BIDVEST AR 2005.indd

195 Pages·2005·4.44 MB·English

Highlights
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Financial ht
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Revenue
R62,8bn
+ 22,5%
Trading income
R3,2bn
+ 24,4%
Headline earnings
R2,1bn
+ 27,1% 16 consecutive
Headline earnings per share years of
686,6c
+ 26,2%
growth
Distributions per share
306,0c
+ 22,3%
Consolidated results
2005 2004 2003
(R’000) restated restated
Revenue 62 811 776 51 262 212 47 073 375
Gross income 12 867 813 10 681 933 9 463 854
Trading income 3 164 646 2 544 074 2 239 662
Net income for the year 2 065 367 1 606 627 1 432 003
Headline earnings per share (cents) 686,6 544,0 463,5
Distributions per share (cents) 306,0 250,2 220,0
Bidvest relative share price performance – January 1995 to June 2005
2,5
2,0
1,5
1,0
0,5
0
Jan 95 Oct 95 Jul 96 Apr 97 Jan 98 Oct 98 Jul 99 Apr 00 Jan 01 Oct 01 Jul 02 Apr 03 Jan 04 Oct 04 Jul 05
Bidvest relative to adjusted Financial and Industrial Index
Bidvest relative to adjusted Industrial Index
The graph represents Bidvest’s share price performance relative to indices which have been adjusted to give a more meaningful comparison to
that of its peer group. A major constituent of the indices, Richemont Securities AG, has been excluded from the adjusted indices as its business is
offshore and in completely different markets.
The Bidvest Group Limited annual report 2005 Page 1
Highlights
“A” empowerment rating from Empowerdex BEE procurement R5,4 billion (36,6% of
reaffirmed, showing all round improvement discretionary South African spend)
Empowerment holdings: Legal BEE ownership, Total training spend R78,6 million
calculated in terms of the BEE codes of good (R67,2 million in South Africa)
practice, is 27,8%. The Public Investment
Corporation effectively owns 15,5%, the Dinatla Employees trained as a percentage of South
BEE consortium 15,0% with a further 15,0% African workforce – 78,1%.
being controlled by BEE asset managers
Black employees as a percentage of those
Bidvest is ranked in the Forbes Global trained in South Africa – 83,0%
2000 – the world’s leading companies, a
comprehensive list of the world’s largest and Corporate social investment spend
most influential companies R18,3 million (R16,8 million in
South Africa)
Bidvest remains in the Forbes Global
Women employees – 41,6% (women
– the world’s A list of the most attractive
employees in South Africa 42,2%)
big companies for investors, representing
fewer than 1% of the world’s publicly listed
companies The percentage of legislators, senior officials
and management in South Africa who are
black – 27,9%
Bidvest is one of only three South African
companies listed in the Dow Jones
Sustainability World Index 2006 and is a The percentage of employees in South Africa
who are black – 84,4%
founding constituent of the JSE’s socially
responsible investment index
Fitch Ratings affirmed Bidvest credit rating as
an AA- (zaf)
2005 sustainability report
Page 2
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Creating value and building ht
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strength from diversity Hi
▲July 2005
The year at a glance Acquisition of Deli XL, a food
service business operating in
Belgium and Holland for an enterprise
value of €145 million
(cid:127) M arket capitalisation as at June 30 2005
– R23,3 billion
(cid:127) A generally stable business environment
