AVI RELATED SENS ANNOUNCEMENTS

AVI - AVI Limited - Interim Results for the Six Months Ended
08 Mar 10

JSE Securities Exchange - SENS

AVI AVI - AVI Limited - Interim Results for the Six Months Ended 31 December 2009 AVI Limited ISIN: ZAE000049433 Share code: AVI Registration number: 1944/017201/06 ("AVI" or "the Group" or "the Company") INTERIM RESULTS FOR THE SIX MONTHS ENDED 31 DECEMBER 2009 Key features - Solid brand performance in difficult trading conditions - Revenue and operating profit maintained in spite of lower I&J contribution - Net finance costs down 24% - Headline earnings per share from continuing operations up 9% to 112 cents - Strong cash generation maintained - Interim dividend up 8,3% to 39 cents Operating profit from continuing operations was at the same level as the first half of last year despite a difficult trading environment and a materially weaker performance from Irvin and Johnson ("I&J"). Headline earnings increased by 9,2% due to lower net finance costs and an improved contribution from the Simplot seafood product joint venture. The fashion brands portfolio, Indigo Cosmetics ("Indigo") and A&D Spitz ("Spitz") achieved higher gross profit margins and sound volume growth in the first semester. The improved profitability and operating leverage resulted in a 35,2% increase in operating profit from R124,1 million to R167,8 million for this portfolio that together with a strong performance from hot beverage brands which lifted its operating profit from R129,3 million to R166,7 million offset the R65,9 million decrease in profit from I&J. I&J's operational performance was better than last year, assisted by lower fuel prices and good fishing conditions in terms of catch rates and size mix. However export markets continue to be over-supplied because of reduced consumer demand and increased supply from other fish resources. Whilst volumes were largely sustained selling prices have been under pressure which together with the stronger Rand caused a significant drop in revenue and ultimately operating profit, which decreased from R125,7 million to R59,8 million. I&J did not manage to find a credible prospective purchaser for its Argentinean hake and shrimp operations conducted by Alpesca s.a. ("Alpesca") during the six months to December, but remains committed to disinvesting from this asset. The long awaited new regulations for the allocation and transfer of long term hake fishing rights were promulgated during the first half and are likely to benefit Alpesca when implemented. Alpesca is classified as a discontinued operation and presented accordingly in these results. In general domestic selling prices have been stable for the first half, with few increases implemented. In several categories re-alignment of price points and tactical discounting, in particular in the biscuit category, meant that realised prices were lower than a year ago. This approach has helped maintain volumes but kept the pressure on gross margins. The aggregate cost of the key commodities that AVI consumes did not decline as expected and was similar to last year, principally because of higher black tea prices which offset the benefit of lower prices for most other commodities. Selling and administration costs increased by just 3,1% compared to the first half of last year, reflecting tight control, more efficient marketing activity and lower fuel costs. Cash generated from operations remained strong at R620,5 million and net debt has reduced to R479,5 million at the end of the period from R568,3 million a year ago. CONTINUING OPERATIONS Revenue from continuing operations rose by 1,1% from R4,00 billion to R4,05 billion for the first half. I&J's export revenue stream was materially impacted by lower prices and the stronger Rand, resulting in a decrease in revenue of R138,5 million. The rest of our businesses achieved an overall increase in revenue of 5,8%. The consolidated gross profit margin improved slightly from 40,3% to 40,6% due to improvements in Indigo and Spitz that were largely offset by tactical pricing to support volumes in the food and beverage business units. Selling and administration costs were well contained at a 3,1% increase and operating profit of R534,7 million was marginally higher than the R534,6 million achieved in the first half of last year, despite a decrease of R65,9 million in I&J's operating profit. Lower interest rates and lower debt levels than in the corresponding period last year resulted in a material decrease in net finance charges from R69,3 million to R52,4 million. AVI's share of earnings from the Simplot joint venture in Australia increased from R7,5 million to R21,0 million reflecting Simplot's improved performance in the Australian retail sector during the period. Headline earnings increased by 9,2% from R307,1 million to R335,4 million and headline earnings per share increased by 8,8% to 112,3 cents per share. There were no material capital items in the six months to December 2009. In the prior period capital items of R54,1 million before tax largely comprised a R26,4 million profit on the sale of an I&J property and a R23,6 million profit on the disposal of a non-core subsidiary that packed private label teas and coffees. Cash generated by operations remained strong and was slightly higher than the first half of last year at R620,5 million. Capital