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BVT
BVT
BVT - The Bidvest Group - Unaudited Results for the half year ended
31 December 2006 and distribution declaration
The Bidvest Group
Registration number 1946/021180/06
Share code: BVT ISIN: ZAE000050449
Results for the half year ended December 31 2006
- Revenue R47,9 billion up by 25,2%
- Operating profit R2,1 billion up by 22,7%
- Headline earnings R1,4 billion up by 22,7%
- Headline earnings per share 452,4 centsup by 22,7%
- Distribution per share 198,0 cents up by 22,2%
Condensed consolidated income statement
Half-year ended Year ended
December 31 June 30
2006 2005 Percentage 2006
R000`s Unaudited Unaudited change Audited
Revenue 47 871 908 38 240 127 25,2 77 276 493
Cost of revenue (38 766 (30 879 (61 589
554) 816) 806)
Gross profit 9 105 354 7 360 311 23,7 15 686 687
Other income 89 614 66 557 140 331
Operating expenses (7 092 (5 712 (12 135
537) 780) 511)
Sales and (4 193 (3 271 (7 215
distribution costs 545) 066) 356)
Administration (1 918 (1 526 (3 606
expenses 124) 729) 424)
Other costs (980 868) (914 985) (1 313
731)
Operating profit 2 102 431 1 714 088 22,7 3 691 507
Net finance charges (224 989) (164 412) (342 392)
Finance income 36 931 24 336 66 295
Finance charges (261 920) (188 748) (408 687)
Share of profit of 37 667 23 458 48 846
associates
Dividends 8 031 1 597 4 991
received
Share of retained 29 636 21 861 43 855
earnings
Profit before 1 915 109 1 573 134 21,7 3 397 961
taxation
Income tax expense (519 089) (420 640) (933 418)
Profit for the 1 396 020 1 152 494 21,1 2 464 543
period
Attributable to:
Shareholders of 1 367 690 1 123 290 21,8 2 388 717
the Company
Minority 28 330 29 204 75 826
shareholders
1 396 020 1 152 494 21,1 2 464 543
Shares in issue
Total 300 520 301 364 299 154
Weighted 299 566 299 595 299 976
Diluted weighted 307 756 315 484 313 826
Basic earnings per 456,6 374,9 21,8 796,3
share (cents)
Headline earnings 452,4 368,6 22,7 804,6
per share (cents)
Diluted basic 444,4 356,1 24,8 761,2
earnings per share
(cents)
Diluted headline 440,3 350,0 25,8 769,1
earnings per share
(cents)
Distributions per 198,0 162,0 22,2 369,0
share (cents)#
#Includes
distribution from
share premium
Headline earnings
The following
adjustments to
profit attributable
to shareholders
were taken into
account in the
calculation of
headline earnings:
Income attributable 1 367 690 1 123 290 21,8 2 388 717
to shareholders of
the Company
Impairment of - - 14 174
goodwill and other
intangibles
Net loss (surplus) (6 055) (27 952) 19 951
on disposal and
closure of
businesses
Profit on (7 355) (32 927) (29 212)
disposal and
closure of
businesses
Tax charge 1 300 4 975 49 638
Minority interest - - (475)
Net loss (profit) (8 369) 7 280 (11 915)
on disposal of
property, plant and
equipment
Loss (profit) on (9 340) 8 730 (15 689)
disposal of
property, plant and
equipment
Tax charge 971 (1 450) 3 774
(relief)
Negative goodwill - - (2 457)
recognised in
income
Negative goodwill - - (3 780)
recognised in
income
Minority interest - - 1 323
Share of net 1 900 1 552 5 059
capital profit in
associates
Headline earnings 1 355 166 1 104 170 22,7 2 413 529
Rand/sterling
exchange rates
Opening rate 13,205 11,957 11,957
Closing rate 13,822 11,012 13,205
Average rate 13,745 11,560 11,435
Segmental analysis
Half-year ended Year ended
December 31 June 30
2006 2005 Percentage 2006
R000`s Unaudited Unaudited change Audited
REVENUE
Bidfreight 9 561 473 7 687 248 24,4 15 601 922
Bidserv 2 580 492 2 256 785 14,3 4 639 125
