Audited Financial Results Year ended 30 June 2011 - - PowerPoint PPT Presentation

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Audited Financial Results

Year ended 30 June 2011

Audited results for the year ended June 30 2011

Agenda

2

2011 in perspective Brian Joffe – Group CE Financial, Bidvest Namibia David Cleasby – Group FD Bidvest South Africa Lindsay Ralphs – Divisional CE Bidvest Foodservice Bernard Berson – Divisional CE The future Brian Joffe – Group CE Comprehensive appendices per division and segment

1 2 3 4 5 6

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2011 in perspective

Brian Joffe – Group CE

Audited results for the year ended June 30 2011

Bidvest Group Limited – 2011 in perspective

• A reasonable result with a real increase in profits in what remains a soft market overall
• Refreshed operating structure implemented quickly, without a hitch and enthusiastically embraced
• Made possible because of the flexibility and lack of complication that is a Bidvest hallmark
• Autonomous smaller divisions each with devolved decision making management
• Increased opportunities for individuals – continuity, succession and personal growth
• Promotes incentive to do proportionately meaningful smaller deals – within the Bidvest big tent
• Strategic leadership and growth focus role for Group CE – strong executive support
• Unsolicited proposals for the Foodservice assets – significant value ascribed
• Immediate gratification of cash in hand at odds with the Bidvest philosophy of critical mass and

financial strength and motivated people and good citizenship for sustainable success

• Foodservice is a key ingredient in the evolution and growth of Bidvest

PASSION

Financial, Bidvest Namibia

David Cleasby – Group FD

Audited results for the year ended June 30 2011

The key F2011 numbers

6

Revenue

• 7.9%

to R118.5bn Trading profit

• 9.1%

to R6.1bn Headline earnings

• 9.6%

to R3.7bn HEPS

• 8.2%

to 1157.4cps Adjusted HEPS* 12.1% to 1199.0cps DPS 11.1% to 480.0cps Cash generated from operations (after WC)

• 2.5%

to R8.2bn Net debt R5.0bn (27% of equity)

*adjusted for STC charge

Audited results for the year ended June 30 2011

Bidvest Group Limited – salient financial points

• Revenue up 7.9% to R118.5bn (constant currency up 10.4% to R121.2bn) - Safcor Panalpina &

Automotive up 23% and 17% respectively

• Good cost control (expenses up 5.9%) despite escalating utility tariffs and wages in South Africa -

constant currency up 7.8%

• Trading margin up slightly to 5.12% (5.06%) - changing mix, lower margin Automotive and Safcor

Panalpina offset in aggregate by better margin in other businesses

• Offshore operations 36% of trading profit (35%) - largely due to increase in Namibia
• Customary strong cash flow - cash generated 135% of trading profit
• Interest paid declined 15.1% to R644.0m
• Tax rate higher at 28.8% (32.5% in SA, 24.3% offshore) due to STC paid on 2010 final dividend and

2011 interim dividend - anticipating a clean overall rate of 27% in future

• Associate earnings up 140% to R98m - mainly due to two new Freight JVs previously accounted in

trading income

• Minorities up 136% to R235.4m - predominantly Bidvest Namibia
• One off capital items of include a £13.3m impairment of intangibles associated with the 3663

Wholesale IT expenditure

• Headline earnings up 9.6% to R3.7bn, assisted by a 15% decline in net finance costs to R644.0m
• HEPS up 8.2% to 1157.4 cents with normalised HEPS adjusted for STC up 12.1% to 1199.0 cents
• Weighted shares in issue 1% higher at 318.7m
• Final dividend of 255.0 cents (up 13.3%), annual cover in line with stated objective of 2.4x

7

Audited results for the year ended June 30 2011

Bidvest Group Limited – influences on the trading period

Exchange rate:

• ZAR relatively strong versus Euro and Sterling, slightly weaker against the Australian dollar
• Impact 1.3% on HEPS versus 2.3% in F2010

Working capital

• R405.7m retained from working capital
• R1.1bn taken out of working capital in past two years
• Net working capital – 8 days versus 9 days in 2010

Gearing

• Net debt at R5bn (F2010 R3.8bn, H1 F2011 R4.6bn)
• Remains satisfactory in view of R1.6bn expenditure on Dinatla BEE share buyback late in the year
• Finance costs reflect lower interest rates across geographies together with better asset management
• Debt to equity 27% (22%) with target at 40%
• Interest cover 9.1x, target minimum of 5-6x

Capital expenditure

• Net capex on PPE and intangibles R2.8bn versus R2.5bn
• Significant step up in investment into Financial Services (R768.0m), freight (R314.6m), Foodservice

Europe (337.8m) and foodservice Asia Pacific (R317.5m)

• Continue to finesse funding mix, pricing, maturities

Financial position

• Cash generation good, continued financial disciplines to improve asset management and hence returns
• Balance sheet strong and well capitalised
• Credit ratings maintained, outlook positive

8

Audited results for the year ended June 30 2011

Bidvest Group Limited – F2012 pointers

• Dinatla 12m shares bought back in May 2011 – full impact in F2012
• Number of shares in issue June 30 2011 is 309m versus 319m (3%)
• STC in the base for F2012 and shareholders tax will become effective April 2012
• Exchange rate volatility – unpredictable but a perennial feature of Bidvest planning and

management

• Working capital will grow as the group expands and will continue to reflect typical pattern of first half

absorption and second half generation

• Adequate funding capacity to promote organic and acquisitive growth
• Prudent and responsible financial management will continue
• Dividend cover to be maintained at 2.4x
• Interest rates will likely remain at current cycle lows for sometime to come given the economic

situation locally and internationally

9

Audited results for the year ended June 30 2011

Bidvest Namibia (8.8% of group profit)

Key points

• Firm US dollar aligned fishing revenue underpinned the result
• Stronger Namibian dollar – N$6.98 vs. N$7.61 on average
• A healthy marine resource
• BidCom underperformed - competitive market, internal shortcomings

The year ahead

• Fishing conditions remain very favourable
• Investing in training and managerial capacity
• Alert to complementary acquisitive opportunities

10

100 150 200 250 300 350 400 450 500 550 600 F2010 F2011 R367.9m

Margin 18.9%

R540.1m

Revenue +9.5% to R2.13bn Profit +46.8% to R540.1m

* Refer appendix for further detail

Margin 25.3%

VITALITY

Operating review – Bidvest South Africa

Lindsay Ralphs – Divisional CE

Audited results for the year ended June 30 2011

Bidvest South Africa - Business conditions

Activity levels

• Business cycle upturn is hesitant and the mood of business and households is patchy
• Competing demands/pressures on the consumer wallet
• Credit extension flat to negative, strict credit granting criteria
• Business investment has yet to show a recovery
• Disruptive worker militancy + wage demands unrelated to productivity in a declining labour market

Bidvest approach

• 10 autonomously managed operating segments each with a unifying business theme
• Relatively young revised structure but already we can see competitiveness benefits
• Achieving a quality result despite tough markets

12

Audited results for the year ended June 30 2011

Bidvest Automotive (4.2% of group profit)

Key points

• Automotive is now a focused vehicle retailer
• Results driven by new vehicle demand
• Margins overall remain under pressure

The year ahead

• Attracting new blood
• Realigning the cost base in line with slimmed down division
• Increasing return on sales
• Rate of growth in new vehicles slowing

13

100 120 140 160 180 200 220 240 260 F2010 F2011 R230.8m

Margin 1.46%

R255.4m

Revenue +17.4% to R18.6bn Profit +10.7% to R255.4m

* Refer appendix for further detail

Margin 1.37%

Audited results for the year ended June 30 2011

Bidvest Financial Services (10.5% of group profit)