expenditure of R199,1 million includes R88,5 million to acquire a property adjacent to Indigo's site in Cape Town which will support the long-term growth of this operation. Proceeds on disposals of R12,4 million were lower than the R107,4 million realised in the first half of last year which included the disposals of an I&J property and a non-core subsidiary. Other material cash out-flows during the period were dividends of R155,4 million, taxation of R123,7 million and interest paid of R58,7 million. Net debt at the end of December 2009 was R479,5 million compared to R568,3 million at the end of December 2008. SEGMENTAL REVIEW - CONTINUING OPERATIONS Six months ended 31 December Segmental revenue Segmental operating profit 2009 2008 Change 2009 2008 Change Rm Rm % Rm Rm % Food & beverage 3 161,5 3 219,5 (1,8) 370,7 413,7 (10,4) brands Entyce 1 179,5 1 110,3 6,2 166,7 129,3 28,9 Snackworks 1 135,2 1 139,6 (0,4) 121,3 143,9 (15,7) Chilled & 846,8 969,6 (12,7) 82,7 140,5 (41,1) frozen convenience brands Fashion brands 882,9 777,9 13,5 167,8 124,1 35,2 Personal care 418,9 377,8 10,9 56,6 42,1 34,4 Footwear & 464,0 400,1 16,0 111,2 82,0 35,6 apparel Corporate 3,6 5,4 (3,8) (3,2) Group 4 048,0 4 002,8 1,1 534,7 534,6 0,0 Note: the Out of Home business, comprising Ciro Beverage Solutions and Sir Juice, is now reported within the Entyce and Snackworks segments. This is in line with the decision to incorporate the catering wholesale customer base, a material portion of the Out of Home business, into the existing Entyce and Snackworks structures that service the wholesale channel. Comparatives have been restated accordingly. Entyce Revenue increased by 6,2% to R1,18 billion and operating profit increased by 28,9% from R129,3 million to R166,7 million with the operating profit margin at 14,1% compared to 11,7% in the prior period. Growth in revenue came from the annualisation of price increases during the previous financial year, as well as increased creamer sales volumes. Underlying consumer demand remained sound, and a combination of focused advertising and promotional activity, incremental product development and tactical pricing helped Entyce maintain its strong position in the tea, coffee and creamer categories. The costs of key commodities were in aggregate higher than in the first half of last year, largely due to high black tea prices experienced during the period. This constrained the improvement in gross profit margin, with only the coffee category seeing a material improvement in gross profitability relative to the same period last year. Selling and administration costs were well controlled supporting the increase in operating profit margin in the current period. Snackworks Revenue of R1,13 billion was 0,4% lower than the first half of last year while operating profit declined by 15,7%, from R143,9 million to R121,3 million. The operating profit margin for the period decreased to 10,7% from 12,6% for the same period last year. The decrease in revenue was caused by lower selling prices mostly offset by higher biscuit sales volumes. Biscuit demand has responded well to the lower price points implemented during the second half of last year as well as tactical discounting to encourage consumption in the face of an underlying decline in demand over the last year. The impact of lower prices was partially offset by lower commodity costs. Factory performance was below standard during the period and together with the tactical biscuit pricing resulted in a reduction in the gross profit margin. In addition aggressive pricing by competitors in the potato chip segment at the same time as a shortage of potatoes resulted in a reduction of R9 million in the snacks category operating profit. Although there was no increase in selling and administration costs, the lower gross profit resulted in a reduction in operating profit. A number of remedial initiatives have addressed factory performance and in combination with improving selling prices, gross margins should recover in the second semester. Chilled and Frozen Convenience Brands (I&J* and Denny) *excluding Alpesca Revenue decreased by R122,8 million to R846,8 million and operating profit decreased by R57,8 million to R82,7 million. Operating profit margin decreased from 14,5% to 9,8%. The reduction in profit is attributable to a weaker result from I&J, partially offset by a marked improvement in the performance of Denny Mushrooms ("Denny"). I&J's operational performance was better than last year, with improved catch rates and size mix as well as lower fuel prices. However export revenues were materially reduced by lower prices in key European markets due to reduced demand and increased supply from other fish resources, as well as the strong Rand. Consequently I&J's revenue decreased by R138,5 million while operating profit decreased by R65,9 million to R59,8 million. Denny had a strong first half with good production allowing it to compete effectively in a tough trading environment for the category. Denny's operating profit for the first half increased from R14,8 million to R22,9 million. Fashion brands (personal care, footwear and apparel) Revenue rose by 13,5% and operating profit increased by 35,2%, from R124,1 million to R167,8 million. Operating profit margin increased from 16,0% to 19,0%. Both Indigo and Spitz maintained the higher