Slide 1: AVI Limited presentation to shareholders & analysts for the year ended June 2016
AVI Limited presentation to shareholders & analysts for the year ended June 2016
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 8,4% to R12,19 billion; Operating profit up 12,4% to R2,15 billion; Gross margin maintained despite material cost pressures; Cash from operations up 15,3% to R2,76 billion; Capital expenditure of R881,8 million on ef
Slide 4: Results history: Operating profit history
RESULTS HISTORY Operating profit history 2 400 2 165 2 200 2 000 1 929 345 1 800 1 722 404 218 1 600 1 529 1 386 388 R million 1 400 198 331 410 1 200 1 121 308 172 248 915 892 1 000 236 156 167 245 806 609 718 101 133 179 166 533 800 95 151 133 105 91 475 600 509 147 73 238 388 435 74 329 60 160 26
Slide 5: Results history: Return on capital employed
RESULTS HISTORY Return on capital employed 6 000 35 32 5 000 28 25 4 000 R million 21 % 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 (%) Sustained returns including increasing capital expenditure to support growth a
Slide 6: Results history: Historical cash conversion
RESULTS HISTORY Historical cash conversion 3 000 120% 2 500 100% 2 000 550.0 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 Cash to EBITDA Sustained strong conversion of earnings into cash
Slide 7: Results history: Historical cash generation
RESULTS HISTORY Historical cash generation 1 800 1 694 1 548 1 600 1 488 1 400 812 1 043 1 097 1 200 699 1 005 R million 1 000 956 780 530 800 502 619 595 600 480 436 460 454 356 363 882 400 849 284 227 237 92 532 567 541 200 410 264 256 325 196 209 224 - F05 F06 F07 F08 F09 F10 F11 F12 F13 F14 F15
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% 4.4% 4.5% 3.8% 3.7% 4.0% 4.1% 4% 2.8% 2% 0% F05 F06 F07 F08 F09 F10 F11 F12 F13 F14 F15 F16 Normal dividend yield Total dividend yield Based on share price at end of each year Total dividend yie
Slide 9: Results history: Returns to shareholders
RESULTS HISTORY Returns to shareholders 1 800.0 1 703.0 1 600.0 1 400.0 1 359.7 - 638.8 550.0 1 193.9 1 200.0 - R million 550.0 1 000.0 953.5 869.5 788.3 709.9 800.0 269.9 620.7 600.0 319.1 - 1 064.2 226.6 953.5 400.0 317.8 809.7 230.6 262.8 301.1 620.7 229.4 - - 200.0 201.8 166.0 484.0 301.1 373.0
Slide 10: Group Financial Results
AN | Group Financial Results * SINCE 1910 - GROWING GREAT BRANDS
Slide 11: Income statement
GROUP FINANCIAL RESULTS Income statement F16 F15 Rm Rm % Revenue 12 188,9 11 243,7 8,4 Gross profit 5 346,6 4 923,4 8,6 Gross profit margin % 43,9 43,8 0,2 Operating profit 2154,6 1 916,9 12,4 Operating profit margin % 17,7 17,0 4,1 Net financing cost (129,4) (58,2) 122,3 Share of Joint Venture 58,
Slide 12: Movement in group revenue
GROUP FINANCIAL RESULTS Movement in group revenue 12 500 12 000 11 500 11 000 R million 10 500 10 000 9 500 9 000 11 244 822 123 12 189 F15 Price Volume F16 Price increases taken to protect gross profit margin Volume pressure in constrained environment
Slide 13: Gross profit margin history
GROUP FINANCIAL RESULTS Gross profit margin history 50.0% 44.9% 45.4% 44.6% 43.8% 43.9% 43.1% 41.8% 40.7% 40.0% 30.0% 20.0% F09 F10 F11 F12 F13 F14 F15 F16 Proactive and tactile selling price management to offset accumulated cost pressure Ongoing focus on cost and efficiencies to protect gross p
Slide 14: Operating profit 12,4% up
GROUP FINANCIAL RESULTS Operating profit 12,4% up 2 250 2 200 2 150 2 100 2 050 R million 2 000 1 950 1 900 1 850 1 800 1 750 1 917 117 76 83 20 -36 -18 -4 2 155 F15 Entyce Snackworks I&J Personal Spitz Green Cross Other F16 Care Entyce: Higher selling prices and creamer volume growth Snackworks