Bidvest Europe 15 016 630 10 365 954 44,9 22 132 036
Bidvest 4 131 006 3 387 328 22,0 6 505 802
Australasia
Bidfood 2 065 580 1 751 085 18,0 3 518 035
Bid Industrial 4 177 153 3 199 473 30,6 6 722 172
and Commercial
Products
Bidpaper Plus 975 801 871 429 12,0 1 844 784
Bid Auto 9 640 189 8 315 108 15,9 16 197 055
Corporate 701 107 626 271 11,9 1 295 421
Services
Namsov 189 875 170 877 11,1 387 605
Ontime 504 235 447 244 12,7 893 231
Automotive
Investment and 6 997 8 150 (14,1) 14 585
other income
Revenue from 48 849 431 38 460 681 27,0 78 456 352
continuing
businesses
Revenue from - 470 052 470 052
businesses disposed
of
Inter-Group (977 523) (690 606) (1 649
eliminations 911)
47 871 908 38 240 127 25,2 77 276 493
OPERATING PROFIT
Bidfreight 278 968 249 954 11,6 536 917
Bidserv 305 591 260 501 17,3 562 539
Bidvest Europe 341 152 286 298 19,2 651 223
Bidvest Australasia 156 540 108 777 43,9 219 403
Bidfood 167 494 160 755 4,2 279 253
Bid Industrial and 322 157 183 340 75,7 483 320
Commercial Products
Bidpaper Plus 114 771 103 485 10,9 214 710
Bid Auto 355 023 290 172 22,3 621 264
Corporate Services 44 040 60 552 (27,3) 108 698
Bidprop 35 685 26 487 34,7 58 039
Namsov 17 042 42 264 (59,7) 75 925
Ontime Automotive 1 348 (3 440) 7 348
Investment, other
income and
corporate costs (10 035) (4 759) (32 614)
Trading profit - 2 085 736 1 703 834 22,4
continuing
businesses*
- businesses - (13 943)
disposed of
TRADING PROFIT 2 085 736 1 689 891 23,4 3 657 000
Net capital profits 16 695 24 197 44 901
Impairment of - - (14 174)
goodwill and other
intangibles
Negative goodwill
arising on
acquisition of
subsidiary - - 3 780
OPERATING PROFIT 2 102 431 1 714 088 22,7 3 691 507
Certain intersegmental transfers of operations took place during
the period. Comparitive figures have been restated for these
transfers.
Condensed consolidated cash
flow statement
Half-year ended Year ended
December 31 June 30
2006 2005 2006
R000`s Unaudited Unaudited Audited
Cash flows from operating
activities
Operating profit 2 110 462 1 715 685 3 696 498
(including dividend from
associates)
Depreciation and other 519 412 450 428 954 879
non-cash items
Cash generated by 2 629 874 2 166 113 4 651 377
operations before changes
in working capital
Changes in working capital (2 306 002) (1 102 335) (161 019)
Cash generated by 323 872 1 063 778 4 490 358
operations
Net finance charges paid (177 625) (124 651) (258 582)
Taxation paid (702 759) (491 854) (863 495)
Distribution of share (610 602) (509 890) (992 408)
premium by Company
Dividends paid by (17 308) (12 414) (23 184)
subsidiaries
(1 184 422) (75 031) 2 352 689
Cash flows of investment
activities
Net additions to vehicle (104 434) (127 417) (298 251)
rental fleet
Net additions to property, (791 453) (755 640) (1 454 153)
plant and equipment
Net additions to intangible (59 608) (34 462) (100 613)
assets
Net acquisition of
subsidiaries, businesses,
associates and investments (347 650) (1 098 997) (515 355)
(1 303 145) (2 016 516) (2 368 372)
Cash flows of financing
activities
Proceeds from shares issued 25 117 72 702 180 274
Net purchase of treasury (323 600) - (508 810)
shares
Net borrowings raised (447 710) 1 046 183 1 171 313
(repaid)
(746 193) 1 118 885 842 777
Net increase (decrease) in (3 233 760) (972 662) 827 094
cash and cash equivalents
Net cash and cash 2 546 995 1 497 683 1 497 683
equivalents at the
beginning of the period
Currency adjustments 84 841 (70 258) 222 218
Net cash and cash (601 924) 454 763 2 546 995
equivalents at the end of