(cid:127) B uoyant economic conditions in the ▲December 2004
Acquisition of 20% of Tiger Wheels
automotive, construction and freight
markets
(cid:127) E ffect of exchange rates, foreign
competition and defl ationary pressure
on prices and margins
▲August 2004
Successful buyout of minority
shareholders of Bidcorp plc
(cid:127) R 1 000 invested at the start of Bidvest,
capital and dividend distributions re-
invested, would have been worth an
estimated R224 000 on June 30 2005
▲July 2004
(cid:127) A n annual compound growth rate in
Cyril Ramaphosa becomes
headline earnings per share of 26,5% chairman
has been achieved over the last
14 years
The Bidvest Group Limited annual report 2005 Page 3
Our group in brief
Description of business Businesses

Corporate Services
Bid Corporate Services Strategic direction, fi nancial management and corporate fi nance Corporate Services, mymarket.com, Bidvest Network Solutions, Bid Property Holdings, Namsov Fishing
services Enterprises
Services
Bidfreight Bidfreight is the leading freight management group in sub-Saharan Bidfreight Terminals, International Forwarding, Marine Services, Manica Africa, Dartline, Ontime Automotive
Africa, with international representation and operations in the United
Kingdom and continental Europe
Bidserv Bidserv operates in the outsourcing market by supplying cleaning, Cleaning Services, Laundry Services, Hygiene Services, Green Services, Aviation Services, Security Services
laundry, hygiene, security, staff facilitation services and interior and
exterior landscaping services
Rennies Financial Services Rennies Financial Services is southern Africa’s leading travel-related Travel Services, Banking and Foreign Exchange Services
fi nancial services group
Foodservice Products
Bidvest United Kingdom 3663 First for Foodservice is one of the United Kingdom’s leading 3663 First for Foodservice
foodservice product distributors
Bidvest Australasia Bidvest Australasia comprises Bidvest First for Foodservice in Bidvest First for Foodservice, Crean First for Foodservice
Australia and Crean First for Foodservice in New Zealand
Caterplus Caterplus is a leading, broadline distributor of a comprehensive range Catering Supplies, Frozen Foods, Speciality, Catering Equipment, Paper Products, Hospitality Accessories
of products to the catering, hospitality and leisure industries
Combined Foods Combined Foods manufactures and distributes a comprehensive Bidbake, Crown Foods Group
range of products and ingredients to the bakery, poultry, meat and
food processing industries
Commercial Products
Bidoffi ce Bidoffi ce is engaged in the supply, distribution and manufacture of Offi ce Products (Stationery, Offi ce Automation, Offi ce Furniture), Printing and Paper Conversion
commercial offi ce products and stationery
Bid Industrial Products Voltex is South Africa’s pre-eminent electrical wholesaler. Berzack Voltex (Electrical Distribution, Berzack, EastmanStaples), Packaging Closures, (Afcom GE Hudson, Ramset,
supplies industrial and household sewing equipment. Packaging Buffalo Executape)
Closures supplies closures and fastening products
Automotive Products
McCarthy McCarthy, South Africa’s second largest motor retailer, has McCarthy Motor Holdings, McCarthy Financial Services, McCarthy Fleet Services,
been trading since 1936 and represents most of the major Club McCarthy, McCarthy on-line, Burchmore’s Car Auctions, Budget Rent a Car,