selling prices established last year and achieved higher sales volumes which resulted in improved gross profit margins and good operating leverage. In the personal care category, Indigo's revenue grew by 10,9% to R418,9 million while operating profit increased by 34,4% to R56,6 million. The operating profit margin for the period of 13,5% was 21,2% higher than the margin of 11,1% last year. Revenue growth was the product of price increases implemented during the second half of the last financial year and ongoing growth in volumes, principally in body sprays where further market share gains were achieved. Costs were well managed and the purchase of an adjoining property has reduced rental costs previously incurred. Revenue in the footwear and apparel category increased by 16,0%, and operating profit increased by 35,6% from R82,0 million to R111,2 million. The increases are largely due to higher volumes and selling prices in Spitz. In Spitz, revenue increased by 16,0% to R438,9 million while operating profit increased by 34,5% to R114,2 million. The operating profit margin for the first half increased from 22,3% to 26,0%. Overall footwear volumes grew 9% as demand for the core Carvela, Lacoste and Kurt Geiger brands remained strong and the Tosoni brand was successfully re-introduced. DISCONTINUED OPERATION Alpesca's hake operation has been materially impacted by lower selling prices into export markets and is primarily responsible for the deterioration in Alpesca's results, from an operating profit of R20,8 million in the first half of last year to an operating loss of R9,0 million. Alpesca's tax charge in the first half of last year was higher than usual as it included the devaluation of tax assets in line with the weakening of the Argentinean Peso, which did not recur in the current period. Consequently the deterioration in profit after tax is not as pronounced, declining from a profit of R2,5 million to a loss of R7,5 million. DIVIDENDS An interim dividend of 39 cents per share has been declared in line with AVI's interim dividend policy of a three times cover on diluted headline earnings per share from continuing operations. OUTLOOK Notwithstanding the general view that the South African economy has started to recover from recession, we believe that tough trading conditions will prevail through the second half of the financial year with consumers likely to remain cautious with their spending for some time. I&J's results for the second half of the year will be much lower than last year should weak prices for seafood products and the strong Rand continue to prevail. In line with the ongoing pressure on I&J's margins a number of new cost saving initiatives are being implemented but will not have much impact on the current financial year. The benefits from the remedial actions implemented in Snackworks over the past year will, if demand is sustained, result in an improved performance from this business unit in the second half of the year. The Board remains confident of AVI's ability to compete effectively in these tougher trading conditions. The ongoing focus on profit enhancing opportunities across our market-leading brand portfolio, as well as remaining vigilant for strategic acquisition opportunities, underpin AVI's medium term growth objective. Angus Band Chairman Simon Crutchley CEO 8 March 2010 CONDENSED GROUP BALANCE SHEETS Unaudited at Audited at 31 December 30 June 2009 Rm 2009 2008 Rm Rm ASSETS Non-current assets Property, plant and equipment 1 307,9 1 224,6 1 205,1 Intangible assets and goodwill 923,4 982,9 925,4 Investments 302,2 283,9 276,8 Deferred taxation 49,6 72,2 74,4 2 583,1 2 563,6 2 481,7 Current assets Inventories and biological 927,4 994,0 950,0 assets Trade and other receivables 1 211,6 1 244,0 1 170,1 including derivatives Cash and cash equivalents 686,8 496,5 516,6 Assets of discontinued 367,6 504,4 390,5 operations classified as held- for-sale * Other assets classified as held- 4,0 2,9 8,2 for-sale ** 3 197,4 3 241,8 3 035,4 Total assets 5 780,5 5 805,4 5 517,1 EQUITY AND LIABILITIES Capital and reserves Attributable to equity holders 2 922,9 2 796,8 2 675,9 of AVI Non-controlling interests (23,4) (23,3) (23,3) Total equity 2 899,5 2 773,5 2 652,6 Non-current liabilities Financial liabilities, 541,9 604,9 544,1 borrowings and operating lease straight-line liabilities Employee benefits 327,1 301,9 295,9 Deferred taxation 115,4 179,2 110,3 984,4 1 086,0 950,3 Current liabilities Current borrowings 636,6 482,2 532,1 Trade and other payables 1 097,0 1 170,1 1 200,1 including derivatives Corporate taxation 24,8 35,5 13,4 Liabilities of discontinued 138,2 258,1 168,6 operations classified as held- for-sale* 1 896,6 1 945,9 1 914,2 Total equity and liabilities 5 780,5 5 805,4 5 517,1 *Discontinued operations comprise the Argentinean hake and shrimp operations conducted by Alpesca, a wholly owned subsidiary of I&J. **Other assets classified as held-for-sale comprise equipment and properties held for disposal. CONDENSED GROUP STATEMENT OF COMPREHENSIVE INCOME Unaudited Audited Six months ended Year 31 December ended 30 June 2009 2008 Change 2009 Rm Rm % Rm CONTINUING OPERATIONS Revenue 4 048,0 4 002,8 1 7 462,4 Cost of sales 2 402,6 2 391,3 - 4 485,5 Gross profit 1 645,4 1 611,5 2 2 976,9 Selling and administrative 1 110,7 1 076,9 3 2 068,4 expenses Operating