Slide 15: Marketing expenditure
GROUP FINANCIAL RESULTS Marketing expenditure 18.0% 16.0% 16.0% 15.3% 14.0% 12.0% 10.0% 8.6% 8.4% 8.5% 8.1% 8.1% 7.9% 8.4% 7.9% 8.0% 6.0% 4.7% 4.7% 3.7% 4.0% 4.0% 2.5% 2.3% 2.0% 0.0% Tea Coffee Creamer Biscuits Snacks I&J retail Personal care * Footwear * Excludes Coty F15 F16 Includes advertising
Slide 16: Cash generation and utilisation
GROUP FINANCIAL RESULTS Cash generation and utilisation F16 F15 Rm Rm % Cash generated by operations* 2761,8 2 395,3 15,3 Working capital to revenue % 20,3 18,6 9,1 Capital expenditure 881,8 848,9 3,9 Depreciation and amortisation 350,2 311,0 12,6 Net debt 1 428,6 1 202,6 Net debt / capital employe
Slide 17: Dividends
GROUP FINANCIAL RESULTS Dividends F16 F15 % Interim dividend - cps 150 132 13,6 Final dividend - cps 220 200 10,0 Normal dividend - cps 370 332 11,5 Normal dividend yield - %* 4,5 4,1 Special dividend – cps - 200 Total dividend – cps 370 532 Total dividend yield - %* 4,5 6,5 Cover ratio – normal di
Slide 18: Capital expenditure and depreciation
GROUP FINANCIAL RESULTS Capital expenditure and depreciation 1 000 900 882 800 849 700 R million 600 500 567 541 532 400 410 300 337 347 283 308 200 256 191 217 186 100 - F10 F11 F12 F13 F14 F15 F16 Capital expenditure Depreciation charge Continued investment in manufacturing capacity, efficiency
Slide 19: Key capital projects spend summary
GROUP FINANCIAL RESULTS Key capital projects spend summary F16 F17 Actual Planned Rm Rm Tea packaging line replacements and upgrades 23 32 Additional creamer capacity 15 - Biscuit line capacity and process improvements 72 101 I&J vessel replacement * 260 - I&J vessel dry-docks and upgrades 20 39 Woo
Slide 20: Foreign exchange hedges
GROUP FINANCIAL RESULTS Foreign exchange hedges September 2016 to January 2017 to July 2017 to December 2016 June 2017 December 2017 % Cover % Cover % Cover USD imports 84% 54% 5% EUR imports 83% 59% 3% EUR exports 72% 64% 24% Consistent hedging philosophy Provides stability to manage gross marg
Slide 21: Group procurement initiatives
GROUP FINANCIAL RESULTS Group procurement initiatives Raw Packaging Other Total Material Material Rm Rm Rm Rm Entyce Beverages 5,4 15,1 4,6 25,1 Snackworks 31,4 23,6 8,2 63,2 I&J 3,9 2,9 3,2 10,0 Indigo 2,3 7,4 3,3 13,0 Spitz - - 2,9 2,9 IT and Logistics - - 6,0 6,0 Operating expenditure savings 43,
Slide 22: Performance and Prospects
Performance and Prospects
Slide 23: Entyce Beverages: Tea income statement
Income statement F16 F15 % Rm Rm Revenue 3 421,9 3 041,2 12,5 Operating profit 661,7 545,2 21,4 Operating profit margin % 19,3 17,9 7,8 Good tea performance despite significant cost inflation Successful implementation of selling price increases Significant input cost pressure from rooibos and
Slide 24: Entyce Beverages: Coffee income statement
Income statement F16 F15 % Rm Rm Revenue 3 421,9 3 041,2 12,5 Operating profit 661,7 545,2 21,4 Operating profit margin % 19,3 17,9 7,8 Resilient coffee performance in competitive category Selling price increases taken to protect margin Growth in premium coffee – Hug In A Mug speciality range
Slide 25: Entyce Beverages: Creamer income statement
Income statement F16 F15 % Rm Rm Revenue 3 421,9 3 041,2 12,5 Operating profit 661,7 545,2 21,4 Operating profit margin % 19,3 17,9 7,8 Strong creamer result Category and market share growth underpinned by capacity and good service levels Margin improvement with disciplined price management a