motor vechicle marques in South Africa. Its 100 wholly owned Yamaha Distributors, Gaz Southern Africa, Mc Auto Service centres
dealerships, situated in all the main urban centres, sell new and
pre-owned vehicles and offer full service facilities and parts sales
The Bidvest Group Limited
Southern Africa
United Kingdom and continental Europe
Australasia
Page 4
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Funds benEemfi ptslo aynede ur gr
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Employees Revenue Trading income employed remuneration
Operational highlights Number % R’000 R’000 % R’000 R’000

Page 118
Adding value from the centre (cid:127) mymarket showed signifi cant growth 762 0,8 331 845 69 296 2,2 1 029 952 124 388
(cid:127) Group property development projects undertaken (cid:127) Bidvest Academy
makes its mark (cid:127) Transformation progress
Page 44
Lasting leases – ships ahoy (cid:127) Finalisation of leases secures port tenure 6 586 7,3 14 583 212 498 636 15,8 339 962 1 077 587
– provides base for capacity expansion and terminal upgrades (cid:127) Higher imports
benefi ts Safcor Panalpina
Acquisitive achievements (cid:127) 41% increase in trading income (cid:127) Strong results 50 670 56,5 2 890 769 288 783 9,1 560 349 1 302 474
from Cleaning and Hygiene Services (cid:127) Laundry Services new modern facilities
delivers impressive growth (cid:127) Green Services establishes national footprint
Zero is the new hero (cid:127) Travel businesses impacted by introduction of zero 2 467 2,7 692 638 108 493 3,4 71 802 335 863
commission (cid:127) Banking trading income up despite low exchange rate volatility
and increased insurance costs
Page 72
Britannia way cool (cid:127) Sterling profi ts up 14% (cid:127) Growth driven by product 5 899 6,6 14 836 523 531 554 16,8 466 613 1 637 001
range extensions (cid:127) Depot replacement and refurbishment programme
gathering pace
A sweet song from down under (cid:127) Trading income up 19,9% (cid:127) Consolidation 2 056 2,3 5 691 085 165 389 5,2 581 870 483 058
of Australian acquisitions (cid:127) Bidvest Australia offers unparalleled distribution
network (cid:127) An excellent performance from New Zealand – geographic spread
near completion
Slender (cid:127) Much improved second half performance (cid:127) Ongoing defl ation 2 684 3,0 2 188 544 189 376 6,0 239 305 207 451
(cid:127) Strategic supplier alliances impacted positively
Kneading some dough (cid:127) Pricing pressure due to strong rand (cid:127) Substantial 1 181 1,3 1 066 048 131 088 4,2 221 486 122 220
increase in spice ingredient production volumes
Page 90
Mighty Minolco and Sacré blue (cid:127) 38% increase at Automation (cid:127) Defl ationary 9 288 10,4 5 289 021 440 193 13,9 1 190 227 1 050 163
pressure in Stationery (cid:127) Lithotech France capacity mismatch addressed
Luminary (cid:127) Construction sector remains buoyant (cid:127) Extremely competitive 2 855 3,2 2 993 386 240 921 7,6 617 138 313 809
market in Packaging Closures
Page 108
Awesome automotive (cid:127) Profi ts up 22% on like-for-like basis (cid:127) Buoyant 5 289 5,9 13 628 958 500 917 15,8 851 668 603 110
trading conditions
Solid overall performance (cid:127) Buoyant economic conditions in automotive,
89 737 100,0 64 192 029 3 164 646 100,0 6 170 372 7 257 124
construction and freight markets Page 42