profit before 534,7 534,6 - 908,5 capital items Income from investments 5,5 11,8 (53) 22,4 Finance costs (57,9) (81,1) (29) (147,4) Share of equity accounted 21,0 7,5 180 15,3 earnings of joint ventures Capital items (0,3) 54,1 17,1 Profit before taxation 503,0 526,9 (5) 815,9 Taxation 167,9 166,7 1 276,7 Profit from continuing 335,1 360,2 (7) 539,2 operations DISCONTINUED OPERATIONS* Revenue 191,8 275,7 (30) 428,8 Operating (loss)/profit (8,9) 20,8 143 4,6 before capital items Finance costs (2,8) (3,8) (26) (8,0) Capital items (1,1) - (30,0) (Loss)/profit before taxation (12,8) 17,0 175 (33,4) Taxation (5,3) 14,5 (137) (2,6) (Loss)/profit from (7,5) 2,5 400 (30,8) discontinued operations Profit for the period 327,6 362,7 (10) 508,4 Profit attributable to: Owners of AVI 327,7 361,9 (9) 507,7 Non-controlling interests (0,1) 0,8 (113) 0,7 327,6 362,7 (10) 508,4 *Discontinued operations comprise the Argentinean hake and shrimp operations conducted by Alpesca, a wholly owned subsidiary of I&J. Other comprehensive 46,1 42,3 9 (133,6) income/(expense), net of tax Foreign currency translation 2,9 34,5 (92) (79,4) differences Cash flow hedging reserve 60,0 10,8 456 (75,3) Income tax on other (16,8) (3,0) 460 21,1 comprehensive income/(expense) Total comprehensive income 373,7 405,0 (8) 374,8 for the period Comprehensive income attributable to: Owners of AVI 373,8 404,2 (8) 374,1 Non-controlling interests (0,1) 0,8 (113) 0,7 373,7 405,0 (8) 374,8 Basic earnings per share from 112,2 120,8 (7) 180,8 continuing operations (cents)# Diluted basic earnings per 108,9 119,3 (9) 177,5 share from continuing operations (cents)## Depreciation and amortisation 93,5 87,0 5 187,4 of property, plant and equipment, fishing rights and trademarks included in operating profit from continuing operations Headline earnings per share 112,3 103,2 9% 174,7 from continuing operations (cents)# Diluted headline earnings per 109,0 102,0 7% 171,5 share from continuing operations (cents)## # Basic earnings and headline earnings per share is calculated on a weighted average of 298 739 809 (2008: 297 599 002 and 30 June 2009 : 297 806 357) ordinary shares in issue. ## Diluted basic earnings and headline earnings per share is calculated on a weighted average of 307 588 251 (2008 : 301 276 209 and 30 June 2009 : 303 400 679) ordinary shares in issue. CONDENSED GROUP STATEMENT OF CASH FLOWS Unaudited Audited Six months ended Year 31 December ended 30 June 2009 2008 Change 2009 Rm Rm % Rm CONTINUING OPERATIONS OPERATING ACTIVITIES Cash generated by operations 652,2 649,5 - 1 086,6 before working capital changes (Increase)/decrease in (31,7) (31,7) - 30,0 working capital Cash generated by operations 620,5 617,8 - 1 116,6 Interest paid (58,7) (79,9) (27) (140,5) Taxation paid (123,7) (171,0) (28) (392,9) Net cash available from 438,1 366,9 19 583,2 operating activities INVESTING ACTIVITIES Cash flow from investments 6,0 10,2 (41) 21,2 Property, plant and equipment (199,1) (165,7) 20 (257,8) acquired Proceeds from disposals 8,0 67,4 (88) 68,2 Disposal of businesses and 4,4 40,0 (89) 57,1 other investments Net cash used in investing (180,7) (48,1) 276 (111,3) activities FINANCING ACTIVITIES Net increase in shareholder 15,3 4,3 256 9,0 funding Long term borrowings - net (1,7) 199,2 101 191,1 (repaid)/raised Increase/(decrease) in short 85,1 (74,8) (214) (14,1) term funding Dividends paid (155,4) (139,9) 11 (247,2) Net cash used in financing (56,7) (11,2) 406 (61,2) activities DISCONTINUED OPERATIONS* Cash flows from operating 11,5 20,5 44 3,6 activities Cash flows from investing (0,5) (2,1) (76) (4,3) activities Cash flows from financing (32,6) (22,2) 47 (64,6) activities Cash flows from discontinued (21,6) (3,8) 468 (65,3) operations Increase in cash and cash 179,1 303,8 (41) 345,4 equivalents Cash and cash equivalents at 529,7 204,8 159 204,8 beginning of period 708,8 508,6 39 550,2 Translation of cash (3,8) 16,1 (124) (20,5) equivalents of foreign subsidiaries at beginning of year Cash and cash equivalents at 705,0 524,7 34 529,7 end of period Attributable to: Continuing operations** 686,8 496,5 38 516,6 Discontinued operations** 18,2 28,2 (35) 13,1 * Discontinued operations comprise the Argentinean hake and shrimp operations conducted by Alpesca, a wholly owned subsidiary of I&J. ** Cashflows between continuing and discontinued operations are eliminated on consolidation and therefore the movement on the individual cash balances does not reconcile to the individual cashflows reflected above. CONDENSED GROUP STATEMENT OF CHANGES IN EQUITY Share Treasury Reserves Retained capital shares Rm earnings and Rm Rm premium Rm Six months ended 31 December 2009 Balance at 1 July 2009 171,0 (710,5) 35,1 3 180,3 Profit for the period 327,7 Other comprehensive income Foreign currency translation 2,9 differences Cash flow hedging reserve 43,2 Total other comprehensive - - 46,1 - income Total comprehensive income - - 46,1 327,7 for the period Transactions with owners, recorded directly in equity Share based payments 13,3 Dividends paid (155,4) Own ordinary shares sold by 15,3 AVI Share Trusts (net) Total contributions by and - 15,3 13,3 (155,4) distributions to owners Total transactions with - 15,3 13,3 (155,4) owners Balance at 31 December 2009 171,0 (695,2) 94,5 3 352,6 Six months ended 31 December 2008 Balance at 1 July 2008 171,0 (719,8) 