the period
Net cash and cash
equivalents are made up as
follows:
Cash and cash equivalents 2 469 541 1 915 326 3 255 457
Bank overdrafts shown as (3 071 465) (1 460 563) (708 462)
current portion of
borrowings
(601 924) 454 763 2 546 995
Condensed consolidated balance
sheet
December 31 June 30
2006 2005 2006
R000`s Unaudited Unaudited Audited
ASSETS
Non-current assets 11 506 804 9 235 611 10 606 995
Property, plant and 5 952 292 4 843 288 5 511 253
equipment
Intangible assets 334 978 325 454 378 808
Goodwill 3 319 112 2 618 259 3 123 722
Deferred tax 327 726 294 687 398 411
Interest in associates 606 225 560 576 574 893
Investments and advances 801 425 530 522 544 923
Banking advances 165 046 62 825 74 985
Current assets 18 798 097 15 175 806 17 387 506
Vehicle rental fleet 583 760 376 572 479 326
Inventories 6 336 313 4 857 270 5 092 821
Short-term portion of 151 607 74 796 142 718
banking advances
Trade and other 9 256 876 7 590 972 8 417 184
receivables
Cash and cash equivalents 2 469 541 1 915 326 3 255 457
Non-current assets held - 360 870 -
for resale
Total assets 30 304 901 24 411 417 27 994 501
EQUITY AND LIABILITIES
Total equity 9 825 909 7 867 039 9 158 695
Shareholders` interest 9 614 290 7 684 639 8 928 995
Minority shareholders` 211 619 182 400 229 700
interest
Non-current liabilities 3 514 003 3 048 415 3 677 777
Deferred taxation 130 297 56 023 202 907
Life assurance fund 43 648 33 372 32 795
Long-term portion of 2 997 389 2 637 579 3 093 184
borrowings
Post-retirement 196 714 201 040 221 092
obligations
Long-term portion of 293 - 278
banking liabilities
Operating lease liability 145 662 120 401 127 521
Current liabilities 16 964 989 13 495 963 15 158 029
Trade and other payables 12 536 872 10 438 314 12 562 695
Provisions 273 890 248 863 324 667
Vendors for acquisition 12 188 2 385 41 795
Taxation 319 933 373 019 501 245
Short-term portion of 154 544 124 137 113 265
banking liabilities
Short-term portion of 3 667 562 2 240 271 1 614 362
borrowings
Non-current liabilities - 68 974 -
held for resale
Total equity and 30 304 901 24 411 417 27 994 501
liabilities
Net tangible asset value 1 983 1 573 1 814
per share (cents)
Condensed consolidated
statement of changes in equity
Half-year ended Year ended
December 31 June 30
2006 2005 2006
R000`s Unaudited Unaudited Audited
Shareholders` interest
Issued share capital 15 026 15 068 14 958
- balance at the 14 958 14 971 14 971
beginning of the period
- in terms of the share 232 97 238
incentive scheme
- net movement in (164) - (251)
treasury shares
Share premium arising on 319 507 2 112 306 1 228 660
shares issued
- balance at the 1 228 660 2 549 591 2 549 591
beginning of the period
- in terms of the share 458 845 72 736 180 217
incentive scheme
- refund of share premium (610 602) (509 890) (992 408)
to shareholders
- net movement in (757 396) - (508 559)
treasury shares
- share issue costs - (131) (181)
Foreign currency 1 012 747 (28 608) 807 033
translation reserve
- balance at the 807 033 466 019 466 019
beginning of the period
- realised on disposal of - - (20 562)
subsidiaries
- arising during the 205 714 (494 627) 361 576
period
Statutory reserves 10 549 6 846 10 013
- balance at the 10 013 6 039 6 039
beginning of the period
- transfer to retained 536 807 3 974
income
Equity-settled share-based 130 634 82 126 107 724
payment reserve
- balance at the 107 724 57 828 57 828
beginning of the period
- arising during the 22 910 24 298 49 896
period
Movement in retained 8 125 827 5 496 901 6 760 607
