % Rm Rm Revenue 3 956,2 3 643,2 8,6 Operating profit 666,4 609,1 9,4 Operating profit margin % 16,8 16,7 0,6 Constrained biscuits performance Selling price increases taken in response to input cost pressure from weaker Rand and higher raw material costs Volumes under
Slide 31: Snackworks: snacks income statement
Income statement F17 F16 % Rm Rm Revenue 3 956,2 3 643,2 8,6 Operating profit 666,4 609,1 9,4 Operating profit margin % 16,8 16,7 0,6 Strong snacks performance Selling price increases taken in response to input cost inflation from weaker Rand Corn volume growth due to line extensions Potato
Slide 32: Sales volume and selling prices
Sales volume and selling prices %Δ Comments F17 vs F16 Biscuits revenue growth 7,2 Volume growth (3,7) Constrained demand at higher prices Ave. selling prices 11,3 Price increases to recover input cost pressure Snacks revenue growth 13,5 Volume growth 6,1 Corn volume growth due to line extensions of
Slide 33: Market shares – value
Market shares – value 50% 44.8% 44.2% 40% 30% 19.0% 18.6% 20% 15.9% 15.3% 10% 0% Bakers (Sweet) Bakers (Savoury) Willards F16 F17
Slide 34: Raw material costs
Raw material costs Cost impact of raw materials and commodities consumed in the period (F17 vs F16): 35 32 30 29 27 25 25 20 R million 15 10 5 0 Palm oil Butter Sugar Flour
Slide 35: Prospects for F18
Prospects for F18 Careful price / volume management in constrained and competitive market Stronger Rand exchange rates secured give more flexibility to manage demand Innovation Continuing program of product extensions to support volumes New product launch Ongoing raw material cost pressu
Slide 36: Performance and Prospects
* dCi eee 8 0ZR 55950 GROWING GREAT BRANDS
Slide 37: I&J income statement
Income statement Income statement F17 F16 % Rm Rm Revenue 2 362,7 2 171,8 8,8 Operating profit 389,1 331,0 17,6 Operating profit margin % 16,5 15,2 8,6 Revenue growth due to weaker Rand on export sales and selling price increases in domestic and export markets Unprotected strike at trawling ope
Slide 38: Movement in operating profit
Movement in operating profit 450 400 350 300 250 R million 200 150 100 50 - 331 72 2 -33 -25 42 389 F16 Exchange rates Fuel Fishing Unprotected Export F17 strike prices/other Fishing variance due to lower catch rate on wet vessels and lost sea days on freezer vessels due to maintenance down time
Slide 39: Profit history
Profit history 500 453 73 400 382 70 71 300 273 R million 255 69 47 24 200 52 53 309 100 178 243 174 0 F14 F15 F16 F17 Fishing Abalone Simplot Abalone contribution growing in line with investment in capacity Simplot profit includes royalties on use of the I&J brand in Australia
Slide 40: Fishing performance
Fishing performance 14.0 11.9 12.0 11.0 11.0 10.2 Hake tons per sea day 9.9 10.0 9.4 8.5 8.3 8.1 8.0 7.6 6.0 4.0 2.0 0.0 F08 F09 F10 F11 F12 F13 F14 F15 F16 F17 I&J catch rate Continued evidence of good recruitment into the resource with high proportion of small fish Freezer vessel catch rates h
Slide 41: I&J hake fishing quota (calendar year)
I&J hake fishing quota (calendar year) 45 000 35 000 Quota tons 25 000 15 000 5 000 2011 2012 2013 2014 2015 2016 2017 Deep sea Inshore 2017 quota reduced by 3 344 tons due to lower TAC (2 000 tons) and lower allocation of inshore rights (1 344 tons) Inshore quota 2017 increased from 813 tons to
Slide 42: Sales volume and selling prices (hake)