Slide 26: Sales volume and selling prices
Sales volume and selling prices %Δ Comments F16 vs F15 Tea revenue growth 14,4 Volume (1,6) Increased market share offset category decline; growth in value-for-money teas Ave. selling price 16,3 Increases in response to cost pressures, mainly rooibos raw material and weaker Rand Coffee revenue growt
Slide 27: Market shares – value
Market shares – value 60.0% 55.6% 57.1% 50.0% 47.0% 41.0% 40.0% 36.6% 35.8% 30.0% 23.2% 24.1% 20.0% 11.1% 11.6% 10.0% 0.0% Five Roses Freshpak Frisco Trinco Ellis Brown F15 F16 Creamer market share growth includes additional demand arising from competitor supply issues
Slide 28: Raw material costs
Raw material costs Cost impact of raw materials and commodities consumed in the period (F16 vs F15): 100 90 80 60 R million 40 20 20 11 11 0 0 -20 -11 Casien Palm oil Arabica Robusta / chicory Glucose Tea Tea cost increase from higher rooibos prices due to constrained supply and export pricing opp
Slide 29: Prospects for F17
Prospects for F17 Tactile price / volume management in constrained and competitive market Rooibos input costs and selling prices at record levels Further cost pressure from higher rooibos raw material and weaker Rand Incremental innovation Continued focus on export business Ongoing upgra
Slide 30: Snackworks Performance and Prospects
Snackworks That’s Good Times! & Willard 20 IT, = Performance and Prospects GROWING GREAT BRANDS
Slide 31: Snackworks: Biscuits income statement
Income statement F16 F15 % Rm Rm Revenue 3 643,2 3 405,3 7,0 Operating profit 609,1 533,4 14,2 Operating profit margin % 16,7 15,7 6,4 Sustained biscuits performance in constrained environment Volume restrained by higher price points Volume growth from sweet biscuit launches and line extensio
Slide 32: Snackworks: Snacks income statement
Income statement F16 F15 % Rm Rm Revenue 3 643,2 3 405,3 7,0 Operating profit 609,1 533,4 14,2 Operating profit margin % 16,7 15,7 6,4 Improved snacks profit Corn volume growth due to line extensions Potato chip volumes suppressed by aggressive competitor activity Higher selling prices and
Slide 33: Sales volume and selling prices
Sales volume and selling prices %Δ Comments F16 vs F15 Biscuits revenue growth 7,1 Volume growth 0,0 Product launches and line extensions offset constrained demand at higher prices Ave. selling prices 7,1 Price increases to recover input cost pressure Snacks revenue growth 6,7 Volume growth 0,7 Corn
Slide 34: Market shares – value
Market shares – value 50.0% 44.4% 41.8% 40.0% 30.0% 19.6% 19.1% 20.0% 16.8% 16.0% 10.0% 0.0% Bakers (Sweet) Bakers (Savoury) Willards F15 F16
Slide 35: Raw material costs
Raw material costs Cost impact of raw materials and commodities consumed in the period (F16 vs F15): 35 30 28 25 20 16 R million 15 10 5 0 -5 -2 -10 -15 -12 Palm oil Butter Sugar Flour Currency hedges partly protected against Rand weakness and volatility
Slide 36: Prospects for F17
Prospects for F17 Tactile price / volume management in constrained and competitive market Innovation Continuing program of product extensions to support volumes New product range planned for H2 Ongoing cost pressure – weaker Rand and drought conditions in South Africa Continued focus on
Slide 37: Performance and Prospects
- SINCE 1910 - GROWING GREAT BRANDS
Slide 38: I&J income statement
Income statement Income statement F16 F15 % Rm Rm Revenue 2 171,8 1 960,5 10,8 Operating profit 331,0 248,4 33,3 Operating profit margin % 15,2 12,7 19,7 Revenue growth reflects the benefit of the weaker Rand on export sales, selling price increases and higher sales volumes Portion of foreign e