earnings
- balance at the 6 760 607 4 374 418 4 374 418
beginning of the period
- profit attributable to 1 367 690 1 123 290 2 388 717
shareholders
- change in fair value of (1 934) - 1 446
available-for-sale equity
securities
- transfer to statutory (536) (807) (3 974)
reserves
9 614 290 7 684 639 8 928 995
Minority shareholders`
interest
- balance at the 229 700 173 558 173 558
beginning of the period
- attributable profit 28 330 29 204 75 826
- dividends and (17 308) (12 414) (23 184)
capitalisation issues
- share of movement in 775 (89) 2 659
foreign currency
translation reserve
- share of movement in
equity-settled share-based
payment reserve 71 138 154
- changes in shareholding (29 949) (7 997) 687
211 619 182 400 229 700
Total equity 9 825 909 7 867 039 9 158 695
Message to shareholders
Overview and financial summary
The Group produced most
pleasing results for the six
months ended December 31 2006.
Headline earnings per share and
diluted headline earnings per
share increased by 22,7% and
25,8% respectively. Trading
profit, from continuing
businesses, increased by 22,4%
and revenue grew 25,2% to R47,9
billion, with strong
operational performances
recorded by most of the Group`s
businesses. Trading margin
decreased slightly from 4,4% to
4,3% reflecting a change in the
mix of the profit contribution
from the divisions. The
benefits from the share buy-
back in respect of the
refinancing of the Dinatla
transaction enhanced the
diluted earnings. The weakening
of the rand, particularly
against sterling, improved the
translation of the Group`s
foreign-based businesses. The
rand traded at an average
R13,75 against sterling,
compared to R11,56 in the prior
period.
Cash generation from operations
was impacted by the drive for
market share, a shift in the
profile of some customers,
normal seasonality and a
conscious, strategic investment
in working capital,
particularly new vehicle stock
and some wholesale products.
The amendment to certain credit
terms of revenue collections
negatively affected
Bidfreight`s working capital.
The utilisation of working
capital is expected to remedy
itself in the next period. The
Dinatla transaction and
increased tax payments also
utilised funds. However, the
Group`s balance sheet remains
strong with an interest cover
of more than 9 times (2005:10
times).
Transformation
Bidvest welcomes the
finalisation and release of the
BBBEE codes of good practice,
marking a further step in the
transformation of the country.
The Group is undertaking an
exercise to compare our
existing charter to the new
requirements. A process of
realignment may need to take
place. The refinancing of the
Dinatla transaction was a major
milestone in our BEE strategy
and we welcome the significant
creation of wealth for our BEE
partners. Ongoing operational
progress continues to be
achieved across the Group.
Divisional review
Bidfreight
Bidfreight`s trading profit
grew by 11,6% to R279,0 million
on a 24,4% increase in revenue
to R9,6 billion. While the
trading profit is below
expectation, primarily as a
result of reduced volumes,
particularly in South African
Bulk Terminals, Bidfreight Port
Operations and Rennies
Distribution Services, the
businesses traded well. Trading
profit from Bulk Connections
was maintained due to the
improved facilities and the
ability to handle a wider range
of products. Higher volumes in
Island View Storage resulted in
a pleasing increase in trading
profit. SACD Freight performed
well, with increased container
pack and unpack activity.