79 821 88,9 41 665 248 2 479 309 78,3 4 304 128 4 5010 288
7 860 8,8 16 835 696 520 878 16,5 1 284 374 2 272 778
2 056 2,3 5 691 085 164 459 5,2 581 870 483 058
The Bidvest Group Limited annual report 2005 Page 5
Consolidated segmental analysis
for the year ended June 30
Revenue Trading income
2005 2004 % 2003 2005 2004 % 2003
Trading division R’000 R’000 change R’000 R’000 R’000 change R’000
Services 18 166 619 16 392 541 10,8 18 010 174 895 912 728 484 23,0 719 005
Bidfreight 14 583 212 13 568 808 7,5 15 633 109 498 636 395 440 26,1 396 234
Bidfreight southern Africa 13 268 320 12 105 642 9,6 13 676 421 482 143 417 273 15,5 395 400
Bidcorp 1 314 892 1 463 166 (10,1) 1 956 688 16 493 (21 833) (175,5) 834
Bidserv 2 890 769 2 165 517 33,5 1 735 005 288 783 205 600 40,5 166 713
Renfi n 692 638 658 216 5,2 642 060 108 493 127 444 (14,9) 156 058
Foodservice Products 23 782 200 22 266 741 6,8 22 557 416 1 017 407 889 581 14,4 843 449
Bidvest United Kingdom 14 836 523 14 161 750 4,8 15 348 018 531 554 459 948 15,6 449 611
Bidvest Australasia 5 691 085 5 176 737 9,9 4 385 736 165 389 137 954 19,9 119 823
Caterplus 2 188 544 1 967 570 11,2 1 970 925 189 376 170 343 11,2 179 817
Combined Foods 1 066 048 960 684 11,0 852 737 131 088 121 336 8,0 94 198
Commercial Products 8 282 407 7 777 656 6,5 7 584 909 681 114 636 944 6,9 613 342
Bidoffi ce 5 289 021 5 140 677 2,9 5 109 289 440 193 433 206 1,6 439 513
Offi ce Products 3 387 385 3 210 919 5,5 2 717 279 270 884 257 066 5,4 257 792
Printing and Paper Conversion 1 901 636 1 929 758 (1,5) 2 392 010 169 309 176 140 (3,9) 181 721
Bid Industrial Products 2 993 386 2 636 979 13,5 2 475 620 240 921 203 738 18,3 173 829
Automotive Products
McCarthy 13 628 958 5 904 843 130,8 — 500 917 217 606 130,2 —
Corporate Services 331 845 341 034 (2,7) 376 027 69 296 71 459 3,0 63 866
mymarket.com 10 860 7 909 37,3 3 255 (9 650) (7 709) 25,2 (7 242)
Bidvest Network Solutions 52 598 50 298 4,6 90 665 (6 035) 578 (1 144,1) (5 042)
Bidprop 48 978 44 621 9,8 40 795
Namsov Fishing 268 387 282 827 (5,1) 282 107 12 589 35 201 (64,2) 31 497
Investment and other income 23 414 (1 232) (2 000,5) 3 858
64 192 029 52 682 815 21,8 48 528 526 3 164 646 2 544 074 24,4 2 239 662
Inter-group eliminations (1 380 253) (1 420 603) (1 455 151)
62 811 776 51 262 212 22,5 47 073 375 3 164 646 2 544 074 24,4 2 239 662
Geographic region
Southern Africa 41 665 248 31 167 508 33,7 26 041 971 2 478 379 1 985 601 24,8 1 659 994
United Kingdom and continental Europe 16 835 696 16 338 570 3,0 18 100 819 520 878 420 519 23,9 459 845
Australasia 5 691 085 5 176 737 9,9 4 385 736 165 389 137 954 19,9 119 823
64 192 029 52 682 815 21,8 48 528 526 3 164 646 2 544 074 24,4 2 239 662
2005 Contribution
Divisional % Regional % Divisional % Regional %
■ Bidfreight ■ Bidoffi ce
■ Bidserv ■ Bid Industrial Products 4,7 21,2 0,5 26,2 8,9 7,6 15,8 2,2 16,5 5,2
■ Renfi n ■ McCarthy 1,87,2 22,7 13,9 15,8
■ Bidvest United Kingdom 3,4
■ Corporate Services
■ Bidvest Australasia 8,9 4,2 9,1
■■ CCaotmerbpinluesd Foods ■■ US onuitethde Krnin Agfdriocma and 23,1 1,14,5 64,9 6,05,2 16,8 3,4 78,3
continental Europe
■ Australasia
Page 6
Depreciation Capital expenditure Operating asse
2005 2004 % 2003 2005 2004 % 2003 2005 2004
R’000 R’000 change R’000 R’000 R’000 change R’000 R’000 R’000 ch
272 487 293 910 (7,3) 302 724 526 692 351 451 49,9 469 341 4 431 101 3 685 565