Key points

• All financial services and fleet activity now housed under one roof
• Total assets R3.6bn
• Robust liquidity and risk metrics
• Growth across all activities

The year ahead

• Strategically very well placed at key sites
• Increasing market penetration
• Yamaha Financial Services roll-out

14

200 250 300 350 400 450 500 550 600 650 700 F2010 F2011 R571.6m

Margin 38.8%

R641.6m

Revenue +13.7% to R1.67bn Profit +15.1% to R641.6m

Margin 38.3%

* Refer appendix for further detail

Audited results for the year ended June 30 2011

Bidvest Electrical (3.0% of group profit)

Key points

• Sharp downturn in construction
• Strict cost control
• Now right-sized for a depressed market

The year ahead

• Construction to remain weak
• Alert to opportunity

15

50 70 90 110 130 150 170 190 F2010 F2011 R193.9m

Margin 4.7%

R181.8m

Revenue +3.1% to R4.1bn Profit

• 6.2% to R181.8m

Margin 4.4%

* Refer appendix for further detail

Audited results for the year ended June 30 2011

Bidvest Freight (14.5% of group profit)

Key points

• Low margin billings at Safcor Panalpina drive top line
• Strong bulk commodity activity
• Capex >R300m
• Continued Transnet Freight Rail underperformance

The year ahead

• Commodity demand unlikely to diminish
• Growth is budgeted for

16

200 300 400 500 600 700 800 900 1000 F2010 F2011 R794.3m

Margin 5.0%

R886.2m

Revenue +20.8% to R19.3bn Profit +11.6% to R886.2m

Margin 4.6%

* Refer appendix for further detail

Audited results for the year ended June 30 2011

Bidvest Industrial (1.9% of group profit)

Key points

• Challenging manufacturing environment
• Cash generation remained strong
• Buffalo Executape performed well – productivity, new markets
• Yamaha increased profits significantly off flat revenue

The year ahead

• Acquisitions considered to fill gaps
• Manufacturing and consumer activity uncertain

17

50 60 70 80 90 100 110 120 130 140 150 F2010 F2011 R134.1m

Margin 10.4%

R118.5m

Revenue +3.6 to R1.5bn Profit

• 11.7% to R118.5m

Margin 8.0%

* Refer appendix for further detail

Audited results for the year ended June 30 2011

Bidvest Office (3.5% of group profit)

Key points

• Technology businesses continued to perform well
• Waltons Stationery revenue was flat but profit improved
• Successful remedial measures to optimise the Furniture value chain

The year ahead

• Furniture to return to profitability
• Growth in profits anticipated

18

50 70 90 110 130 150 170 190 210 230 250 F2010 F2011 R197.3m

Margin 5.6%

R215.4m

Revenue +5.3% to R3.7bn Profit +9.2% to R215.4m

Margin 5.9%

* Refer appendix for further detail

Audited results for the year ended June 30 2011

Bidvest Paperplus (5.3% of group profit)

Key points

• General print and packaging markets keenly competitive
• Mature and new technology offerings ongoing plus
• Sprint Packaging acquired

The year ahead

• Modest but good quality earnings growth is the focus

19

100 150 200 250 300 350 400 F2010 F2011 R312.6m

Margin 9.0%

R325.6m

Revenue +7.0% to R3.7bn Profit +4.2% to R325.6m

Margin 8.8%

* Refer appendix for further detail

Audited results for the year ended June 30 2011

Bidvest Rental and Products (5.3% of group profit)

Key points

• Satisfactory trading other than for hotel supply trade
• Steiner Hygiene and G Fox returned exceptional results

The year ahead

• Bolt on acquisition in safety wear
• Improved Laundries performance
• A good year is anticipated

20

100 150 200 250 300 350 400 F2010 F2011 R276.2m

Margin 17.5%

R325.9m

Margin 18.8%

Revenue +9.7% to R1.7bn Profit +16.3% to R325.9m

Margin 18.8%

* Refer appendix for further detail

Audited results for the year ended June 30 2011

Bidvest Services (3.1% of group profit)

Key points

• Prestige, excellent result benefitting from World cup and good cost

control

• Strong improvement from Bidvest Magnum and BidTrack
• TMS returned a loss, new management taking a fresh look at

Business model

• Top Turf remained profitable but operations scaled back in line with

reduced activity The year ahead

• Cleaning and Security expected to continue to deliver a strong

performance in F2012

• TMS is expected to return to profitability
• Top Turf to continue to exploit opportunities and improve profitability

in a smaller market

21

50 70 90 110 130 150 170 190 F2010 F2011 R183.2m

Margin 6.5%

R187.6m

Revenue +2.2% to R2.9bn Profit +2.4% to R187.6m

Margin 6.5%

* Refer appendix for further detail

Audited results for the year ended June 30 2011

Bidvest Travel and Aviation (4.5% of group profit)

Key points

• A strong result for all businesses
• Reduced cost base at Travel
• Car rental benefitted from better utilisation, pricing and procurement
• Aviation result doubled on cost saving initiatives

The year ahead

• Building on the gains of the past year

22

50 100 150 200 250 300 F2010 F2011 R197.2m

Margin 11.4%

R274.2m

Revenue +8.1% to R1.9bn Profit +32.3% to R274.2m

Margin 14.6%

* Refer appendix for further detail

Margin 14.6%

VITALITY

Operating review - Bidvest Foodservice

Bernard Berson - Divisional CE

Audited results for the year ended June 30 2011

Bidvest Foodservice - Business conditions

Activity levels

• Asia Pacific - positive economic backdrop due to China effect, satisfactory but competitive trading
• Europe – a generally fragile economic situation, zero-sum market with little growth
• Southern Africa – steady economic growth, price sensitivity in an increasingly competitive market

Bidvest approach

• Identify markets, start modestly, learn, grow and consolidate – “acquisitive organic” strategy
• Lifestyle fundamentals intact in all markets – eating out, convenience, feel good, affordability
• Long term growth market internationally – Bidvest is entering Egypt, Baltic States and Chile
• Passion for food, passion for service is our simple philosophy
• We now have a cohesive international management team in place – ideas, best practice, expertise
• Bidvest Procurement Company set up in China – for the benefit of the whole foodservice group

24

Audited results for the year ended June 30 2011

Bidvest Foodservice – Asia Pacific (13.6% of group profit)

Key points

• All territories recorded strong real growth
• Natural disasters in Australia & New Zealand presented a challenge
• Australia – facilities and reach support market share gains
• New Zealand – a record result, continued reinvestment
• Greater China – building growth momentum and presence
• Singapore – cautious strategy in a quickly changing market

The year ahead

• Continue to perform better than market in Australia and New Zealand
• Steadily making profitable gains in the great frontier that is China
• Excited about entry in to Chile – South America springboard

25

200 300 400 500 600 700 800 900 F2010 F2011 R729.4m

Margin 4.2%

R833.1m

Revenue +11.5% to R19.6bn Profit +14.2% to R833.1m

* Refer appendix for further detail

Margin 4.3%

Audited results for the year ended June 30 2011

Bidvest Foodservice Europe - (13.8% of group profit)

Key points

• Fiscal difficulties, post GFC consumer hesitancy, sluggish economies
• Broadly similar trading experiences across the European region
• UK - back to Bidvest Basics at 3663 Wholesale
• Netherlands/Belgium – holding the line, no real issues
• Czech – adverse weather, recovery in HORECA, pricing pressure
• Poland – solid year, street focus, now a classic Bidvest business
• UAE/Saudi – a small but respectable profit, regional expansion

The year ahead

• 3663 Wholesale has renewed enthusiasm, new livery, better

positioned

• Poland offers exciting prospects, investing accordingly
• Egypt acquisition to contribute
• Anticipating an improved result