147,8 2 919,8 Profit for the period 361,9 Other comprehensive income Foreign currency translation 34,5 differences Cash flow hedging reserve 7,8 Total other comprehensive - - 42,3 - income Total comprehensive income - - 42,3 361,9 for the period Transactions with owners, recorded directly in equity Share based payments 9,4 Dividends paid (139,9) Own ordinary shares sold by 4,3 AVI Share Trusts (net) Total contributions by and - 4,3 9,4 (139,9) distributions to owners Changes in ownership interests in subsidiaries Disposal of a subsidiary Total transactions with - 4,3 9,4 (139,9) owners Balance at 31 December 2008 171,0 (715,5) 199,5 3 141,8 Year ended 30 June 2009 Balance at 1 July 2008 171,0 (719,8) 147,8 2 919,8 Profit for the year 507,7 Other comprehensive income Foreign currency translation (79,4) differences Cash flow hedging reserve (54,2) Total other comprehensive - - (133,6) - income Total comprehensive income - - (133,6) 507,7 for the period Transactions with owners, recorded directly in equity Share based payments 20,9 Dividends paid (247,2) Own ordinary shares sold by 9,3 AVI Share Trusts (net) Total contributions by and - 9,3 20,9 (247,2) distributions to owners Changes in ownership interests in subsidiaries Disposal of minority interests Total transactions with - 9,3 20,9 (247,2) owners Balance at 30 June 2009 171,0 (710,5) 35,1 3 180,3 Total Non- Total Rm controlling equity interests Rm Rm Six months ended 31 December 2009 Balance at 1 July 2009 2 675,9 (23,3) 2 652,6 Profit for the period 327,7 (0,1) 327,6 Other comprehensive income Foreign currency translation 2,9 2,9 differences Cash flow hedging reserve 43,2 43,2 Total other comprehensive income 46,1 - 46,1 Total comprehensive income for the 373,8 (0,1) 373,7 period Transactions with owners, recorded directly in equity Share based payments 13,3 13,3 Dividends paid (155,4) (155,4) Own ordinary shares sold by AVI Share 15,3 15,3 Trusts (net) Total contributions by and (126,8) - (126,8) distributions to owners Total transactions with owners (126,8) - (126,8) Balance at 31 December 2009 2 922,9 (23,4) 2 899,5 Six months ended 31 December 2008 Balance at 1 July 2008 2 518,8 (17,5) 2 501,3 Profit for the period 361,9 0,8 362,7 Other comprehensive income Foreign currency translation 34,5 34,5 differences Cash flow hedging reserve 7,8 7,8 Total other comprehensive income 42,3 - 42,3 Total comprehensive income for the 404,2 0,8 405,0 period Transactions with owners, recorded directly in equity Share based payments 9,4 9,4 Dividends paid (139,9) (139,9) Own ordinary shares sold by AVI Share 4,3 4,3 Trusts (net) Total contributions by and (126,2) - (126,2) distributions to owners Changes in ownership interests in subsidiaries Disposal of a subsidiary - (6,6) (6,6) Total transactions with owners (126,2) (6,6) (132,8) Balance at 31 December 2008 2 796,8 (23,3) 2 773,5 Year ended 30 June 2009 Balance at 1 July 2008 2 518,8 (17,5) 2 501,3 Profit for the year 507,7 0,7 508,4 Other comprehensive income Foreign currency translation (79,4) (79,4) differences Cash flow hedging reserve (54,2) (54,2) Total other comprehensive income (133,6) - (133,6) Total comprehensive income for the 374,1 0,7 374,8 period Transactions with owners, recorded directly in equity Share based payments 20,9 20,9 Dividends paid (247,2) (247,2) Own ordinary shares sold by AVI Share 9,3 9,3 Trusts (net) Total contributions by and (217,0) - (217,0) distributions to owners Changes in ownership interests in subsidiaries Disposal of minority interests - (6,5) (6,5) Total transactions with owners (217,0) (6,5) (223,5) Balance at 30 June 2009 2 675,9 (23,3) 2 652,6 SUPPLEMENTARY NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS For the six months ended 31 December 2009 AVI Limited ("AVI" or the "Company") is a South African registered company. The condensed consolidated interim financial statements of the Company comprise the Company and its subsidiaries (together referred to as the "Group") and the Group's interest in jointly controlled entities. 1. Statement of compliance The condensed consolidated interim financial statements have been prepared in accordance with the recognition and measurement criteria of International Financial Reporting Standards "IFRS", the presentation as well as the disclosure requirements of IAS34 - Interim Financial Reporting, the Listing Requirements of the JSE Limited (the "JSE") and the requirements of the South African Companies Act. These condensed interim financial statements have not been reviewed or audited by the Group's auditors. 2. Basis of preparation The financial statements are prepared in millions of South African Rands ("Rm") on the historical cost basis, except for derivative financial instruments and biological assets which are measured at fair value. The accounting policies are those presented in the annual financial statements for the year ended 30 June 2009 and have been applied consistently to the periods presented in these condensed consolidated interim financial statements and by all Group entities. 