Sales volume and selling prices (hake) %Δ Comments F17 vs F16 I&J Domestic revenue growth 0,0 Volume (10,2) Lower retail and whole fish volumes; increased allocation to export Ave. selling prices 11,3 Price increases taken to mitigate cost pressure I&J Export revenue growth 19,9 Volume 1,0 Increased
Slide 43: Prospects for F18
Prospects for F18 Exchange rate secured at levels that support sound export profit margins Growing markets for Cape Hake brand supportive for F18 Fuel costs well hedged Remain exposed to catch rate and size mix volatility Impact of global weather patterns Current small fish mix signals g
Slide 44: Performance and Prospects
Cee err rrr a ll ala aaa al ala ald indigo brands LoNoDON LONDON + PARIS GROWING GREAT BRANDS
Slide 45: Personal Care income statement
Income Statement F17 F16 Income Statement % Rm Rm Revenue 1 194,5 1 096,4 9,0 Operating profit 241,5 218,0 10,8 Operating profit margin % 20,2 19,9 1,5 Revenue from owned brands grew by 11,3% Strong performance from core ranges and innovation Lower commissions from Coty – R14,9 million Su
Slide 46: Sales volume and selling prices
Sales volume and selling prices %Δ Sale volume and selling prices Comments F17 vs F16 Personal Care revenue growth* 11,3 Volume growth 3,5 Increase in fragrances, roll ons and body care, and export aerosol growth Ave. selling price 7,5 Price increases to recover input cost pressure; sales mix * Li
Slide 47: Prospects for F18
Prospects for F18 Pressure on selling prices in competitive environment Stronger Rand improves ability to manage demand and margin pressure Product ranges positioned to benefit from constrained environment Further traction from new ranges in export markets New product launches to benefit l
Slide 48: Performance and Prospects
4 CARVELA KURTGEIGER LACOSTE GANT ninaroche FTOSONI Performance and Prospects ye GROWING GREAT BRANDS
Slide 49: Spitz and Kurt Geiger income statement
Income statement F17 F16 % Rm Rm Revenue 1 497,4 1 467,7 2,0 Operating profit 339,9 320,2 6,2 Operating profit margin % 22,7 21,8 4,1 Core brands performed well considering higher price points No price increases in F17 supported improved H2 performance Volume decline Consumers under pressur
Slide 50: Sales volume and selling prices
Sales volume and selling prices %Δ F17 vs Comments F16 Spitz & KG Footwear revenue growth 0,6 Sales volume – Total (14,4) – Normal price (6,8) Constrained demand at higher price points – Discounted on sale (7,6) Ave. selling price 14,9 Price increases and lower volumes discounted on sale KG Clothing
Slide 51: Spitz and Kurt Geiger operating profit and margins
Spitz and Kurt Geiger Operating profit (Rm) 400 350 300 250 R million 200 150 100 50 0 F08 F09 F10 F11 F12 F13 F14 F15 F16 F17 Gross profit and operating profit margins 80% 60% Margin % 40% 20% 0% F08 F09 F10 F11 F12 F13 F14 F15 F16 F17 Operating profit % Gross profit %
Slide 52: Spitz and Kurt Geiger trading density
Spitz and Kurt Geiger Trading density - Spitz stores 67 500 25 000 65 000 20 000 15 000 R/m2 62 500 m2 60 000 10 000 57 500 5 000 55 000 0 F12 F13 F14 F15 F16 F17 Trading density (R/m2) Average trading space (m2) Trading density - Kurt Geiger stores 60 000 5 000 50 000 4 000 40 000 3 000 R/m2 m2 30
Slide 53: Prospects for F18
Prospects for F18 Constrained spending environment expected to persist in F18 Stronger Rand improves pricing flexibility while maintaining gross profit margins Ongoing focus on product planning and store-tiering to underpin volume growth in F18 Sustained improvement in brand and design via I