26

200 300 400 500 600 700 800 900 1000 F2010 F2011 R897.8m

Margin 2.5%

R842.5m

Revenue

• 2.2% to R34.7bn

Profit

• 6.2% to R842.5m

Margin 2.4%

* Refer appendix for further detail

Audited results for the year ended June 30 2011

Bidvest Foodservice – Southern Africa (5.8% of group profit)

Key points

• Foodservice being modernised, aligned with international model
• Reinvestment in infrastructure and logistics, rationalising for efficiency
• Food inflation negative for the period versus input cost inflation
• Foodservice – exited low margin national customer, focus on quality

trade, underlying growth was encouraging

• Speciality – cut-throat market for shelf space, new computer systems

in place

• Ingredients – higher yeast prices not recovered, deflation

The year ahead

• Foodservice being repositioned for more competitive times
• Budgeting to get to previous earnings high watermark – returns still

good

• Food safety a strategic focus

27

100 150 200 250 300 350 400 F2010 F2011 R418.9m

Margin 7.8%

R356.1m

Revenue +0.7% to R5.4bn Profit

• 15.0% to R356.1m

Margin 6.6%

* Refer appendix for further detail

PASSION/VITALITY/PRECISION www.bidvest.com The power of many…

The Future

Brian Joffe – Group CE

Audited results for the year ended June 30 2011

The future

• Bidvest Board has reaffirmed its belief in the Bidvest business model and confidence in its people
• Strategy is to grow organically and acquisitively in business services and foodservice
• Continue to consider adding new activities if they dovetail with the Bidvest way of doing things
• We have always been careful with our cheque book and will not overpay for acquisitions
• Bidvest has proven it can generate significant value from investing in building its own goodwill
• New geographies and territories continue to be added
• Substantial financial and human capacity to exploit opportunities
• Real growth is important but it will not be at the expense of long term financial, stakeholder and

environmental sustainability

29

PRECISION

Appendix 1

Financials for the year ended June 30 2011

Audited results for the year ended June 30 2011

Managing for financial sustainability

Financial

• A decentralised operating model that encourages entrepreneurship but with strict financial

disciplines and controls Currency risk

• Our businesses are managed for local conditions and local currency
• Currency is but one variable among numerous external variables that we have to manage
• A non-negotiable policy of forward cover on trade transactions
• Foreign assets are matched against foreign liabilities in local currency

Interest and liquidity risk

• Interest cover is the primary yardstick of capacity and benchmark is 5 - 6x
• Borrowings are largely negotiated centrally and liquidity risk by country is managed locally
• Operations requests for facilities are considered on a case by case basis and on merit
• Funding lines are carefully termed, the ratio of long-term to short-term debt is approximately 50:50
• Including cash, most of borrowings are term facilities
• A judicious mix of funding permutations, including equity

Credit risk

• The group debtors book is closely monitored by corporate office but being at the coal face each

business is empowered to best judge the creditworthiness of customers. Prudence has stood the group in good stead and we would rather not have potential bad business than run the risk of default

31

Audited results for the year ended June 30 2011

Consolidated Income Statement

32

Year ended June 30 2011 Avg R/£11,18 Avg R/£12,05 2011 in constant currency R/£ 12,05 Revenue 118 482,7 +7,9% 109 789,2 121 185,6 +10,4%

• R2,7 billion adverse exchange rate impact on revenue just in translation
• 49/51 split between Foodservice and Rest of the Group
• Change in mix with big improvement in Safcor Panalpina (R1,9 billion) and McCarthy Motor group (R1,8 billion)

Audited results for the year ended June 30 2011

Consolidated Income Statement

33

Year ended June 30 2011 Avg R/£11,18 Avg R/£12,05 2011 in constant currency R/£ 12,05 Revenue 118 482,7 +7,9% 109 789,2 121 185,6 +10,4% Trading profit 6 061,7 +9,1% 5 554,7 6 127,4 +10,3%

• Margin held up well despite impact of mix change
• Deflation in food products across many geographies negative i.e. Australia and South Africa
• Costs generally well managed
• Foreign contribution to trading profit 36.2% vs 35.4% (2010)

Trading margins 2011 2010 Comment Local 6.1% 6.5% Increase in mix of lower margin business of clearing and forwarding and automotive retailing Foreign 4.0% 3.7% Improvement at Bidvest Namibia Group 5.1% 5.1%

Audited results for the year ended June 30 2011

Consolidated Income Statement

34

Year ended June 30 2011 Avg R/£11,18 Avg R/£12,05 2011 in constant currency R/£ 12,05 Revenue 118 482,7 +7,9% 109 789,2 121 185,6 +10,4% Trading profit 6 061,7 +9,1% 5 554,7 6 127,4 +10,3% Net finance expense (644,0)

• 15,1%

(758,5) (644,2)

• 15,1%
• Benefit of exposure to the short end of the funding cycle in South Africa
• Competitive funding available internationally
• Good asset management and cash generation despite season working capital absorption
• Offshore finance expense R108,8 million vs R164,6 million (2010)
• Net foreign cash R215,7 million vs net foreign debt R37,3 million (2010)
• Group net borrowings increased 30,2% from R3,8 billion (2010) to R5.0 billion, largely due to cash for Dinatla

share buy back of R1.6 billion

Audited results for the year ended June 30 2011

Consolidated Income Statement

35

Year ended June 30 2011 Avg R/£11,18 Avg R/£12,05 2011 in constant currency R/£ 12,05 Revenue 118 482,7 +7,9% 109 789,2 121 185,6 +10,4% Trading profit 6 061,7 +9,1% 5 554,7 6 127,4 +10,3% Net finance expense (644,0)

• 15,1%

(758,5) (644,2)

• 15,1%

Associate Income 98,2 +139,6% 40,9 98,2 +139,6% Associates Comair

• Other
• Good contributions from Bidvest Freight JV’s

Audited results for the year ended June 30 2011

Consolidated Income Statement

36

Year ended June 30 2011 Avg R/£11,18 Avg R/£12,05 2011 in constant currency R/£ 12,05 Revenue 118 482,7 +7,9% 109 789,2 121 185,6 +10,4% Trading profit 6 061,7 +9,1% 5 554,7 6 127,4 +10,3% Net finance expense (644,0)

• 15,1%

(758,5) (644,2)

• 15,1%

Associate Income 98,2 +139,6% 40,9 98,2 +139,6% Taxation (1 528,2) +17,5% (1 301,1) (1 541,9) +18,5% Effective tax rates (ex non trading items) 2011 2010 Comment Local 32,5% 27,6%

• Incl. STC of R132,5 m

Offshore 24,3% 26,7% Rate reduction in the UK Group 29,1% 27,2% Sustainable rate (ex STC) of ± 27%

Audited results for the year ended June 30 2011

Consolidated Income Statement

37

Year ended June 30 2011 Avg R/£11,18 Avg R/£12,05 2011 in constant currency R/£ 12,05 Revenue 118 482,7 +7,9% 109 789,2 121 185,6 +10,4% Trading profit 6 061,7 +9,1% 5 554,7 6 127,4 +10,3% Net finance expense (644,0)

• 15,1%

(758,5) (644,2)

• 15,1%

Associate Income 98,2 +139,6% 40,9 98,2 +139,6% Taxation (1 528,2) +17,5% (1 301,1) (1 541,9) +18,5% Minority interests (235,4) +136,3% (99,6) (235,8) +136,7% 2011 2010 Bidvest Namibia 211,5m 116,7m Other 23,9m (17,1m)

Audited results for the year ended June 30 2011

Consolidated Income Statement

38

Year ended June 30 2011 Avg R/£11,18 Avg R/£12,05 2011 in constant currency R/£ 12,05 Revenue 118 482,7 +7,9% 109 789,2 121 185,6 +10,4% Trading profit 6 061,7 +9,1% 5 554,7 6 127,4 +10,3% Net finance expense (644,0)