Safcor Panalpina, South
Africa`s largest freight
forwarder, showed a record
growth in revenue, however
margins were under pressure,
and trading profit, whilst
still well up, did not match
the same percentage increase.
Marine performed well, with the
positive results largely
attributable to increased
volumes in containerised
traffic and car carriers.
Bidserv
Bidserv delivered good results
in a challenging trading
environment. Revenue grew 14,3%
to R2,6 billion, though trading
profit was up 17,3% to R305,6
million, with some exceptional
performances from TMS Group,
TopTurf, Aviation Services and
Rennies Bank. Bid Travel,
Steiner and Bidserv Industrial
Products performed well, with
excellent performances from
Giant Workwear and Clockwork
Clothing. TopTurf secured a
number of significant contracts
which are now under
construction. Aviation Services
has positioned itself as a very
exciting business through a
series of small acquisitions,
and is aggressively pursuing
other airport-related services.
The consequence of the security
and cleaning industry strikes
impacted negatively on Magnum
Shield and Prestige. The
security business is in the
process of being restructured
which may result in an
impairment to the carrying
value. The other Bidserv
businesses had mixed results.
MyMarket continues to gain
market share. Group Procurement
is playing an increasingly
important role within the
Group.
Bidvest Europe
Revenue was up 44,9% to R15,0
billion and trading profit
improved 19,2% to R341,1
million. The weakening of the
rand against sterling enhanced
the translation of Bidvest
Europe`s results.The trading
performance of 3663 First for
Foodservice in the UK was
solid, although the impact of
the loss of the MoD contract
and unusual bad debts are being
felt. Trading profit was
marginally down, but sales in
all businesses continue to be
robust. Several major new
contracts have been secured.
Best practice and joint
opportunities continue to be
successfully pursued with Deli
XL. Additional costs in
establishing Multitemp`s non-
food range were incurred, ahead
of the January 1 2007
implementation. Margin
management remains the key
focus in Frozen, Fresh and
Chilled and the opening of
several new depots will improve
efficiencies. Barton Meat has
shown consistent margin
improvement.
Contract Distribution showed a
particularly strong improvement
in sales, but cost pressures
and operational issues limited
the growth in trading profit.
Deli XL Netherlands improved
its performance in line with
management expectations. While
their institutional market is
under pressure, their total
hospitality market continues to
grow. Deli XL Belgium continues
to make steady progress. Horeca
Trade, albeit small, achieved
record sales and a
significantly improved trading
profit.
Bidvest Australasia
Bidvest Australasia traded
extremely well, growing revenue
and trading profit by 22,0% and
43,9% respectively, in rand
terms. Bidvest Australia grew
trading profit 25,2% in
Australian dollars, increasing
its trading margin to 3,6%, an
all-time high. Growth achieved
has nearly all been organic.
Foodservice grew trading profit
16,8% with every branch trading
profitably and improvements in
both Melbourne and Sydney. The
focus remains on growing the
street business. Hospitality
produced an excellent
performance with a significant
increase in trading profit.
Several small acquisitions were
made and further geographic
expansion, continuing the
strategy of becoming a national
player, is planned. The Quick
Service Restaurants division
performance was highly
satisfactory. Capacity
expansion has become necessary
to cope with the increased
volumes and the growth
momentum. Bidvest First for
Foodservice New Zealand traded
strongly, with trading profit
up 29,0% in local currency and
a record trading profit margin
of 4,6%. With "full"
employment, skilled staff are
in short supply, placing
pressure on costs. The business
has been organised into three
focused areas, Wholesale, Fresh
and Logistics, better
positioning the businesses for
further growth.
Bidfood
Revenue increased 18,0% to R2,1
billion with trading profit
increasing 4,2%. Caterplus is
showing the benefits of
refocusing and produced good
results, increasing revenue
through being aggressively
competitive and selling a
broader range of products to
the existing customer base.