3. Determination of headline earnings Unaudited Six Audited months ended Year 31 December ended 30 June 2009 Rm 2009 2008 Change Rm Rm % Profit for the year 327,7 361,9 (9) 507,7 attributable to equity holders of AVI Total capital items included (0,9) 52,3 (6,2) in earnings Net (loss)/surplus on disposal (0,7) 30,3 28,8 of investments, properties, vessels and plant and equipment Net surplus on disposal of - 23,8 23,8 subsidiaries Impairment of plant, equipment (0,7) - (5,2) and vessels Impairment of assets - - (0,3) classified as held for sale Impairment of intangible - - (30,0) assets and goodwill Impairment of disposal groups - - (30,0) held for sale Taxation attributable to 0,5 (1,8) 6,7 capital items Headline earnings 328,6 309,6 6 513,9 Attributable to: Continuing operations 335,4 307,1 9 520,4 Discontinued operations (6,8) 2,5 (6,5) 328,6 309,6 6 513,9 Headline earnings per ordinary 110,0 104,0 6 172,6 share (cents) Continuing operations (cents) 112,3 103,2 9 174,7 Discontinued operations (2,3) 0,8 (2,1) (cents) Diluted headline earnings per 106,8 102,8 4 169,4 ordinary share (cents) Continuing operations (cents) 109,0 102,0 7 171,5 Discontinued operations (2,2) 0,8 (2,1) (cents) 4. Segmental results Unaudited Audited Six months ended Year 31 December ended 30 June 2009 2008 % 2009 Rm Rm change Rm CONTINUING OPERATIONS Segmental revenue Food and beverage brands 3 161,5 3 219,5 (2) 6 052,1 Entyce 1 179,5 1 110,3 6 2 099,0 Snackworks 1 135,2 1 139,6 - 2 036,8 Chilled & frozen convenience 846,8 969,6 (13) 1 916,3 brands Fashion brands 882,9 777,9 13 1 400,6 Personal care 418,9 377,8 11 730,2 Footwear & apparel 464,0 400,1 16 670,4 Corporate 3,6 5,4 9,7 GROUP 4 048,0 4 002,8 1 7 462,4 Segmental operating profit before capital items Food and beverage brands 370,7 413,7 (10) 724,8 Entyce 166,7 129,3 29 271,3 Snackworks 121,3 143,9 (16) 192,5 Chilled & frozen convenience 82,7 140,5 (41) 261,0 brands Fashion brands 167,8 124,1 35 196,2 Personal care 56,6 42,1 34 94,5 Footwear & apparel 111,2 82,0 36 101,7 Corporate (3,8) (3,2) (12,5) GROUP 534,7 534,6 - 908,5 The Out of Home business, comprising Ciro Beverage Solutions and Sir Juice, is now reported within the Entyce and Snackworks segments. This is in line with the decision to incorporate the catering wholesale customer base, a material portion of the Out of Home business, into the existing Entyce and Snackworks structure that service the wholesale channel. Comparatives have been restated accordingly. 5. Investment activity There were no significant changes to investments in the year to date. 6. Commitments Unaudited Audited Six months ended Year 31 December ended 30 June 2009 2008 2009 Rm Rm Rm Capital expenditure commitments for 80,8 104,0 88,7 property, plant and equipment Contracted for 49,2 56,8 52,2 Authorised but not contracted for 31,6 47,2 36,5 It is anticipated that this expenditure will be financed by cash resources, cash generated from activities and existing borrowing facilities. Other contractual commitments have been entered into in the normal course of business. 7. Post-balance sheet events No significant events outside the ordinary course of business have occurred since the balance sheet date. 8. Dividend declaration Notice is hereby given that an interim ordinary dividend No 71 of 39 cents per share for the six months ended 31 December 2009 has been declared payable to shareholders of ordinary shares. The salient dates relating to the payment of the dividend are as follows: Last day to trade cum dividend on the JSE Thursday, 25 March 2010 First trading day ex dividend on the JSE Friday, 26 March 2010 Record date Thursday, 1 April 2010 Payment date Tuesday, 6 April 2010 In accordance with the requirements of Strate Limited, no share certificates may be dematerialised or rematerialised between Friday, 26 March 2010 and Thursday, 1 April 2010, 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 Central Securities Depository Participant ("CSDP") or broker credited on Tuesday, 6 April 2010. Acting Company secretary Vivien Crystal Directors: Executive Simon Crutchley(Chief executive officer), Owen Cressey(Chief financial officer), Robert Katzen(Business development director) Independent non-executive Angus Band*(Chairman), Humphrey Buthelezi?, James Hersov, Sean Jagoe* (resigned 30 October 2009), Kim Macilwaine^, Nombulelo Moholi, Adriaan Nuhn#, Gavin Tipper+* ? Member of the Audit Committee * Member of the Appointments and Remuneration Committee # Dutch ^ British Business address and registered office 2 Harries Road Illovo Johannesburg 2196 South Africa Postal address PO Box 1897 Saxonwold 2132 South Africa Telephone: +27 (0)11 502 1300 Telefax: +27 (0)11 502 1301 e-mail: info@avi.co.za Website: www.avi.co.za Auditors KPMG Inc. Sponsor Standard Bank Commercial bankers Standard Bank FirstRand Bank Transfer secretaries Computershare Investor Services 2004 (Pty) Limited Business address 70 Marshall Street, Marshalltown, Johannesburg 2001, South Africa Postal address PO Box 61051, Marshalltown 2107, South Africa Telephone: +27 (0)11 370 5000 Telefax: +27 (0)11 370 5271 8 March 2010 Date: 08/03/2010 07:30:01 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE'). The JSE does not, whether expressly, tacitly or implicitly, represent, warrant or in any way guarantee the truth, accuracy or completeness of the information published on SENS. The JSE, their officers, employees and agents accept no liability for (or in respect of) any direct, indirect, incidental or consequential loss or damage of any kind or nature, howsoever arising, from the use of SENS or the use of, or reliance on, information disseminated through SENS.