• 15,1%

(758,5) (644,2)

• 15,1%

Associate Income 98,2 +139,6% 40,9 98,2 +139,6% Taxation (1 528,2) +17,5% (1 301,1) (1 541,9) +18,5% Minority interests (235,4) +136,3% (99,6) (235,8) +136,7% Headline earnings 3 688,2 +9,6% 3 365,1 3 734,3 +11,0% Major capital items:

• 1. Project genesis R108 million after tax
• 2. Asset impairment (Lichfield) R21 million after tax
• 3. Profit on the sale of a ship R6 million after tax and
• utside shareholder interest

Audited results for the year ended June 30 2011

Consolidated Income Statement

39

Year ended June 30 2011 Avg R/£11,18 Avg R/£12,05 2011 in constant currency R/£ 12,05 Revenue 118 482,7 +7,9% 109 789,2 121 185,6 +10,4% Trading profit 6 061,7 +9,1% 5 554,7 6 127,4 +10,3% Net finance expense (644,0)

• 15,1%

(758,5) (644,2)

• 15,1%

Associate Income 98,2 +139,6% 40,9 98,2 +139,6% Taxation (1 528,2) +17,5% (1 301,1) (1 541,9) +18,5% Minority interests (235,4) +136,3% (99,6) (235,8) +136,7% Headline earnings 3 688,2 +9,6% 3 365,1 3 734,3 +11,0% HEPS (cps) 1 157,4 +8,2% 1 070,0 1 171,9 +9,5% Headline earnings per share impacted by:

• Impact of STC – 3,9%
• Translation - 1,3%

Audited results for the year ended June 30 2011

Consolidated Income Statement

40

Year ended June 30 2011 Avg R/£11,18 Avg R/£12,05 2011 in constant currency R/£ 12,05 Revenue 118 482,7 +7,9% 109 789,2 121 185,6 +10,4% Trading profit 6 061,7 +9,1% 5 554,7 6 127,4 +10,3% Net finance expense (644,0)

• 15,1%

(758,5) (644,2)

• 15,1%

Associate Income 98,2 +139,6% 40,9 98,2 +139,6% Taxation (1 528,2) +17,5% (1 301,1) (1 541,9) +18,5% Minority interests (235,4) +136,3% (99,6) (235,8) +136,7% Headline earnings 3 688,2 +9,6% 3 365,1 3 734,3 +11,0% HEPS (cps) 1 157,4 +8,2% 1 070,0 1 171,9 +9,5% Diluted HEPS (cps) 1 153,9 +8,5% 1 063,4 1 169,4 +9,9% 319,6m vs. 316,4m diluted weighted average shares Total ordinary shares (net of treasury) 309,0m vs. 319,0m

Audited results for the year ended June 30 2011

Consolidated Income Statement

41

Year ended June 30 2011 Avg R/£11,18 Avg R/£12,05 2011 in constant currency R/£ 12,05 Revenue 118 482,7 +7,9% 109 789,2 121 185,6 +10,4% Trading profit 6 061,7 +9,1% 5 554,7 6 127,4 +10,3% Net finance expense (644,0)

• 15,1%

(758,5) (644,2)

• 15,1%

Associate Income 98,2 +139,6% 40,9 98,2 +139,6% Taxation (1 528,2) +17,5% (1 301,1) (1 541,9) +18,5% Minority interests (235,4) +136,3% (99,6) (235,8) +136,7% Headline earnings 3 688,2 +9,6% 3 365,1 3 734,3 +11,0% HEPS (cps) 1 157,4 +8,2% 1 070,0 1 171,9 +9,5% Diluted HEPS (cps) 1 153,9 +8,5% 1 063,4 1 169,4 +9,9% Distribution (cps) 480,0 +11,1% 432,0 Dividend cover of approximately 2,4x maintained

Audited results for the year ended June 30 2011

Consolidated cash flow statement – Rm’s

42

• Working capital release down from R685m in F2010 to R406m in F2011
• Investment activities
• Net capex on PPE and intangibles of R2,8bn vs R2,5bn in F2010
• Debtors book well managed
• 340
• 3878
• 1560
• 1577
• 559

406 7782

• 4000

1000 6000 993

• 4847
• 1302
• 1167
• 660

685 7229

• 5000

5000

Year ended June 30 2011

Cash generated from ops pre wc Working capital utilised Net Finance charges Taxation Distributions Cash effects of investment act’s Cash effects of financing act’s

Year ended June 30 2010

Audited results for the year ended June 30 2011

Net working capital days

43

Working capital position typically spikes in H1 but improves in H2

• Inventory
• in line with prior year due to ongoing focus by management
• Debtors
• receivables higher than past year, delinquencies remain well controlled
• Creditors
• better terms translating into better extended days

Debtors days Stock days Creditors days

8 16 11 15

Net days

• 50
• 53
• 51
• 55
• 48
• 57

33 30 32 34 33 34 33 31 30 30 30 31

H1 2009 F 2009 H1 2010 F 2010 H1 2011 F 2011

9 8

Audited results for the year ended June 30 2011

• 2.4

2.3

• 0.4

1.1

• 1.0

1.4 3.3 3.5 3.5 3.8 3.6 4.2

• 3
• 2
• 1

1 2 3 4 5 H1 2009 F 2009 H1 2010 F 2010 H1 2011 F 2011 Net working capital Cash generated by operations

Net working capital flows vs cash generated

44

• Seasonal absorption of working capital but lower than previous half year cycles
• H2 cash generation by operations 11% higher than H2 F2010

Rbn

Audited results for the year ended June 30 2011

Target interest cover range

7.9 4.1 5.9 3.9 4.6 5.0

4.7 4.8 6.6 7.2 9.2 9.1

0.0 1.0 2.0 3.0 4.0 5.0 6.0 7.0 8.0 9.0 10.0 0.0 1.0 2.0 3.0 4.0 5.0 6.0 7.0 8.0 9.0

H1 2009 F 2009 H1 2010 F 2010 H1 2011 F 2011 Net interest-bearing debt (Rbn) Interest cover (x)

Gearing

45

• Net interest cover of 9,1x exceeds Group benchmark of 5 – 6x
• Ample headroom to fund organic or acquisitive expansion

PASSION

Appendix 2

Revenue and Profit by geography and contribution

Audited results for the year ended June 30 2011 53% 15% 32%

Southern Africa Asia Pacific Europe

71% 13% 16%

Revenue and Profit by geography and contribution

47

55% 16% 44% 73% 13% 14%

Revenue Trading Profit F2011 F2010 Revenue Trading Profit Contribution F2011 F2010 F2011 F2010 Foodservice 49% 52% 33% 36% Rest of Group 51% 48% 67% 64%

VITALITY

Appendix 3

Segmental results analysis Bidvest South Africa

48

Audited results for the year ended June 30 2011

Bidvest Automotive – driven by new car demand

• Motor retail
• BMW/Mini, General Motors, Land Rover/Volvo, Mercedes-Benz,

Chrysler/Jeep/Dodge/Mitsubishi, Nissan/Fiat/Alfa/ Renault, Peugeot/ Citroen, Toyota/Lexus/Hino, Volkswagen/Audi, Suzuki, Ford/Mazda, Chery, Foton, Mahindra

• McCarthy Call-a-Car, Corporate Fleet Marketing, Club McCarthy,

Eliance

• Amalgamated Automobile Distributors (JV with Imperial)
• Burchmores Auctioneers