Market share improved
significantly. Bidbake`s
performance was very
disappointing as a result of
intense competition, the high
level of competitive imports
and reduced offtake from
customers who export their
products. Corrective action is
being taken. Crown Foods
produced excellent results,
benefiting from astute
procurement and equipment
sales. Specialty continues to
deliver exceptional results,
notwithstanding capacity
constraints which are being
addressed. Vulcan improved
their performance, with exports
a continued area of focus.
Bid Industrial and Commercial
Products
Revenue increased 30,6% to R4,2
billion while trading profit
was up 75,7% to R322,1 million.
All divisions traded well and
at much higher levels of
business activity. Voltex
Electrical Distribution
delivered exceptional results,
benefiting from good trading
conditions across all spheres
of the business. The new
acquisition, specialist
business Versalec, continued
its strong performance. The
construction sector remains
buoyant with the commencement
of many infrastructure
developments. South Africa`s
shortage in electrical
generation capacity has
positioned Voltex to assist in
demand-side-management
programmes. Stationery and
Office Furniture contributed
strongly to the division`s good
performance. The performance of
Waltons Stationery Gauteng
region improved significantly,
delivering strong sales growth.
Kolok maintained its market
position despite strong ongoing
competition, growing trading
profit appreciably. Furniture
traded well and carries forward
a strong order book. Afcom GE
Hudson showed a marked increase
in trading profit, with much
effort being made in balancing
imports and in-house
production. Buffalo Executape
delivered strong trading
results on the back of the new
range of retail DIY products.
Bidpaper Plus
Revenue grew 12,0% to R1,0
billion and trading profit was
up 10,9% to R114,8 million.
Lithotech performed well. The
significant investment in
printing and conversion
machinery produced good results
and the completion of a major
election contract boosted
revenue. Personalisation and
Mail achieved strong growth
despite prolonged industrial
action. Labels were impacted by
a very competitive market, but
e-Solutions continues to make
good progress. Silveray
Statmark showed a steady
improvement focusing on
efficiency improvements. Lufil,
relocated to Bidpaper Plus,
continues to grow sales
aggressively while seeking to
expand and improve efficiencies
in its paper conversion
operations.
Bid Auto
McCarthy`s achieved a 15,9%
growth in revenue to R9,6
billion and a 22,3% rise in
trading profit to R355,0
million. While the robust level
of new vehicle demand
continues, there is ongoing
margin erosion as a result of
the aggressive new vehicle
pricing strategies and the
knock-on effect on used vehicle
pricing. Recent increases in
interest rates are slowing
demand and current trading
conditions are tightening. The
acquisition of Shell Autoserv,
subject to the approval of
competition authorities, will
add a nationwide network for
the servicing of both out-of-
warranty and our range of new
Chinese vehicles. The business
will be rebranded and form part
of McCarthy Value Centres.
Burchmores delivered an
improved performance due to the
increase in repossessions from
banks. Budget Rent a Car
performed well with rental days
showing a sharp increase, but
rental rates remain under
pressure. Yamaha Distributors
performed well despite an
increasingly competitive
market, impacted by increased
landed costs together with
sustained competitor activity
and the ongoing parallel
importation of Yamaha branded
products. Financial Services
delivered an exceptional
performance, achieving record
market penetration levels with
their traditional insurance
products. GAZ SA, the taxi
distributorship, recorded poor
sales volumes and incurred
vehicle recall costs. Plans to
completely restructure the
business are being finalised.
The new range of Chinese light
commercial vehicles is due to
be launched at the end of May
2007.
Corporate Services
New property developments have
substantially improved Bid
Property Holdings` trading
profit. Namsov Fishing
Enterprises, Bidvest`s 31%-
owned Namibian fishing
business, produced lower than
expected results impacted by
particularly bad catch rates
and an alarming dominance of
small fish. Namibian Sea
Products, now 71% owned by
Namsov, continues to battle
with no pelagic fish catches.
