AVV aav limited

research, page-3

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    Big second half skew
    Whilst AAV’s pre-goodwill NPAT of $5.7m for H1 04 may appear disappointing given we are forecasting 2004 pre-goodwill NPAT of $17.5m, we believe there are several valid reasons for the second half being much stronger in 2004:
    All three of AAV’s main business units have strong skew towards the second half
    o All three of AAV’s main divisions, Post Production, Staging Connections and DVD manufacturing typically have a 40/60 revenue split
    o Staging Connections has four major convention centres commencing in the months of Mar-Aug 2004, which will contribute strongly in the second half
    o DVD manufacturing will have nine production lines running in the second half, compared with only six in the pcp
    o All three main divisions have high levels of fixed costs – resulting in an EBIT split we believe will be close to 30/70
 
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Currently unlisted public company.

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