148 412 183 900 (19,3) 209 178 332 096 216 462 53,4 326 726 2 967 451 2 488 688
74 260 73 821 0,6 72 724 224 155 130 540 71,7 142 990 2 116 888 1 600 624
74 152 110 079 (32,6) 136 454 107 941 85 922 25,6 183 736 850 563 888 064
99 316 83 656 18,7 73 596 175 641 111 484 57,5 105 875 920 546 791 527
24 759 26 354 (6,1) 19 950 18 955 23 505 (19,4) 36 740 543 104 405 350
232 400 209 082 11,2 255 818 493 788 393 298 25,6 331 333 5 315 919 4 205 133
141 497 129 992 8,9 181 147 335 124 240 479 39,4 218 852 2 996 038 2 436 183
57 159 53 103 7,6 49 547 98 014 98 239 (0,2) 73 767 1 371 969 1 044 443
20 926 15 869 31,9 16 126 33 961 19 205 76,8 24 336 561 755 407 864
12 818 10 118 26,7 8 998 26 689 35 375 (24,6) 14 378 386 157 316 643
142 430 141 628 0,6 129 562 185 532 258 459 (28,2) 222 273 3 219 685 3 052 379
125 806 120 881 4,1 111 994 158 973 227 408 (30,1) 203 929 2 084 379 2 052 612
89 985 83 477 7,8 77 876 116 110 172 491 (32,7) 127 179 1 258 506 1 228 064
35 821 37 404 (4,2) 34 118 42 863 54 917 (21,9) 76 750 825 873 824 548
16 624 20 747 (19,9) 17 568 26 559 31 051 (14,5) 18 344 1 135 306 999 767
30 237 11 348 166,5 — 45 863 16 218 182,8 — 2 259 635 1 876 906
25 676 29 675 (13,5) 28 345 130 623 35 543 267,5 69 473 1 461 328 849 551
787 1 272 (38,1) 1 080 1 683 414 306,5 1 462 8 306 7 218
1 693 1 836 (7,8) 3 426 5 638 1 844 205,7 1 003 15 526 12 590
10 169 9 839 3,4 6 156 104 006 28 137 269,6 26 485 376 209 276 324
11 144 15 019 (25,8) 15 123 16 264 5 093 219,3 36 366 116 554 117 579
1 883 1 709 10,2 2 560 3 032 55 5 412,7 4 157 944 733 435 840 1
703 230 685 643 2,6 716 449 1 382 498 1 054 969 31,0 1 092 420 16 687 668 13 669 534
(342 397) (234 252)
703 230 685 643 2,6 716 449 1 382 498 1 054 969 31,0 1 092 420 16 345 271 13 435 282
404 528 385 316 5,0 343 026 836 229 625 992 33,6 567 176 10 960 686 8 885 310
241 543 247 224 (2,3) 323 876 448 255 330 738 35,5 451 477 4 355 013 3 739 781
57 159 53 103 7,6 49 547 98 014 98 239 (0,2) 73 767 1 371 969 1 044 443
703 230 685 643 2,6 716 449 1 382 498 1 054 969 31,0 1 092 420 16 687 668 13 669 534
Divisional % Regional % Divisional % Regional % Divisional %
17,9 2,4 4,33,7 34,4 8,1 1,9 11,5 1,9 3,3 9,5 32,4 7,1 6,8 13,4 8,8
1,8 2,5
3,0 21,1 7,1 24,0 12,5 17,8
8,1
2,33,4 5,5
20,1 3,5 14,1 57,5 24,2 1,4 12,7 60,5 8,2 18,0 3,3
Page 7
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si
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eal
ts Operating liabilities Intangibles solidatntal an
% 2003 2005 2004 % 2003 2005 2004 % 2003 onme
Cg
e
ange R’000 R’000 R’000 change R’000 R’000 R’000 change R’000 s
20,2 3 716 552 3 458 988 2 549 858 35,7 2 760 056 408 563 330 057 23,8 232 805
19,2 2 796 113 2 627 489 1 902 801 38,1 2 233 388 172 628 144 663 19,3 139 369
32,3 1 662 890 2 359 692 1 655 022 42,6 1 864 395 47 921 45 996 4,2 48 802
(4,2) 1 133 223 267 797 247 779 8,1 368 993 124 707 98 667 26,4 90 567
16,3 614 292 360 197 272 018 32,4 166 358 202 918 152 937 32,7 84 454
34,0 306 147 471 302 375 039 25,7 360 310 33 017 32 457 1,7 8 982
26,4 3 995 596 3 806 645 3 203 348 18,8 2 820 975 1 809 742 1 308 537 38,3 317 901
23,0 2 337 552 2 529 425 2 173 159 16,4 1 961 124 1 419 156 1 034 933 37,1 46 023
31,4 996 976 790 099 626 504 26,1 487 309 281 614 241 607 16,6 254 022
37,7 389 696 322 450 261 348 23,4 243 370 80 691 20 249 298,5 17 818
22,0 271 372 164 671 142 337 15,7 129 172 28 281 11 748 140,7 38
