|
|
| |
|
SEGMENT REPORTING |
|
| |
|
| |
Continuing operations |
| |
Entyce |
Snackworx |
Chilled & Frozen Convenience Brands |
Out of Home |
Personal care |
| |
2008
Rm |
2007
Rm |
2008
Rm |
2007
Rm |
2008
Rm |
2007
Rm |
2008
Rm |
2007
Rm |
2008
Rm |
2007
Rm |
| Net segment revenue |
1 547,5 |
1 339,1 |
1 677,2 |
1 394,2 |
1 775,4 |
1 690,8 |
392,7 |
344,9 |
623,5 |
555,9 |
| Revenue from customers |
1 547,5 |
1 339,1 |
1 677,2 |
1 394,2 |
1 775,4 |
1 690,8 |
392,7 |
344,9 |
623,5 |
555,9 |
| Intersegment revenue |
36,2 |
37,9 |
21,1 |
16,2 |
|
|
5,6 |
|
3,5 |
2,5 |
| SEGMENT RESULT |
|
|
|
|
|
|
|
|
|
|
| Operating profit/(loss) before capital items |
189,1 |
160,6 |
185,8 |
156,8 |
194,9 |
139,1 |
42,7 |
53,5 |
73,4 |
63,3 |
| Share of equity accounted earnings of JVs |
– |
– |
– |
– |
17,2 |
(21,4) |
– |
– |
– |
– |
| Operating profit from ordinary activities |
189,1 |
160,6 |
185,8 |
156,8 |
212,1 |
117,7 |
42,7 |
53,5 |
73,4 |
63,3 |
| Income from investments |
23,8 |
7,3 |
17,7 |
6,2 |
50,3 |
18,1 |
5,5 |
2,2 |
8,1 |
1,9 |
| Interest expense |
51,4 |
18,1 |
21,2 |
2,7 |
31,8 |
14,6 |
7,1 |
1,7 |
11,0 |
4,0 |
| Taxation |
59,8 |
58,9 |
52,2 |
54,2 |
72,7 |
36,4 |
11,7 |
17,2 |
19,5 |
21,1 |
| Segment profit/(loss) before capital items |
101,7 |
90,9 |
130,1 |
106,1 |
157,9 |
84,8 |
29,4 |
36,8 |
51,0 |
40,1 |
| Capital items (after minorities and tax) |
|
|
|
|
|
|
|
|
|
|
| Profit for the year |
|
|
|
|
|
|
|
|
|
|
| SEGMENT ASSETS |
802,4 |
762,1 |
906,6 |
855,0 |
1 862,0 |
1 711,1 |
367,9 |
275,4 |
470,9 |
433,6 |
| SEGMENT LIABILITIES |
805,2 |
585,7 |
480,4 |
392,3 |
905,8 |
868,1 |
170,4 |
100,8 |
341,2 |
329,4 |
| CAPITAL |
|
|
|
|
|
|
|
|
|
|
| Additions to property, plant and equipment |
53,3 |
25,3 |
58,3 |
47,3 |
40,4 |
63,1 |
25,3 |
21,0 |
24,9 |
17,3 |
| Depreciation and amortisation |
18,0 |
15,6 |
35,5 |
31,8 |
52,0 |
56,9 |
18,2 |
18,6 |
18,3 |
13,9 |
| Impairment losses/(reversals) |
4,3 |
– |
2,9 |
– |
(0,1) |
16,8 |
(2,0) |
2,0 |
– |
– |
| Number of employees at year end |
847 |
818 |
1 499 |
1 492 |
3 573 |
4 062 |
496 |
595 |
458 |
440 |
|
|
| |
|
| |
|
Discontinued operations |
|
| |
Footwear & apparel |
Corporate & consolidation |
Total |
Alpesca |
Total |
| |
2008
Rm |
2007
Rm |
2008
Rm |
2007
Rm |
2008
Rm |
2007
Rm |
2008
Rm |
2007
Rm |
2008
Rm |
2007
Rm |
| Net segment revenue |
629,8 |
502,2 |
14,5 |
24,8 |
6 660,6 |
5 851,9 |
445,5 |
480,5 |
7 106,1 |
6 332,4 |
| Revenue from customers |
629,8 |
502,2 |
14,5 |
24,9 |
6 660,6 |
5 851,9 |
445,5 |
480,5 |
7 106,1 |
6 332,4 |
| Intersegment revenue |
|
|
(66,4) |
(56,6) |
– |
– |
|
|
– |
– |
| SEGMENT RESULT |
|
|
|
|
|
|
|
|
|
|
| Operating profit/(loss) before capital items |