49

4.2%

Current contribution to Group Trading Profit

Audited results for the year ended June 30 2011

Bidvest Automotive – driven by new car demand

Salient features of the year under review

• Following the Bidvest South Africa realignment Automotive is now a focused vehicle retailer
• New vehicle unit sales up 22% to 36 269 – relative pricing advantage now versus used and

improving replacement demand in the upcycle

• Used vehicle unit sales reduced by 11% to 37 825 – residual values impacted by excess de-fleet

rental stocks following the World Cup,

• Parts and service contribution affected by stock shortages and the deferring of maintenance by

customers due to rising cost of living

• Local strikes and Japanese natural disaster resulted in stock shortages
• Margins overall remained under pressure due to shift in the mix of business and costs of doing

business in a flat pricing environment

• Contribution to gross dealer profits: parts & service combined 53% (56%), used 15% (25%) and new

32% (18%)

• Further costs expensed on rationalisation of outlets – notably Value Centre/Call-a-Car
• Volkswagen/Audi, Toyota and Mercedes-Benz franchises remained top three contributors with Land

Rover continuing to show pleasing gains

• Burchmore’s Auctioneers affected by reduced level of repossessions and lower used car values and

activity

50

Audited results for the year ended June 30 2011

Bidvest Automotive – driven by new car demand

Strategic imperatives and prospects

• Selective management changes have been implemented
• New blood is being attracted to McCarthy
• Scope for additional productivity improvements have been identified and are being rolled out
• Relocated and slimmed down head office appropriate for a stand-alone retailer
• Taxation, road tolling, higher electricity costs, wages, etc continue to weigh on the overall market
• Stable vehicle pricing and low interest rates are beneficial for customer affordability but a negative

for dealer margin unless sales volumes continue to rise

• Credit approvals and appetite for credit to remain constrained
• Entry level segment to remain relatively strong
• Rate of growth in new vehicles is likely to slow in calendar 2012

51

Audited results for the year ended June 30 2011

Bidvest Financial Services – an expanded offering

• Retail and corporate banking
• Travel and corporate foreign exchange
• Trade services
• Lending and deposit-taking
• Fleet and asset financing
• Short term insurance
• Life insurance

52

10.5%

Current contribution to Group Trading Profit

Audited results for the year ended June 30 2011

Bidvest Financial Services – an expanded offering

Salient features of the year under review

• Banking equity base now R1.3 billion, total assets R3.6 billion, deposits R1.4 billion
• R650 million acquisition of Fleet Services successfully integrated
• Significant investment in people capacity and physical infrastructure
• Robust liquidity ratios and internal risk and compliance systems
• Leasing fleet exceeds 11 500 vehicles
• Rand strength + much reduced rand volatility + low interest rates put pressure on profitability
• Customers remained careful about their spending
• Diversification and expansion of income producing activities boosted result
• Chinese yuan now a standard foreign banknote offering
• Performance of the equity market resulted in improved investment income
• Increased policy volumes across all insurance lines
• Good presence within the McCarthy Motor distribution channel
• Continued progress with the Hollard and Wesbank joint ventures

53

Audited results for the year ended June 30 2011

Bidvest Financial Services – an expanded offering

Strategic imperatives and prospects

• Strategically very well positioned at key sites in southern Africa
• Growing visibility and brand recognition
• Increased market penetration across insurance and life products and via distribution channels
• Yamaha Financial Services, incorporating a finance and insurance offering, is being rolled out
• OEM motor manufacturer activity in finance and insurance is a competitive challenge
• Inflation + a rise in length of vehicle ownership puts pressure on short-term insurance claims
• Comfortably resourced for organic and acquisitive growth

54

Audited results for the year ended June 30 2011

Bidvest Electrical – stresses of a declining market

Distributor of electrical products and services

• Voltex (umbrella brand)

– Versalec Cables – WACO – Cabstrut – Sanlic – Atlas (cables)

55

3.0%

Current contribution to Group Trading Profit

Audited results for the year ended June 30 2011

Bidvest Electrical – stresses of a declining market

Salient features of the year under review

• Revenue flat for the period with profits down 6%, significantly below peak year of 2008
• Benefits of sharpened focus within the new Bidvest South Africa structure
• The business has been hard hit by the sharp downturn in construction
• Demand remains very depressed and sporadic with little indication of a turn for the better
• Costs within management power to influence strictly controlled
• Right-sized for the new lower market
• Debtors are being tightly monitored

Strategic imperatives and prospects

• Proactively alert to every possible opportunity that may arise
• Continue to closely engage with customers and suppliers
• No material improvement in market conditions expected

56

Audited results for the year ended June 30 2011

Bidvest Freight – buoyant bulk

• Bulk Connections
• Island View Storage
• Bidfreight Port Operations
• Rennies Distribution Services
• SACD Freight
• South African Bulk Terminals
• Naval
• Safcor Panalpina
• Manica

57

14.5%

Current contribution to Group Trading Profit

Audited results for the year ended June 30 2011

Bidvest Freight – buoyant bulk

Salient features of the year under review

• Bulk activity buoyant, particularly in exports of commodities
• Automotive volumes continued to improve
• Port authority lease charges increased substantially following re-negotiation – straight lining effect
• Transnet Freight Rail inefficiency remains a costly hindrance to business and the country
• Island View Storage: higher volumes, assisted by new Sasol business through Richards Bay
• South African Bulk Terminals: record volumes, up 40%, largely due to huge maize exports; profits

benefited from improved utilisation rates but facilities were very stretched

• Safcor Panalpina: increased billings, disbursements and volumes (particularly in automotive)

together with expense control resulted in a materially higher profit; new Cargowise IT system successfully implemented and will substantially improve efficiencies

• Rennies Distribution Services: profits up meaningfully on higher revenue, new quality customers,

better fleet management

• South African Container Depots: Durban put in a strong performance and the new Cape Town

facility is attracting additional clients; poor service levels at Transnet Freight Rail has harmed business in Johannesburg

58

Audited results for the year ended June 30 2011

Bidvest Freight – buoyant bulk

• Bulk Connections: R200m capex programme underway at strategic Durban site to be completed in

2012; 25 year lease renewal at substantially higher rental; Transnet Freight Rail has failed to provide a commensurate level of service resulting in the need for extra road transport and thus inefficiencies and costs

• Bidfreight Port Operations: real growth in profits supported by cost control and higher volumes in

particular fertiliser, soya bean meal, steel, and forestry products through Durban; stevedoring had a strong result and is benefitting from more appointments as a result of quality service delivery

• Naval: sized coal volumes through Maputo a sizeable share of turnover; ferrochrome and granite

volumes reduced

• Manica: business conditions remain challenging

Strategic imperatives and prospects

• Commodities demand anticipated to remain strong
• Ongoing investment in facilities and people
• Strategically very well positioned at key sites in southern Africa
• Expecting further profit growth in F2012

59

Audited results for the year ended June 30 2011

Bidvest Industrial – a mixed trading picture

• Yamaha Distributors
• Afcom packaging and fastening products
• Buffalo self-adhesive tape
• Vulcan Industrial Catering Equipment
• Materials Handling (Nissan forklift trucks)
• Berzack range of products into garment manufacture and retail

60

1.9%

Current contribution to Group Trading Profit

Audited results for the year ended June 30 2011

Bidvest Industrial – a mixed trading picture

Salient features of the trading year

• Each of the six businesses have distinct identities and no overlaps of consequence
• Good brand recognition and established market positions
• Afcom: turnover slightly down in a difficult manufacturing environment; new turnkey contract

packaging opportunities being investigated

• Berzack: revenue and profits up but the clothing manufacturing industry is in a troubling state
• Bidvest Materials Handling: selling the Nissan forklift under license into group companies,

distributors and third party end-users – purchase and rental

• Buffalo Executape: pleasing result assisted by higher gross margin on better buying and tight

expense control; improved automotive demand; new markets being penetrated

• Vulcan: a decline in revenue and profits as a result of post World Cup slump in demand, few hotel

developments, and reduced exports

• Yamaha: a much improved result but market remains well off previous cycle highs; excellent product

range in motor leisure (e.g. ATVs, motorcycle, marine), music, and parts; world class World of Yamaha facility in Johannesburg opened on 16 May Strategic imperatives and prospects