Slide 39: Revenue growth
Revenue growth F16 F15 % Rm Rm Revenue as stated 2 171,8 1 960,5 10,8 Foreign exchange gains/(losses) recorded in S&A costs 30,8 (8,0) 2 202,6 1 952,5 12,8
Slide 40: Movement in operating profit
Movement in operating profit 450 400 350 300 250 R million 200 150 100 50 - 248 100 50 -21 28 -74 331 F15 Exchange rates Fuel Catch rates Volumes Costs/other F16 Expected increase in Frozen at Sea fillets not achieved because of lower freezer vessel catch rates
Slide 41: Fishing performance
Fishing performance 14.0 11.9 12.0 11.0 11.0 10.2 9.9 9.4 Hake tons per sea day 10.0 8.5 8.3 8.0 7.3 7.6 6.0 4.0 2.0 0.0 F07 F08 F09 F10 F11 F12 F13 F14 F15 F16 I&J catch rate Net decrease in catch rates – wet vessels increased; freezer vessels decreased More fishing days with new vessels fishin
Slide 42: Sales volume and selling prices
Sales volume and selling prices %Δ Comments F16 vs F15 I&J Domestic revenue growth 18,2 Volume 11,4 Higher wet vessel catches and smaller size mix favoured local market formats Ave. selling prices 6,1 Price increases taken to mitigate cost pressure I&J Export revenue growth 4,6 Volume 3,1 Increased
Slide 43: Prospects for F17
Prospects for F17 Benefit of weaker Rand on export revenue Fuel costs well hedged Extra fishing days from new vessels As always, exposed to fishing catch rates and size mix Impact of global weather patterns Preponderance of small fish signals good recruitment into the resource Quota fo
Slide 44: Indigo Brands Performance and Prospects
eee rere Perr rrrerrrrrrrrrrrrrrrrrr kl ll al a a a a aa a a al indigo brands YARDLEY LENTHERIC COTY RimMEL g§& nailene LONDON + PARIS namin” MEW vene Performance and Prospects GROWING GREAT BRANDS
Slide 45: Personal Care income statement
Income Statement F16 F15 Income Statement % Rm Rm Revenue 1 096,4 1 033,0 6,1 Operating profit 218,0 198,0 10,1 Operating profit margin % 19,9 19,2 3,6 Revenue from owned brands grew by 11,4% Improved gross margin price increases to recover cost pressure lower volume of product manufactur
Slide 46: Sales volume and selling prices
Sales volume and selling prices %Δ Sale volume and selling prices Comments F16 vs F15 Personal Care revenue growth* 11,3 Volume growth 4,0 Increase in domestic body sprays and colour cosmetics; export volumes lower where currency impacted prices in H1 Ave. selling price 7,1 Price increases to reco
Slide 47: Prospects for F17
Prospects for F17 Pressure on cost of sales from the weaker Rand Product ranges positioned to benefit from constrained environment New product launches to benefit local and export demand Body sprays Fragrances Coty relationship secured with new three year agreement Lower commissions fr
Slide 48: Spitz Performance and Prospects
SPITZ SPITZ CARVELA KURTGEIGER LACOSTE GANT Nninaroche FTOSONI Performance and Prospects GROWING GREAT BRANDS
Slide 49: Spitz income statement
Income statement F16 F15 % Rm Rm Revenue 1 467,7 1 409,6 4,1 Operating profit 320,2 355,7 (10,0) Operating profit margin % 21,8 25,2 (13,5) Revenue growth from core brands despite volume pressure post price increases in H2 Volume decline due to constrained consumer environment and pressure on d
Slide 50: Sales volume and selling prices
Sales volume and selling prices %Δ Comments F16 vs F15 Spitz & KG Footwear revenue 4,1 growth Volume growth (2,1) Volume decline on core brands post price increases in H2 Ave. selling price 6,2 Price increases, offset by increased volumes of non-core product on Winter sale KG Clothing revenue growth