132,9 |
145,1 |
(20,1) |
(16,1) |
798,7 |
702,3 |
(10,2) |
33,1 |
788,5 |
735,4 |
| Share of equity accounted earnings of JVs |
– |
– |
– |
– |
17,2 |
(21,4) |
– |
– |
17,2 |
(21,4) |
| Operating profit from ordinary activities |
132,9 |
145,1 |
(20,1) |
(16,1) |
815,9 |
680,9 |
(10,2) |
33,1 |
805,7 |
714,0 |
| Income from investments |
5,3 |
2,4 |
(88,2) |
(12,8) |
22,5 |
25,3 |
– |
– |
22,5 |
25,3 |
| Interest expense |
12,3 |
1,2 |
(48,3) |
6,2 |
86,5 |
48,5 |
10,0 |
9,4 |
96,5 |
57,9 |
| Taxation |
38,9 |
55,0 |
9,2 |
(11,4) |
264,0 |
231,4 |
(10,0) |
(2,5) |
254,0 |
228,9 |
| Segment profit/(loss) before capital items |
87,0 |
91,3 |
(69,2) |
(23,7) |
487,9 |
426,3 |
(10,2) |
26,2 |
477,7 |
452,5 |
| Capital items (after minorities and tax) |
|
|
|
|
|
|
|
|
12,0 |
30,7 |
| Profit for the year |
|
|
|
|
|
|
|
|
489,7 |
483,2 |
| |
|
|
|
|
|
|
|
|
|
|
| SEGMENT ASSETS |
314,8 |
248,6 |
87,8 |
140,7 |
4 812,4 |
4 426,5 |
460,1 |
401,8 |
5 272,5 |
4 828,3 |
| SEGMENT LIABILITIES |
207,2 |
176,3 |
(393,3) |
(490,6) |
2 516,9 |
1 962,0 |
254,3 |
204,3 |
2 771,2 |
2 166,3 |
| CAPITAL |
|
|
|
|
|
|
|
|
|
|
| Additions to property, plant and equipment |
64,4 |
37,7 |
4,9 |
21,9 |
271,5 |
233,8 |
11,3 |
17,7 |
282,8 |
251,5 |
| Depreciation and amortisation |
18,0 |
5,8 |
6,7 |
7,4 |
166,7 |
150,0 |
24,4 |
27,6 |
191,1 |
177,6 |
| Impairment losses/(reversals) |
– |
– |
– |
1,8 |
5,1 |
20,6 |
– |
– |
5,1 |
20,6 |
| Number of employees at year end |
684 |
513 |
122 |
153 |
7 679 |
8 073 |
1 532 |
1 776 |
9 211 |
9 849 |
|
|
| |
|
| |
2008 |
2007 |
| Total operations |
Rm |
% |
Rm |
% |
| Segmental revenue by market |
|
|
|
|
| The Group’s consolidated revenue by
geographic market, regardless of where
goods were produced, was as follows: |
|
|
|
|
| South Africa |
5 523,2 |
77,7 |
4 842,2 |
76,6 |
| International operations |
747,2 |
10,5 |
696,0 |
11,0 |
| Exports from South Africa |
835,7 |
11,8 |
794,2 |
12,4 |
| |
7 106,1 |
100,0 |
6 332,4 |
100,0 |
| Analysis of non-current assets* by geographic area |
|
|
|
|
| South Africa |
2 149,0 |
90,6 |
2 018,3 |
82,2 |
| Other African |
7,6 |
0,3 |
5,7 |
0,2 |
| Europe |
0,2 |
0,0 |
22,6 |
0,9 |
| Australia |
216,2 |
9,1 |
158,2 |
6,4 |
| South America |
– |
– |
251,1 |
10,2 |
| |
2 373,0 |
100,0 |
2 455,9 |
100,0 |
|
|
| * |
Comprise non-current assets less financial instruments, deferred tax assets, and assets arising from post
employment benefits and insurance contracts |
|
|
| |
|
Basis of segment presentation |
|
The segment information has been prepared in accordance with IFRS 8 – Operating Segments (IFRS 8) which defines requirements for the
disclosure of financial information of an entity’s operating segments.