• Manufacturing and consumer spending have a strong bearing on the results
• Focus allows the division to explore industrial acquisitions to fill gaps
• World of Yamaha opens exciting opportunities

61

Audited results for the year ended June 30 2011

Bidvest Office – technology offer leads

• Konica Minolta
• Océ
• Waltons
• Cecil Nurse Business Furniture
• Dauphin seating solutions
• Seating chair manufacturing
• Global Payment Technologies

62

3.5%

Current contribution to Group Trading Profit

Audited results for the year ended June 30 2011

Bidvest Office – technology offer leads

Salient features of the year under review

• A strong mix of Technology (Konica Minolta, Océ, Global Payment Technologies), Stationery

(Waltons), and Furniture (CN, Seating, Dauphin) focused on the needs of the industry, commerce and government Technology:

• Konica Minolta remained strongly profitable with pleasing growth in revenue, further expanding its
• ffering into medical radiology
• Océ produced a good result, benefitting from a stronger currency; distribution arrangement with Océ

has been maintained following its acquisition by Canon and in turn Océ is distributing a new range

• f high-end machines to complement the existing Océ range
• GPT had a good result driven by both machine sales and service; performance tends to be variable

due to timing of capex of banking customers Stationery

• Waltons profits improved, assisted by earlier measures to improve efficiencies, Contract business to

be merged in Waltons

63

Audited results for the year ended June 30 2011

Bidvest Office – technology offer leads

Furniture

• The segment remained loss making but remedial measures have been taken to optimise the

manufacturing, sales & marketing, and service activities and rationalise stock lines

• Cecil Nurse has launched a highly competitive new catalogue, which has been well received
• Dauphin is broadening its distribution channels by way of dealers and is adding to the product range

Strategic imperatives and prospects

• Furniture restructure and streamlining is expected to result in a return to profitability
• All three pillars have strong positioning in tough markets

64

Audited results for the year ended June 30 2011

Bidvest Paperplus – export project success

• Printing and conversion
• Sales and Distribution
• Wholesale Stationery
• Labeling and Packaging products
• Personalisation and Mail
• Alternative Products
• Computer consumables

65

5.3%

Current contribution to Group Trading Profit

Audited results for the year ended June 30 2011

Bidvest Paperplus – export project success

Salient features of the year under review Expenses well controlled with specific cuts where business units are underperforming or in decline Kolok computer consumables now part of division Print Sales & Distribution

• Positive cycle of export project work, investment in increased activity in Africa and in intellectual

property Personalisation and Mail

• Successfully timed push into full colour digital printing; substantial capital investment; lower volumes

at higher margins Print and Conversion

• Mature sector of the industry continues to decline; further rationalisation

Labelling and Packaging

• Sprint Packaging acquisition contributed positively to the result in a market where reduced demand

featured Wholesale Stationery

• Silveray held market share at lower margins in a weak market; Kolok had increased volumes and

market share but at lower margin on ZAR strength Alternative Products

• Email Connection delivered a strong results as demand for electronic solutions grows; paper based

customers graduating to electronic offerings; digital pen making headway

66

Audited results for the year ended June 30 2011

Bidvest Paperplus – export project success

Strategic imperatives and prospects

• Successful strategy of adapting to shifts in technology, applications and economic necessity
• Project based export activities continue to be actively pursued
• Complementary acquisitions
• Procurement savings
• Food related packaging prospects favourable
• The division is cost competitive with relevant products and solutions across the spectrum
• Further progress can be expected in F2012

67

Audited results for the year ended June 30 2011

Bidvest Rental & Products – a refreshing result

• Products and services to enhance the working and hospitality

environment through hygiene rental equipment, consumables, laundry, indoor plants, drinking water and coolers, specialised clothing, hotel toiletries and accessories, silk flower arrangements, etc

• Steiner Hygiene
• G Fox clothing
• Laundries
• Execuflora
• Pureau
• Hotel Amenities

68

14.1%

Current contribution to Group Trading Profit

Audited results for the year ended June 30 2011

Bidvest Rental & Products – a refreshing result

Salient features of the year under review

• Strong overall segment result at higher level of profitability
• Other than Hotel Amenities and Laundries all businesses performed satisfactorily
• Steiner Hygiene: a good result at better margin from a refreshed management team
• Laundries: a reduced result due to lower hotel occupancies and stiff competition for business
• Industrial Products (G Fox): an exceptional result assisted by improved garment manufacturing

production and asset management

• Pureau: bottled water dispensing JV with Nestle performed well
• Execuflora: interior plantscaping continues to show improving results following a restructure in the

prior year and better cost control

• Silk By Design: small contributor but with good promise
• Hotel Amenities: profits fell quite sharply in a weaker hotel market

69

Audited results for the year ended June 30 2011

Bidvest Rental & Products – a refreshing result

Strategic imperatives and prospects

• Further progress at Steiner and G Fox (garment manufacture and rentals) in F2012
• Bolt on acquisition at G Fox of South Africa’s premier head-to-toe personal safety equipment

business

• Acquisitions being identified to further boost the water and plant businesses
• Initiatives at Laundries to improve the results
• F2012 is expected to be a good year for this new division

70

Audited results for the year ended June 30 2011

Bidvest Services – security comes through strongly

• Outsourced services including industrial and commercial cleaning,

guarding & security, vehicle tracking & recovery, commercial landscaping

• Prestige Cleaning
• Magnum Security
• TMS industrial cleaning
• Top Turf landscaping

71

3.1%

Current contribution to Group Trading Profit

Audited results for the year ended June 30 2011

Bidvest Services – security comes through strongly

Salient features of the year under review

• A slight rise in both turnover and trading profit with margin steady at 6.5%
• Excellent results from both Prestige cleaning and the Magnum security group but counteracted by a

loss at TMS industrial cleaning and a sharp, but not unexpected, reduction in profits at Top Turf

• Excellent expense control – up only 3.5% for the division
• Prestige: an excellent result assisted by some benefit from World Cup business (hospitality

cleaning and toilet hire) and strict cost control

• Security: continued strong improvement in results from Bidvest Magnum and BidTrack (vehicle

tracking) as market share was gained and expenses were well controlled

• TMS: revenue was down slightly but the business returned a loss; new management has taken a

fresh look at the business model and opportunities

• Top Turf: revenue was down 20% but the business remained profitable as controllable expenses

were kept in line with reduced activity; contracts have been scaled back dramatically since the onset

• f the recession and property bust; golf course and sports contracting has fallen off sharply

Strategic imperatives and prospects

• Cleaning and security expected to continue delivering strong performances in F2012
• TMS to return to profits
• Top Turf is well placed but the market has shrunk

72

Audited results for the year ended June 30 2011

Bidvest Travel & Aviation – up and away

Travel management, aviation services and car rental

• BidTravel
• Budget Rent-a-Car
• BidAir

73

4.5%

Current contribution to Group Trading Profit

Audited results for the year ended June 30 2011

Bidvest Travel & Aviation – up and away

Salient features of the year under review

• A strong result for all three key businesses driven by the benefits of right-sizing initiatives,

disciplined trading (particularly at Budget) and a focus on leveraging good market position

• BidTravel: volumes via the Galileo platform 8% up for the year with very strong growth in supplier

revenue due to higher flown revenue, improved deals from preferred airlines, and achievement of targets; improved result assisted by earlier right-sizing measures and introduction of new technology solutions for a price conscious market