Slide 54: Performance and Prospects
fs GREEN CROSS Performance and Prospects GROWING GREAT BRANDS
Slide 55: Green Cross income statement
Income Statement F17 F16 % Rm Rm Revenue 371,9 339,7 9,5 Operating profit 26,8 27,3 (1,8) Operating profit margin % 7,2 8,0 (10,0) Retail revenue growth of 15,5% Price increases in response to weaker Rand Increased trading space Improved assortment and stock replenishment Gross profit and
Slide 56: Prospects for F18
Prospects for F18 Constrained spending environment expected to persist in F18 Improved range to attract a new, younger Green Cross customer Stronger marketing execution in-store and traditional media formats Benefits expected from increased retail space Store tiering initiatives to widen c
Slide 57: International
INTERNATIONAL Performance and Prospects
Slide 58: AVI International operating profit history
AVI INTERNATIONAL Operating profit history 250 194 197 200 159 R million 150 129 132 117 100 92 76 50 - F10 F11 F12 F13 F14 F15 F16 F17 Currency liquidity crises in Angola, Mozambique and Zimbabwe Rand strength impacted pricing and demand in export markets Price increases to recover input cost
Slide 59: Entyce, Snackworks and Indigo – Non RSA sales
AVI INTERNATIONAL Entyce, Snackworks and Indigo – Non RSA sales F17 F16 % Rm Rm International Revenue 1 016,2 962,2 5,6 % of Grocery and Personal Care brands 11,4 11,8 (3,4) International Operating Profit 196,9 193,7 1,7 % of Grocery and Personal Care brands 12,1 13,0 (6,9) International Operating
Slide 60: Prospects for F18
AVI GROUP Prospects for F18 Sustain Entyce, Snackworks and Indigo profit growth in a tough environment Tactile price / volume management essential Constrained consumer spending expected to persist Stronger Rand exchange rates secured give more flexibility to manage demand Input cost pressu
Slide 61: Prospects for F18 continued
AVI GROUP Prospects for F18 continued I&J performance dependent on catch rates Exchange rates hedged at levels that support good profit margins Key export markets healthy Fuel well hedged Improved abalone contribution Cost reduction initiatives Preparation for hake long term rights ren
Slide 62: Prospects for F18 continued
AVI GROUP Prospects for F18 continued Spitz Stronger Rand exchange rates secured Less price pressure for consumers Maintain gross profit margin Annualisation of restructuring benefits Focus on retail execution Evolution of store designs Incremental space growth and in-cycle refurbish
Slide 63: Prospects for F18 continued
AVI GROUP Prospects for F18 continued Group initiatives Portfolio review – test I&J value realisation options Ongoing focus on business unit margin management Ongoing focus on procurement, cost savings and efficiency
Slide 64: 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 Leverage
Slide 65: Questions
Questions GROWING GREAT BRANDS
Slide 66: Information slides
Information slides GROWING GREAT BRANDS
Slide 67: Business unit financial results
INFORMATION SLIDES Business unit financial results Segmental Segmental Operating Revenue Operating Profit Margin F17 F16 Δ F17 F16 Δ F17 F16 Rm Rm % Rm Rm % % % Food & Beverage Brands 10 076,0 9 236,9 9,1 1 790,6 1 601,8 11,8 17,8 17,3 Entyce Beverages 3 757,1 3 421,9 9,8 735,1 661,7 11,1 19,6 19,3
Slide 68: Footwear & apparel financial results
