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Results for the six months ended 31 December 2019 and interim dividend
AVI LIMITED
Registration number: 1944/017201/06
JSE and A2X share code: AVI
ISIN: ZAE000049433
("AVI" or "the Group" or "the Company")
RESULTS FOR THE SIX MONTHS ENDED 31 DECEMBER 2019, AND INTERIM DIVIDEND
Note: AVI adopted the new accounting standards listed below with effect from 1 July 2018; consequently both
current and prior year information presented in this report is prepared in accordance with the new standards:
- IFRS 15 - Revenue from Contracts with Customers;
- IFRS 16 - Leases;
- IFRS 9 - Financial Instruments.
Key statistics and features
% change
Revenue 1,0
Gross profit 0,1
Operating profit 0,1
Headline earnings (3,5)
Headline earnings per share (3,8)
Earnings per share 35,3
- Revenue growth of 1,0%
- Constrained consumer demand environment
- Aggressive competitor pricing in certain categories
- December trading weaker than anticipated, exacerbated by load-shedding
- Value versus volume across key categories carefully balanced
- Gross profit margins protected despite the challenging environment
- Selling and administrative costs held in line with the prior year
- Operating profit marginally higher at Group level
- Higher finance costs in line with higher average debt levels
- Strong cash generation sustained
- Capital expenditure of R187,0 million
- Capital profit of R374 million on sale of interest in Simplot joint venture
- Headline earnings per share down 3,8% to 293,8 cents
- Basic earnings per share, including capital items, up 35,3%
- Interim dividend cover maintained, interim dividend of 160 cents per share
This short-form announcement is the responsibility of the directors, and has not been reviewed or audited by
the Group's auditors. The short-form announcement is only a summary of the information in the full
announcement. Any investment decision should be based on the full announcement.
The full announcement can be found
- On the JSE's website at https://senspdf.jse.co.za/documents/2020/jse/isse/AVI/AVIH1F20.pdf
- On the Company's website at https://www.avi.co.za/investor/results-and-presentations/current-year
Copies of the full announcement may also be requested at the Company's registered office and offices of our
sponsor, at no charge, during office hours.
Interim dividend
Notice is hereby given that a gross interim ordinary dividend No 94 of 160 cents per share for the six
months ended 31 December 2019 has been declared payable to shareholders of ordinary shares. The dividend has been
declared out of income reserves and will be subject to dividend withholding tax at a rate of 20%. Consequently
a net interim dividend of 128 cents per share will be distributed to those shareholders who are not exempt
from paying dividend tax. In terms of dividend tax legislation, the dividend tax amount due will be withheld
and paid over to the South African Revenue Services by a nominee company, stockbroker or Central Securities
Depository Participant ("CSDP") (collectively "regulated intermediary") on behalf of shareholders. However,
all shareholders should declare their status to their regulated intermediary, as they may qualify for a reduced
dividend tax rate or exemption. AVI's issued share capital at the declaration date is 335 837 451 ordinary shares.
AVI's tax reference number is 9500/046/71/0. The salient dates relating to the payment of the dividend are as
follows:
Last day to trade cum dividend on the JSE Tuesday, 14 April 2020
First trading day ex dividend on the JSE Wednesday, 15 April 2020
Record date Friday, 17 April 2020
Payment date Monday, 20 April 2020
In accordance with the requirements of Strate Limited, no share certificates may be dematerialised or
rematerialised between Wednesday, 15 April 2020, and Friday, 17 April 2020, both days inclusive.
Dividends in respect of certificated shareholders will be transferred electronically to shareholders' bank
accounts on payment date. In the absence of specific mandates, dividend cheques will be posted to shareholders.
Shareholders who hold dematerialised shares will have their accounts at their CSDP or broker credited on
Monday, 20 April 2020.
By order of the Board
Gavin Tipper Simon Crutchley
Chairman CEO
9 March 2020
Sponsor
The Standard Bank of South Africa Limited
Date: 09-03-2020 07:06:00
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