Slide 51: Spitz and Kurt Geiger margins
Spitz and Kurt Geiger 400 Operating profit (Rm) 350 300 R million 250 200 150 100 50 0 F07 F08 F09 F10 F11 F12 F13 F14 F15 F16 Gross profit and operating profit margins 80% 60% Margin % 40% 20% 0% F07 F08 F09 F10 F11 F12 F13 F14 F15 F16 Operating profit % Gross profit %
Slide 52: Spitz and Kurt Geiger trading density
Spitz and Kurt Geiger Trading density - Spitz stores 80 000 25 000 70 000 20 000 60 000 50 000 15 000 R/m2 40 000 m2 30 000 10 000 20 000 5 000 10 000 0 0 F11 F12 F13 F14 F15 F16 Trading density (R/m2) Average trading space (m2) Trading density - Kurt Geiger stores 50 000 5 000 40 000 4 000 R/m2 30
Slide 53: Prospects for F17
Prospects for F17 Continued pressure on margins from weaker Rand Careful management of price / volume / margin Increased activity to stimulate sales Constrained spending environment impacting demand Christmas demand important as ever Improved store tiering and product ranging Retail sp
Slide 54: Green Cross Performance and Prospects
GREEN CROSS Performance and Prospects : ( x : 7 ¢ j&.. GROWING GREAT BRANDS &
Slide 55: Green Cross income statement
Income Statement F16 F15 % Rm Rm Revenue 339,7 336,0 1,1 Operating profit 27,3 45,0 (39,3) Operating profit margin % 8,0 13,4 (40,3) Retail sales disrupted by major mall renovations and store refurbishments Lost sales opportunity from sub optimal planning and buying activity Cost pressure fro
Slide 56: Prospects for F17
Prospects for F17 Management change in fourth quarter of F16 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 o
Slide 57: International
AN | INTERNATIONAL GROWING GREAT BRANDS
Slide 58: AVI International operating profit history
AVI INTERNATIONAL Operating profit history 250 194 200 159 R million 150 129 132 117 100 92 76 56 58 50 - F08 F09 F10 F11 F12 F13 F14 F15 F16 Revenue growth in most markets, notably Botswana, Zambia, Zimbabwe and Namibia Currency weakness in Zambia and Mozambique Double digit profit growth in
Slide 59: Entyce, Snackworks and Indigo – Non RSA sales
AVI INTERNATIONAL Entyce, Snackworks and Indigo – Non RSA sales F16 F15 % Rm Rm International Revenue 962,2 879,6 9,4 % of Grocery and Personal Care brands 11,8 11,8 International Operating Profit 193,7 159,3 21,6 % of Grocery and Personal Care brands 13,0 12,5 International Operating Margin 20,1 1
Slide 60: Prospects for F17
AVI GROUP Prospects for F17 Sustain Entyce, Snackworks and Indigo profit growth in volatile environment Tactile price / volume management Constrained consumer spending Input cost pressure from weaker Rand Respond to low growth environment Innovation to gain market share Fixed cost revi
Slide 61: Prospects for F17 continued
AVI GROUP Prospects for F17 continued I&J performance dependent on catch rates Additional vessels available for whole of H1 - increased sea days Disruption from an illegal strike may not be recovered over remainder of year – R20 million lost contribution Potential upside from Rand and fuel h
Slide 62: Prospects for F17 continued
AVI GROUP Prospects for F17 continued Footwear and Apparel Improved product planning and buying Impeccable retail execution Store design, tiering and refurbishment Kurt Geiger brand evolution Appropriate promotional retailing support Optimise price vs volume in constrained environment
Slide 63: 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 64: Questions
AN | Questions * SINCE 1910 - GROWING GREAT BRANDS
Slide 65: Information slides
AN | Information slides * SINCE 1910 - GROWING GREAT BRANDS