INFORMATION SLIDES Footwear & apparel financial results Segmental Segmental Operating Revenue Operating Profit Margin F17 F16 Δ F17 F16 Δ F17 F16 Rm Rm % Rm Rm % % % Footwear & Apparel 1 914,1 1 854,3 3,2 366,0 345,0 6,1 19,1 18,6 Spitz 1 497,4 1 467,4 2,0 339,9 320,2 6,2 22,7 21,8 Green Cross 371,9
Slide 69: Revenue 8,2% up
INFORMATION SLIDE Revenue 8,2% up 13 400 13 200 13 000 12 800 12 600 R million 12 400 12 200 12 000 11 800 11 600 12 189 335 313 191 98 30 32 -3 13 185 F16 Entyce Snackworks I&J Personal Spitz Green Cross Other F17 Care Entyce: Price increases in tea, coffee and creamer together with speciality co
Slide 70: Gross profit 7,8% up
INFORMATION SLIDE Gross profit 7,8% up 5 800 5 700 5 600 5 500 R million 5 400 5 300 5 200 5 100 5 347 101 105 133 24 40 12 5 762 F16 Entyce Snackworks I&J Personal Spitz Green Cross F17 Care Entyce: Revenue growth offset by higher input costs, mostly rooibos and weaker Rand Snackworks: Revenue
Slide 71: Cash flows
INFORMATION SLIDE Cash flows 3 000 2 500 2 000 R million 1 500 1 000 500 - 2 994 -516 -547 -546 12 -152 -1 245 Cash from Working capital Taxation Capital Increase in net Net interest paid Dividends paid operations and other expenditure debt
Slide 72: I&J revenue growth including forex gains and losses
INFORMATION SLIDE I&J revenue growth including forex gains and losses recorded in S&A costs F17 F16 % Rm Rm Revenue as stated 2 362,7 2 171,8 8,8 Foreign exchange (losses)/gains recorded in S&A costs (9,1) 30,8 2 353,6 2 202,6 6,9
Slide 73: I&J fishing quota
INFORMATION SLIDE I&J fishing quota CY11 CY12 CY13 CY14 CY15 CY16 CY17 Quota (tons) South African Total Allowable Catch (TAC) 131 847 144 742 156 088 155 308 147 500 147 500 140 126 % change in TAC 10,0 9,8 7,8 (0,5) (5,0) - (5,0) I&J 36 906 40 515 43 689 43 471 41 223 41 245 37 901 % 28,0 28,0 28,0
Slide 74: Trading space and trading density: Spitz
INFORMATION SLIDE Trading space and trading density Spitz F17 F16 Number of stores 77 76 Turnover (Rm) 1 287 1 271 Average m2 19 776 19 388 Trading Density (R /m2) 65 071 65 550 Closing m2 20 037 19 726 Like-for-like metrics* F17 F16 Number of stores 71 71 Turnover (Rm) 1 246 1 246 Average & closing
Slide 75: Trading space and trading density: Kurt Geiger
INFORMATION SLIDE Trading space and trading density Kurt Geiger F17 F16 Number of stores 33 34 Turnover (Rm) 211 196 Average m2 4 135 4 187 Trading Density (R /m2) 50 920 46 883 Closing m2 4 115 4 266 Like-for-like metrics* F17 F16 Number of stores 24 24 Turnover (Rm) 167 163 Average & closing m2 3
Slide 76: Trading space and trading density: Green Cross
INFORMATION SLIDE Trading space and trading density Green Cross F17 F16 Number of stores # 42 38 Turnover (Rm) 275 238 Average m2 4 925 4 210 Trading Density (R /m2) 55 778 56 484 Closing m2 5 218 4 697 Like-for-like metrics* F17 F16 Number of stores # 31 31 Turnover (Rm) 238 225 Average & closing m
Slide 77: 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 2007 46 12,974 3 346 June 2008 51 14,095 3 346 December 2008 57 15,448 3 346 June 2009 56 15,5
Slide 78: Normal dividend history
INFORMATION SLIDE Normal dividend history Diluted headline earnings and dividends per share 600 3.60 1.25 3.20 500 1.25 1.25 2.80 400 1.25 2.40 1.25 1.50 Cents per share 2.00 2.00 300 2.00 1.60 2.00 504 2.00 459 200 413 405 1.20 2.00 375 370 2.50 2.00 341 332 320 300 246 260 0.80 100 175 189 203 147
Slide 79: Growing great brands
GROWING GREAT BRANDS