AVI Limited, a high quality brand portfolio Group revenue for the year increased by 8.2%, to ZAR13.18 billion compared to ZAR12.19 billion recorded in the financial year 2016.
Gross profit margins were well protected overall, dropping slightly from 43.9% to 43.7%.
Gross profit rose by 7.8% to ZAR5.76 billion while operating profit increased by 10.7% to ZAR2.39 billion to ZAR217 billion in the previous year underpinned by the improvement in gross profit. The operating profit margin increased from 17.7%
Headline earnings rose by 10.3%, from ZAR1.49 billion in the year 2016 to ZAR1.65 billion. Headline earnings per share increased 9.4% from 464.1 cents in the year before to 507.7 cents in 2017 with a 0.8% increase in the weighted average number of shares.
Cash generated by operations, before working capital changes, increased 8.4% to ZAR2.99 billion. Working capital rose
ZAR675.0 million.Other material cash outflows during the period were dividends of ZAR1.24 billion and taxation of ZAR546.7 million.
Net debt at the end of June 2017 was ZAR1.44 billion compared to ZAR1.43 billion at the end of June 2016.
AVI has maintained a normal dividend payout ratio of 80% of diluted headline earnings dividends. In line with this
a final dividend of 243 cents per share has been declared, bringing the total dividend for the year to 405 cents,
an increase of 9,5% on last year.
AVI Limited, together with its subsidiaries, primarily manufactures, markets, and distributes food and FMCG products in South Africa. It operates through Entyce Beverages, Snackworks, I&J, Personal Care, and Footwear & Apparel segments. The company provides hot beverages, sweet and savoury biscuits and snacks, frozen convenience foods, out-of-home ranges, personal care products, cosmetics, shoes, accessories, and fashion apparel.
It offers beverages under the Five Roses, Freshpak, House of Coffees, Frisco, Koffiehuis, Ellis Brown, Trinco, Ciro, Lavazza, and Douwe Egberts brands; biscuits and snacks under the Bakers, Provita, Willards, and Jumping Jack brands; frozen food under the I&J brand; and personal care products under the Yardley and Lenthéric brands. The company also provides footwear and apparel under the Spitz, Carvela, Green Cross, Kurt Geiger, Lacoste, Tosoni, Nina Roche, Saffron Browne, and Gant brands. AVI Limited is based in Johannesburg, South Africa.