Slide 66: Business unit financial results
INFORMATION SLIDES Business unit financial results Segmental Segmental Operating Revenue Operating Profit Margin F16 F15 Δ F16 F15 Δ F16 F15 Rm Rm % Rm Rm % % % Food & Beverage Brands 9 236,9 8 407,0 9,9 1 601,8 1 327,0 20,7 17,3 15,8 Entyce Beverages 3 421,9 3 041,2 12,5 661,7 545,2 21,4 19,3 17,9
Slide 67: Footwear & apparel financial results
INFORMATION SLIDES Footwear & apparel financial results Segmental Segmental Operating Revenue Operating Profit Margin F16 F15 Δ F16 F15 Δ F16 F15 Rm Rm % Rm Rm % % % Footwear & Apparel 1 854,3 1 796,2 3,2 345,0 404,2 (14,7) 18,6 22,5 Spitz 1 467,4 1 409,6 4,1 320,2 355,7 (10,0) 21,8 25,2 Green Cross
Slide 68: Revenue 8,4% up
INFORMATION SLIDE Revenue 8,4% up 12 400 12 200 12 000 11 800 R million 11 600 11 400 11 200 11 000 10 800 10 600 11 244 381 238 211 63 58 4 -10 12 189 F15 Entyce Snackworks I&J Personal Spitz Green Cross Other F16 Care Entyce: Price increases in tea, coffee and creamer together with creamer volum
Slide 69: Gross profit 8,6% up
INFORMATION SLIDE Gross profit 8,6% up 5 400 5 300 5 200 5 100 R million 5 000 4 900 4 800 4 700 4 923 170 114 85 54 7 5 -11 5 347 F15 Entyce Snackworks I&J Personal Spitz Green Cross Other F16 Care Entyce: Revenue growth offset by higher input costs, mostly weaker Rand Snackworks: Revenue growt
Slide 70: Cash flows
INFORMATION SLIDE Cash flows 3 000 2 500 2 000 R million 1 500 1 000 500 - 2 762 -352 -509 -882 237 -129 -1 127 Cash from Working capital Taxation Capital Increase in net Net interest paid Dividends paid operations and other expenditure debt
Slide 71: 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 13 217 266 63 101 260 424 Wet vessel commenced fishing in November 2015 Freezer vessel commenced fishing in October 2015
Slide 72: I&J fishing quota
INFORMATION SLIDE I&J fishing quota CY10 CY11 CY12 CY13 CY14 CY15 CY16 Quota (tons) 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 73: Trading space and trading density – Spitz
INFORMATION SLIDE Trading space and trading density Spitz F16 F15 Number of stores 76 74 Turnover (Rm) 1 271 1 231 Average m2 19 388 18 442 Trading Density (R /m2) 65 550 66 767 Closing m2 19 726 19 144 Like-for-like metrics* F16 F15 Number of stores 73 73 Turnover (Rm) 1 258 1 227 Average & closing
Slide 74: Trading space and trading density – Kurt Geiger
INFORMATION SLIDE Trading space and trading density Kurt Geiger F16 F15 Number of stores 34 29 Turnover (Rm) 196 179 Average m2 4 187 4 045 Trading Density (R /m2) 46 883 44 139 Closing m2 4 266 3 677 Like-for-like metrics* F16 F15 Number of stores 28 28 Turnover (Rm) 175 164 Average & closing m2 3
Slide 75: Trading space and trading density – Green Cross
INFORMATION SLIDE Trading space and trading density Green Cross F16 F15 Number of stores # 38 30 Turnover (Rm) 238 221 Average m2 4 210 3 457 Trading Density (R /m2) 56 484 64 021 Closing m2 4 697 3 529 Like-for-like metrics* F16 F15 Number of stores # 30 30 Turnover (Rm) 221 221 Average m2 3 661 3
Slide 76: 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 2006 35 10,397 1 128 June 2007 38 10,397 1 128 December 2007 46 12,974 3 346 June 2008 51 14,0
Slide 77: Normal dividend history
INFORMATION SLIDE Normal dividend history Diluted headline earnings and dividends per share 500 3.60 1.25 450 1.25 3.20 1.25 400 2.80 1.50 1.25 350 2.40 Cents per share 300 2.00 2.00 250 2.00 459 1.60 2.00 413 200 2.00 2.00 375 370 341 332 1.20 150 320 2.50 300 2.00 260 246 0.80 100 189 203 159 175
Slide 78: * SINCE 1910 -
* SINCE 1910 - GROWING GREAT BRANDS