AVI - AVI Limited - Appointment Of Non-Executive Director
01 Mar 10

JSE Securities Exchange - SENS

AVI AVI - AVI Limited - Appointment Of Non-Executive Director AVI Limited (Registration number 1944/017201/06) Share Code: AVI ISIN: ZAE000049433 ("AVI") APPOINTMENT OF NON-EXECUTIVE DIRECTOR The Board of Directors of AVI is pleased to announce the appointment of Mr Mike Bosman to the Board as an independent non-executive director. The appointment is made with effect from 1 March 2010. Mr Bosman is the CEO of One Digital Media. He was previously the Group CEO of TBWA, which included South African's top-ranked creative advertising agency TBWA Hunt Lascaris, chairman of several other communication companies in the TBWA group, and Executive Director of FCB Worldwide, an advertising agency group based in New York. Mr Bosman obtained his B.Com (Honours) and Master of Laws at the University of Cape Town and is a CA(SA). On behalf of the Board I take this opportunity to welcome Mr Bosman to the Board. Angus Band Chairman of AVI Limited Illovo 1 March 2010 Sponsor Standard Bank Date: 01/03/2010 14:02:03 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE'). The JSE does not, whether expressly, tacitly or implicitly, represent, warrant or in any way guarantee the truth, accuracy or completeness of the information published on SENS. The JSE, their officers, employees and agents accept no liability for (or in respect of) any direct, indirect, incidental or consequential loss or damage of any kind or nature, howsoever arising, from the use of SENS or the use of, or reliance on, information disseminated through SENS.

AVI - AVI Limited - Trading Update and Statement for the Six Months Ending
18 Jan 10

JSE Securities Exchange - SENS

AVI AVI - AVI Limited - Trading Update and Statement for the Six Months Ending 31 December 2009 AVI Limited (Registration number 1944/017201/06) Share code: AVI ISIN: ZAE000049433 ("AVI" or "the Group") TRADING UPDATE AND STATEMENT FOR THE SIX MONTHS ENDING 31 DECEMBER 2009 The following update is based on the latest available trading information for the six months ended December 2009 and covers performance for the Group's continuing operations. Segmental revenue for continuing operations for the six months ended 31 December 2009 Revenue 2009 2008 Change Rm Rm % Entyce beverages 1,179 1,107 6.5 Snackworks 1,136 1,143 -0.1 Chilled & frozen 847 970 -12.7 convenience brands* Fashion brands - personal 418 378 10.6 care Fashion brands - footwear 464 400 16.0 & apparel Corporate 4 5 GROUP 4,047 4,003 1.1 * = excludes Alpesca Group revenue for the six months to December 2009 was similar to the comparable period in the prior year. Irvin and Johnson Holding Company (Proprietary) Limited's ("I&J") revenue was 17.1% lower due to a combination of reduced export selling prices and a stronger Rand. Demand for the Group's other food and beverage brands was satisfactory in the context of constrained consumer spending. In some categories revenue growth was muted by tactical price reductions implemented during the second half of the last financial year to support volumes. AVI's personal care, footwear and apparel brands performed well, benefiting from price increases implemented in the second half of the last financial year as well as volume growth. The consolidated gross margin to the end of December 2009 was slightly higher than the first half of last year with the benefit of softer commodity prices in some categories but partially offset by lower realised selling prices in I&J and the tactical price reductions referred to above. Selling and administration costs have been well controlled and operating profit margin is in line with that achieved in the same period last year. Lower average debt levels during the period, combined with lower interest rates, have resulted in a material decrease in net finance charges compared to the same period in the prior year. Capital items Results for the first half of the prior year included a R26.4 million profit on the sale of an I&J property and a R23.6 million profit on the disposal of a non- core subsidiary that packed private label teas and coffees. There have been no disposals of material assets during the current period and consequently capital profits are expected to be negligible. The following statement is made in accordance with Section 3.4 (b) of the Listings Requirements of the JSE Limited: Consolidated headline earnings per share for the continuing operations of the Group for the six months ending 31 December 2009 are expected to increase by between 5% and 10% over the comparable period in the prior year; Consolidated earnings per share for the continuing operations of the Group for the six months ending 31 December 2009, including net capital gains on the disposal of assets, are expected to reflect a reduction of between 5% and 10% over the comparable period in the prior year. Discontinued operations The Board remains committed to disinvesting from the Argentinean hake and shrimp operations conducted by Alpesca s.a. ("Alpesca"), a wholly owned subsidiary of I&J. The recent implementation of a transferable quota system in Argentina, which enhances long term quota security and allows quota to be transferred separately from vessels, is a positive development which should improve value for prospective buyers. Alpesca's hake operation has been materially impacted by lower selling prices into export markets and is expected to make an operating loss for the first half. AVI anticipates the release of its interim results for the six months ending 31 December 2009 on 8 March 2010. The information above has not been reviewed and reported on by the Group's auditors. Illovo 18 January 2010 Sponsor Standard Bank Enquiries Simon Crutchley Tel: +(27) 11 502 1300 Chief executive officer Owen Cressey Tel: +(27) 11 502 1300 Chief financial officer Date: 18/01/2010 16:58:01 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE'). The JSE does not, whether expressly, tacitly or implicitly, represent, warrant or in any way guarantee the truth, accuracy or completeness of the information published on SENS. The JSE, their officers, employees and agents accept no liability for (or in respect of) any direct, indirect, incidental or consequential loss or damage of any kind or nature, howsoever arising, from the use of SENS or the use of, or reliance on, information disseminated through SENS.