• Budget: profits meaningfully up on an 8% rise in revenue as discounting was kept to a minimum;

some market share was given up; number of rentals increased by 6.5% and rental days by 2.3% with average daily revenue rising 2.6%; fleet size was slightly down at 8 324 vehicles and fleet utilisation improved; better buyback arrangement with McCarthy, better procurement deals with car manufacturers and well controlled vehicle maintenance costs assisted cost of sales

• BidAir: significantly improved result on a modest rise in revenue, helped by management focus on

costs of doing business, the earlier restructuring at the ramp handling business and improved pricing arrangement; lounges faced stiffer competition with minimal rate rises but investment in facilities is realising benefits; cargo profits increased Strategic imperatives and prospects

• A strong suit of offerings that has come through the recession fitter

74

Audited results for the year ended June 30 2011

Bidvest Namibia – fabulous fishing

• BidFish
• Fishing and canning
• BidCom
• Stationery and office furniture
• Electrical supplies
• Foodservice
• Automotive services
• Office solutions
• Printer consumables
• Freight management services and travel

75

8.8%

Current contribution to Group Trading Profit

Bidvest Namibia is listed on the Namibian Stock Exchange. Bidvest has a 52% shareholding Published results, released through the Namibian Stock Exchange news service, may be accessed at: www.bidvestnamibia.com.na Note that for foreign exchange conversion purposes the Namibian dollar trades at parity with the South African rand

Audited results for the year ended June 30 2011

Bidvest Namibia – fabulous fishing

Salient features of the year under review

• Net revenue, after disbursements, increased by 19.3% to N$1.92bn
• Trading profit increased 46,8% to N$540,2m
• US dollar aligned fishing revenue was firm and underpinned the strong result
• A stronger Namibian dollar adversely affected profit on trading by approximately N$56.8m
• Fishing contributed 87% (78%) of trading profit
• The financial position is strong and there is a net cash balance of N$780m
• BidCom
• BidCom encompasses the Freight, Foodservice, Services, and Industrial and Commercial Products

components of the Bidvest Namibia group

• Trading proved to be challenging and very competitive and exposed some internal shortcomings
• Collectively, revenue increased 8% to N$673.5m and trading profit (ex corporate income) reduced

by 18% to N$62.1m; Freight profits were in line with the prior year but all other operations had a decline in profitability

76

Audited results for the year ended June 30 2011

Bidvest Namibia – fabulous fishing

• BidFish
• Revenue increased 26.5% to N$1.2bn and trading profit by 64.7% to N$473.5m. A net profit of

N$16.7m was realised on the sale of a fishing vessel

• Good fish catches, a favourable mix and firm selling prices offset the effects of a stronger currency
• The Namibian horse mackerel biomass is healthy and this strong marine resource position is

positive for quota and realisations; strategy focused on delivering top quality product

• Canned pilchards and the Pesca Fresca investment in Angola performed below expectation
• Other marine activities returned a mixed result

Strategic imperatives and prospects

• BidCom underperformance continues to command attention
• Total allowable catch (a function of biomass and sustainability) and currency are key variables
• Fish is a desirable protein in good demand and Bidvest Namibia is very well positioned to benefit
• Acquisitions are on the agenda

77

PRECISION

Appendix 4

Segmental results analysis Bidvest Foodservice

Audited results for the year ended June 30 2011

Bidvest Foodservice Asia Pacific – a full serving

• Australia
• New Zealand
• Singapore
• Greater China

79

13.6%

Current contribution to Group Trading Profit

Audited results for the year ended June 30 2011

Bidvest Foodservice Asia Pacific – a full serving

• All territories contributed positively; constant currency consolidated profits up 12.6% in rand
• In reporting currencies Australia up 8.1%, New Zealand up 13.6%, Greater China up 28.6% and

Singapore up 23.1% with respective contributions to the segment 66%, 17%, 9% and 8%

• Floods in Australia had minimal effect on the result and the strategy to build footprint nationally has

paid off, enabling Bidvest to maintain supply routes to affected areas

• Similarly, the New Zealand team excelled in a period in which the earthquake in Christchurch

brought with it dislocation, physical damage, casualties and financial cost – a record result

• Continued strong progress in Greater China and Singapore
• Australia: revenue up 6% to A$1.8bn; profit up 8.1% to A$78.6m; margin up to 4.4%; so-called two-

speed economy with a booming commodity sector crowding out the consumer, service and industrial sectors; labour costs a concern; supplier feedback indicates continued market share gains; online

• rdering and accounts service finding favour with customers
• In Foodservice the new coldstore and facility enhancements in Sydney are facilitating growth; Perth

expansion completed; branch support consolidated in Adelaide and Brisbane; wholesaler acquired northern NSW

• Hospitality Supply is diversifying into repeat consumables and focusing on leveraging off

Foodservice strengths into wholesale and retail markets

• Logistics flat on last year but largely due to exiting a QSR customer; streamlining of the operating

structure will yield efficiencies

• Fresh focus is on getting the model right and then rolling it out nationwide

80

Audited results for the year ended June 30 2011

Bidvest Foodservice Asia Pacific – a full serving

• New Zealand: sales up 12.5% to NZ$534.7m, profits up 13.6% to NZ$25.7m margin up to 4.8%;

economy remained soft with spending subdued; continued investment – two new DCs, IT upgrade, 35 additional trucks and 145 new staff; quake hit Christchurch serviced out of Dunedin

• Fresh profits up 26%; leveraging off synergies with Foodservice; network and offer expanding
• Foodservice profits up 10%; expanding footprint, including new DCs in Dunedin and Tauranga
• Logistics: Christchurch severely affected by quake, but profits up 12% despite that
• Angliss Greater China: Sales up 12.5% to HK$2.26bn, profits up 28.6% to HK$85.1m; margin

3.8%; strong end to the year with good gains in all locations

• Angliss Singapore: Sales up 4% to S$347.2m, profit up 23.2% to S$11.7m; margin 3.4% (2.8%);

cautious trading strategy; foodservice sales volumes up 11%, export volumes up 7% but total volumes were down 5% on reduced local sales on price sensitivity; average selling prices up 9% Strategic imperatives and prospects

• Asia: Bidvest Procurement Company in China established to procure eventually for the benefit of all
• f Bidvest Foodservice; a vast frontier with at least a 50 million person potential market for high end

product and fine dining; Malaysia breakeven three years since inception; upward price pressures

• Australia: Continue to do better than market; Fresh platform established and scope is promising
• New Zealand: Meaningful size established with sales breaking through NZ$500m; team has risen to

the challenge of a few years of economic difficulty plus the largest ever natural disaster in NZ; exploring complementary activities such as light food manufacture, processing and repackaging

81

Audited results for the year ended June 30 2011

Bidvest Foodservice Europe – testing times

• 3663 Wholesale (UK)
• Bidvest Logistics (UK)
• Deli XL (Netherlands)
• Deli XL (Belgium)
• Horeca (Middle East)
• Nowaco (Czech and Slovakia)
• Farutex (Poland)

82

13.8%

Current contribution to Group Trading Profit

Audited results for the year ended June 30 2011

Bidvest Foodservice Europe – testing times

• Economies fragile, no clear line of sight, fiscal cut-backs reinforce customer nervousness
• 3663 Wholesale has gone back to basics with its business model and customers, honing in on local

relationships, and revamping its livery, catalogues, range and labelling

• Technology is a valuable cost saving tool in difficult times for both supplier and customer
• Acquisition of Seafood Holdings for an enterprise value of £45m; annual turnover in the region of

£80m and EBITDA £6m; fish processing and distribution; national UK footprint; 500 staff; 80% of sales fresh fish to independent caterers/restaurants and national accounts; has settled in very well