Ontime Automotive in the UK
made a small contribution,
impacted by ongoing difficult
trading conditions in the
volume distribution market.
Prospects
The consumer led boom in South
Africa is slowing but the
economic outlook remains
positive as investment in
infrastructure projects
continue, in the lead up to the
2010 World Cup Soccer and
beyond. There are substantial
infrastructural development
projects that need to take
place throughout South Africa
which could provide a further
boost to the economy.
Management focus in the period
ahead will be on reducing the
working capital investment
notwithstanding higher
operational activity. The Group
continues to evaluate all
underperforming assets with a
focus on maximising returns.
The benefits of the significant
capital expenditure are still
to fully materialise.
Acquisition opportunities, both
in South Africa and in our core
foodservice market
internationally, continue to be
aggressively pursued. Progress
is being made in the
consolidation of the Group`s
Namibian interests, with the
view to introducing meaningful
and sustainable resident
ownership. The Group is
invested in high growth markets
and is optimistic of continuing
to achieve above-average
returns and growth for the full
year to June 2007.
For and on behalf of the Board
MC Ramaphosa B
Joffe
Chairman
Chief Executive
Johannesburg
March 2 2007
Distribution out of share
premium
Notice is hereby given that an
interim cash distribution out
of share premium of 198,0 cents
(2005: 162,0 cents) per share,
in lieu of a dividend, has been
awarded to members recorded in
the register of the Company at
the close of business on Friday
March 30 2007. Shareholders are
advised that the last day to
trade "cum" the distribution
will be Friday March 23 2007.
The share will trade "ex" the
distribution as from Monday
March 26 2007 and the record
date will be Friday March 30
2007. Share certificates may
not be rematerialised or
dematerialised during the
period Monday March 26 2007 to
Friday March 30 2007, both days
inclusive. Payment will be made
on Monday April 2 2007.
Shareholders approval for the
capital distribution was
obtained at the annual general
meeting held on October 31
2006. In terms of the
requirements of the Companies
Act, the directors confirm that
after the payment of the
distribution, the Company will
be able to pay its debts as
they become due in the ordinary
course of business and its
consolidated assets, fairly
valued, will exceed its
consolidated liabilities.
MA David
Johannesburg
Company Secretary March
2 2007
The Bidvest Group Limited
Incorporated in the Republic of
South Africa ("Bidvest" or "the
Group" or "the Company")
Directors
Executive: B Joffe (Chief
Executive), FJ Barnes*, BL
Berson**, MC Berzack,
AW Dawe, LI Jacobs, CH
Kretzmann, P Nyman (alternate
DE Cleasby),
SG Pretorius, LP Ralphs, AC
Salomon.
Non-executive: MC Ramaphosa
(Chairman), DDB Band, LG
Boyle*, AA Da Costa (alternate
LJ Mokoena), MBN Dube, S
Koseff, RM Kunene, G Marcus, D
Masson, BE Moffat (alternate T
Slabbert), JL Pamensky, NG
Payne, Adv FDP Tlakula.
(*British **Australian)
Company Secretary
MA David
Transfer secretaries
Link Market Services South
Africa (Pty) Limited,
11 Diagonal Street,
Johannesburg, 2001 South
Africa.
PO Box 4844, Johannesburg, 2000
South Africa.
Registered office
Bidvest House, 18 Crescent
Drive, Melrose Arch,
Melrose, Johannesburg, 2196
South Africa.
PO Box 87274, Houghton,
Johannesburg, 2041
South Africa.
Basis of preparation
The accounting policies used in
the preparation of the
condensed interim financial
statements are consistent with
those used in the preparation
of the financial statements for
the year ended June 30 2006 and
comply with International
Financial Reporting Standards.
Further information regarding
our financial results
can be found on the Bidvest
website
www.bidvest.com
Date: 05/03/2007 07:00:03 Produced by the JSE SENS Department.
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