IFRS 8 replaces IAS 14 – Segment Reporting. The standard requires segmentation based on the group’s internal organisation and reporting
of revenue and operating income based upon internal accounting presentation.
IFRS 8 was approved by the IASB in November 2006 and is effective for reporting periods beginning on or after 1 January 2009. The Group
has early adopted the standard. |
|
| |
|
Identification of reportable segments |
|
The group discloses its reportable segments according to the entity components that management monitor regularly in making decisions
about operating matters. The reportable segments comprise various operating segments primarily located in South Africa.
The revenue and operating assets are further disclosed within the geographical areas in which the group operates. Segment information
is prepared in conformity with the basis that is reported to the chief operating decision makers in assessing segment performance and
allocating resources to segments. These values have been reconciled to the consolidated financial statements. The basis reported by the
group is in accordance with the accounting policies adopted for preparing and presenting the consolidated financial statements.
The operating segments of AVI Limited are the same as the previously reported business segments based on IAS 14.
Segment revenue excludes value added taxation and includes intersegment revenue. Net revenue represents segment revenue from which
intersegment revenue has been eliminated. Sales between segments are made on a commercial basis.
Segment operating profit before capital items represents segment revenue less segment operating expenses, excluding capital items
included in Note 20.
Segment expenses include direct and allocated expenses. Depreciation and amortisation have been allocated to the segments to which
they relate.
The segment assets comprise all assets of the different segments that are employed by the segment and that either are directly attributable
to the segment, or can be allocated to the segment on a reasonable basis. |
|
| |
|
Reportable segments |
|
| Entyce |
|
| Revenue in this segment is derived from the sale of tea, coffee, creamer, and chilled fruit juice, primarily in South Africa. |
|
| |
|
| Snackworx |
|
| The principal activity within this segment is the sale of a full range of sweet and savoury biscuits and baked and fried potato and maize
snacks primarily in South Africa. |
|
| |
|
| Chilled & Frozen Convenience Brands |
|
|
Denny is South Africa’s largest producer of fresh and processed mushrooms, with a growing range of convenience foods and sauces. |
|
| |
|
| Out of Home |
|
| Ciro Beverage Solutions is the leading retail and food services supplier of premium ground coffee and beverage service solutions to the out-of-home
consumption market including airports, hotels, caterers, restaurants and corporates. Sir Juice adds a premium short-life juice offering. |
|
| |
|
| Fashion brands |
|
| Fashion brands provides personal care, footwear and apparel offerings. Indigo Cosmetics creates, manufactures and distributes leading
cosmetic and toiletry products that range from mass market to bridge fragrances. Some product is exported. Spitz, Nina Roche and Gant
retail a portfolio of owned and licensed footwear and apparel brands in South Africa. |
|
| |
|
| Corporate |
|
| The corporate office provides strategic direction, as well as financial, treasury, legal and information technology services to the autonomous
subsidiaries. Other entities in this segment comprise the various staff scheme share trusts. |
|
| |
|
Geographical segments |
|
| The group’s operations are principally located in South Africa. The South American assets comprise a disposal group held for sale, previously
included in the Chilled & Frozen Convenience Brands segment |
|
| |
|
Major customers |
|
| The Group’s most significant customers, being two South African retailers, individually contribute to more than 10% of the Group’s revenue
in the Entyce, Snackworx and Chilled & Frozen Convenience Brands segments. |
|
|
|