AVI - AVI Limited - Timing of voluntary trading update for period to December
17 Dec 09

JSE Securities Exchange - SENS

AVI AVI - AVI Limited - Timing of voluntary trading update for period to December 2009 AVI Limited (Registration number 1944/017201/06) Share code: AVI ISIN: ZAE000049433 ("AVI" or "the Group") TIMING OF VOLUNTARY TRADING UPDATE FOR PERIOD TO DECEMBER 2009 Traditionally AVI has issued a voluntary trading update prior to entering the closed period at the end of December. Over the last few years the group's business portfolio has changed, particularly with the growing contribution of our branded footwear and apparel businesses to group turnover over the festive season. Accordingly we believe it sensible to defer the publication of our voluntary trading update to January so as to include the actual December trading period. Illovo 17 December 2009 Sponsor Standard Bank Enquiries Simon Crutchley Tel: +(27) 11 502 1300 Chief executive officer Owen Cressey Tel: +(27) 11 502 1300 Chief financial officer Date: 17/12/2009 16:45:01 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE'). The JSE does not, whether expressly, tacitly or implicitly, represent, warrant or in any way guarantee the truth, accuracy or completeness of the information published on SENS. The JSE, their officers, employees and agents accept no liability for (or in respect of) any direct, indirect, incidental or consequential loss or damage of any kind or nature, howsoever arising, from the use of SENS or the use of, or reliance on, information disseminated through SENS.

AVI - AVI Limited - Acceptance of Share Options by AVI Directors and Directors
15 Dec 09

JSE Securities Exchange - SENS

AVI AVI - AVI Limited - Acceptance of Share Options by AVI Directors and Directors of Major Subsidiaries AVI Limited (Registration Number 1944/017201/06) Share Code: AVI ISIN: ZAE000049433 ("AVI") ACCEPTANCE OF SHARE OPTIONS BY AVI DIRECTORS AND DIRECTORS OF MAJOR SUBSIDIARIES In compliance with Rules 3.63 - 3.74 of the Listings Requirements of the JSE Limited, the following information is disclosed: Director: Simon Crutchley Company: AVI Limited Date of transaction: 11 December 2009 Nature of transaction: Acceptance of options in the AVI Out Performance Scheme Class of securities: Options in respect of ordinaryshares Number of options granted: 141,859 Option allocation price: R18.61 Total value of transaction: R2,639,995.99 Nature and extent of Director's interest: Direct beneficial Clearance obtained: Yes Director: Owen Cressey Company: AVI Limited Date of transaction: 1 1 December 2009 Nature of transaction: Acceptance of options in the AVI Out Performance Scheme Class of securities : Options in respect of ordinary shares Number of options granted: 65,560 Option allocation price: R18.61 Total value of transaction: R1,220,071.60 Nature and extent of Director's interest: Direct beneficial Clearance obtained: Yes Director: Robert Katzen Company: National Brands Limited Date of transaction: 11 December 2009 Nature of transaction: Acceptance of options in the AVI Out Performance Scheme Class of securities: Options in respect of ordinary shares Number of options granted: 58,631 Option allocation price: R18.61 Total value of transaction: R1,091,122.91 Nature and extent of Director's interest: Direct beneficial Clearance obtained: Yes Director: Owen Cressey Company: National Brands Limited Date of transaction: 11 December 2009 Nature of transaction: Acceptance of options in the AVI Executive Share Incentive Scheme Class of securities: Options in respect of ordinary shares Number of options granted: 212,020 Option allocation price: R18.99 Total value of transaction: R4,026,259.80 Nature and extent of Director's interest: Direct beneficial Clearance obtained: Yes Director: David Hood Company: National Brands Limited Date of transaction: 11 December 2009 Nature of transaction: Acceptance of options in the AVI Out Performance Scheme Class of securities: Options in respect of ordinary shares Number of options granted: 72,555 Option allocation price: R18.61 Total value of transaction: R1,350,248.55 Nature and extent of Director's interest: Direct beneficial Clearance obtained: Yes Director: Donnee MacDougall Company: National Brands Limited Date of transaction: 11 December 2009 Nature of transaction: Acceptance of options in the AVI Out Performance Scheme Class of securities: Options in respect of ordinary shares Number of options granted: 61,126 Option allocation price: R18.61 Total value of transaction: R1,137,554.86 Nature and extent of Director's interest: Direct beneficial Clearance obtained: Yes Director: Ronald Fasol Company: Irvin & Johnson Holding Company Limited Date of transaction: 11 December 2009 Nature of transaction: Acceptance of options in the AVI Out Performance Scheme Class of securities: Options in respect of ordinary shares Number of options granted: 67,168 Option allocation price: R18.61 Total value of transaction: R1,249,996.48 Nature and extent of Director's interest: Direct beneficial Clearance obtained: Yes Illovo 15 December 2009 Sponsor Standard Bank Date: 15/12/2009 09:42:01 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE'). The JSE does not, whether expressly, tacitly or implicitly, represent, warrant or in any way guarantee the truth, accuracy or completeness of the information published on SENS. The JSE, their officers, employees and agents accept no liability for (or in respect of) any direct, indirect, incidental or consequential loss or damage of any kind or nature, howsoever arising, from the use of SENS or the use of, or reliance on, information disseminated through SENS.