• £13.3m write-down of IT carrying value at 3663 Wholesale
• Deli XL Netherlands: revenue €743.9m (-4.4%), profit €18.2m (+1.3%), margin 2.4% (2.3%)
• Margin erosion in HORECA, Institutional, and Catering; price-down pressure from customers on

renewals/tenders; slightly improved result assisted by improved buying and cost control

• Extension of range in the meat, fish, fresh produce, and convenience foods categories
• Deli XL Belgium: Revenue €275.8m (+8.5%), profit €5.5m (+1.6%), margin 2.0% (2.1%)
• Gross margin pressure due to stiff pricing competition in institutional and a shift in mix toward lower

margin catering and logistics customers; new customers secured in Catering

• Hospitality wholesaler in Flanders acquired effective 1 January 2011
• Horeca UAE: £1.0m profit; in AED turnover up 14.6% and profit up 42.8%; a small profit at the new

Saudi Al Diyafa JV; model appropriate for the region and new offers continue to be introduced

83

Audited results for the year ended June 30 2011

Bidvest Foodservice Europe – testing times

• 3663 Wholesale: sales up 8.0% to £994.7m; profit up 3.7% to £34.3m pre exceptional item; margin

3.4% (3.6%); volumes mildly encouraging across all channels; cost per item down 3%; much better H2; small foodservice acquisition in Scotland completed at the end of the period; Seafood contribution neutralised by acquisition costs

• Bidvest Logistics: sales up 6.1% to £813.5m – mix and inflation; costs and utilisation presented

challenges but overheads were very well controlled and efficiency initiatives continue

• 108 new trucks ordered in new livery; IT restructure successfully achieved within a tight schedule
• Nowaco: sales flat at CZK7.8bn, profits of CZK619.7m (-7.9%), margin of 7.9% (8.6%); HORECA

trade showing recovery post recession; adverse weather affected the seasonal, high margin, ice cream business; pricing pressures remain; fiscal restraint and tax rises clouds the outlook

• Farutex: sales of PLN353.8m (+21%), profits of PLN4.6m, margin 1.3%; successful diversification

into replacement business; contract extensions with key customers; small bolt-on acquisition; cost pressures but overheads in check; strategy to get margin to between 2% and 3% Strategic imperatives and prospects

• Farutex is investing in Warsaw, Krakow, Gdansk and Wroclaw and seeking suitable acquisitions
• 3663 Wholesale is taking the opportunity in difficult times to raise its game and emerge a stronger

business; loss of a major national customer will have a modest impact in the short term but measures are well advanced to mitigate the impact and secure better quality business

• Netherlands/Belgium trading competitive, especially in institutional area
• Bidvest Foodservice Europe has the right fundamentals and remains a very good business to be in

84

Audited results for the year ended June 30 2011

Bidvest Foodservice Southern Africa – growing on the street

• Bidvest Foodservice South Africa
• Bidfood Ingredients
• Speciality

85

5.8%

Current contribution to Group Trading Profit

Audited results for the year ended June 30 2011

Bidvest Foodservice Southern Africa – growing on the street

• Focus on independent street trade in foodservice continues to yield gains
• Foodservice in South Africa being thoroughly modernised in line with Bidvest internationally
• Deflation over three quarters with a return to modest inflation in Q4
• Competition for retailer shelf space in speciality foods is intensifying
• Bidvest Foodservice South Africa: net turnover down 5% and profits by 25%; strict focus on

generating quality business rather than run the risk of bad debts in a difficult HORECA market; hotels particularly under pressure; revenue and recoveries were affected by loss of a large low margin national customer in October 2010 but excluding this, revenue was up an encouraging 6% like for like; food inflation was negative for the entire period; Bidvest Foodservice common branding rolled out with branches migrating into multi-temp; costs, systems, facilities are being targeted throughout the business for sustainability; industrial catering very price sensitive and under margin pressure but Bidvest retains a leading presence

• Speciality: sales down 2% and profits by 12%; market increasingly cut-throat with retailers growing

private label, bringing in their own imports direct, and scrutinising listings for sales performance; a clear jockeying for position ahead of anticipated Walmart effect; sales into neighbouring African states now 5% of business with target to double that in the short term; own-brand Goldcrest is largest single product and has been kept refreshed and relevant to the premium segment

86

Audited results for the year ended June 30 2011

Bidvest Foodservice Southern Africa – growing on the street

• Ingredients: revenue up 6%, profits down 9%; there was good volume growth in some areas but

deflation across certain major product categories (e.g. hog casings and soya isolates) which affected overall sales value; NCP affected by inability to pass through higher yeast prices and higher input costs; Crown Trading benefitted from focus on the sale of own-manufactured products; Crown Food Ingredients volumes increased, assisted by well received manufactured products and exports in to the Nigerian market; additional export markets are being sought regionally; food safety is a high priority Strategic imperatives and prospects

• Bidvest Foodservice South Africa: rebranding and restructuring will underscore Bidvest’s historic

strengths and is bringing renewed vigour to the business; sub-optimal business or potentially risky business from a bad debt point of view will not be considered; a small bolt-on acquisition with exposure in three provinces has been secured

• Speciality: selective portfolio rationalisation; continued focus on growth in own-brand; Walmart

entry expected to be challenging but also an opportunity due to an opening up of growth avenues

• Ingredients: strong market presence differentiated through high quality products and extension of

the offering; food safety function is being strengthened

87

Audited results for the year ended June 30 2011

Bidvest Corporate – a real estate

• Corporate office – Bidvest Properties - Ontime Automotive
• Bidvest’s strategic property holdings contributed R207.2m in

income, up 17%

• Investment, other income, corporate costs and Ontime Automotive

negative R66.9m

• Ongoing property developments for internal purposes but strictly at

arms length

• State of the art “World of Yamaha” facility in Johannesburg opened

for business 16 May 2011

• Subject to certain conditions precedent and formalities being

completed, Bidvest has sold half of its economic interest in Mumbai International Airport Limited

• $13.5m investment into Icelandic Water Holdings (makers of

“Icelandic Glacial”) for a stake of 14.59% with the right to raise that to 20% in the future

88

2.3%

Current contribution to Group Trading Profit

VITALITY

Appendix 5

Historical performance Bidvest Group Ltd

89

Audited results for the year ended June 30 2011

Historic Performance – year to June

90

7.5% CAGR over 5 fiscal years 5% CAGR over 5 fiscal years

5.2% 4.4% 4.3% 5.1%

50 49 36 39 38 30 31 21 24 21

10 20 30 40 50 60 2007 2008 2009 2010 2011 %

Returns (annual)

ROFE ROE

162.0 198.0 220.0 190.0 207.0 225.0 207.0 248.4 275.0 190.0 225.0 255.0

100 200 300 400 500 600 2006 2007 2008 2009 2010 2011 cps

DPS

H2 H1 5.3% 2000 4000 6000 8000 2006 2007 2008 2009 2010 2011 Rm

Trading Profit and Margins

H1 H2

368.6 452.4 498.0 454.0 495.0 539.8 436.0 517.6 570.0 476.0 575.0 617.6

200 400 600 800 1000 1200 1400 2006 2007 2008 2009 2010 2011 cps

HEPS

H1 H2

4.5% 4.7% 5.2% 4.9% 5.2% 4.4% 4.4% 5.1% 4.7% 5.4% 4.8%

The Monarch butterfly (Danaus Plexippus) is considered by many to be the most beautiful of all butterflies, perhaps even the ‘king’ of the

• rder Lepidoptera, hence

the name. It is also know for its evolutionary ingenuity, perseverance and value to man. PASSION/VITALITY/PRECISION www.bidvest.com The power of many…

Audited Financial Results Year ended 30 June 2011