5,5 2 973 275 1 412 320 1 288 378 9,6 1 214 141 122 765 93 309 31,6 99 795
1,5 2 022 896 894 152 821 383 8,9 799 813 120 789 113 892 6,1 120 262
2,5 1 125 139 474 210 445 480 6,4 365 071 18 554 16 503 12,4 8 310
0,2 897 757 419 942 375 903 11,7 434 742 102 235 97 389 5,0 111 952
13,6 950 379 518 168 466 995 11,0 414 328 1 976 (20 583) (20 467)
20,4 — 1 407 967 1 020 794 37,9 — 223 455 221 101 1,1 —
72,0 973 404 431 376 261 818 64,8 286 520 20 537 26 041 (21,1) 24 497
15,1 6 959 2 409 2 289 5,2 2 955 17 600 26 041 (32,4) 24 497
23,3 32 156 6 659 5 560 19,8 11 438
36,1 258 475 4 124 219 1 783,1 10 398
(0,9) 120 763 35 938 2 700 1 231,0 12 854 2 937 — —
116,8 555 051 382 246 251 050 52,3 248 875
22,1 11 658 827 10 517 296 8 324 196 26,3 7 081 692 2 585 062 1 979 045 30,6 674 998
(342 344) (342 397) (234 252) (342 344)
21,7 11 316 483 10 174 899 8 089 944 25,8 6 739 348 2 585 062 1 979 045 30,6 674 998
23,4 6 699 212 6 656 558 5 058 688 31,6 3 982 193 755 750 560 167 34,9 201 164
16,5 3 962 639 3 070 639 2 639 004 16,4 2 612 190 1 547 698 1 177 271 31,5 219 812
31,4 996 976 790 099 626 504 26,1 487 309 281 614 241 607 16,6 254 022
22,1 11 658 827 10 517 296 8 324 196 26,3 7 081 692 2 585 062 1 979 045 30,6 674 998
Regional % Divisional % Regional % Divisional % Regional %
1,1 0,1
26,1 8,2 8,5 4,9 13,4 4,1 29,2 7,5 15,9 3,1 4,7 8,6 0,9 10,9
1,6 6,7
3,1 25,0 7,8
7,5 1,3 59,9 29,2
3,4
65,7 24,0 4,5 63,3 49,8
The Bidvest Group Limited Annual Report 2005 Page 8
Performance at a glance
Revenue Trading income Attributable income
R billion R million R million
62,8 3 165 2 054
70 3 500 2 100
60 3 000 1 800
50 2 500 1 500
40 2 000 1 200
30 1 500 900
20 1 000 600
10 500 300
0 0 0
919293949596979899000102030405 919293949596979899000102030405 919293949596979899000102030405

Headline earnings per share Distributions per share Net tangible asset value per share
cents cents cents
687 306 1 604
700 300 1 600
600 250 1 400
500 1 200
200
1 000
400
150 800
300
600
100
200
400
100 50 200
0 0 0
919293949596979899000102030405 919293949596979899000102030405 919293949596979899000102030405
Total assets Cash generated by operations Market capitalisation
R billion R million R billion
20,9 3 977 23,3
21 4 000 25
18 3 500
20
15 3 000
12 2 500 15
2 000
9 1 500 10
6
1 000
5
3 500
0 0 0
919293949596979899000102030405 919293949596979899000102030405 919293949596979899000102030405
Page 9
Fifteen year fi nancial history
14 year
compound
growth
rates % per
annum 2005 2004 2003 2002 2001
Extracts from fi nancial statements (R’000)
Revenue 43,2 62 811 776 51 262 212 47 073 375 41 950 388 29 415 011
Trading income 37,8 3 164 646 2 544 074 2 239 662 2 012 611 1 422 212
Attributable income 40,9 2 054 193 1 531 868 1 334 552 1 231 041 1 035 466
Shareholders’ interest 7 388 482 5 998 413 5 353 416 5 563 617 3 860 494
Net debt 1 039 220 730 628 – – –
Cash generated by operations 3 977 293 3 760 849 2 666 695 2 751 675 1 558 774
Total assets 20 894 966 18 021 382 14 592 486 15 117 104 9 741 970
Wealth created by trading operations 11 744 777 10 230 550 9 247 324 7 441 092 5 079 614
Share and debenture statistics
Headline earnings per share (cents)(1) 26,5 686,6 544,0 463,5 432,8 365,2
Distributions per share (cents)(2) 26,4 306,0 250,2 220,0 190,0 169,2
Distribution cover (times)(2) 2,2 2,2 2,1 2,3 2,2
Distribution yield (%)(3) 4,2 4,8 5,1 4,1 3,4
Net tangible asset value per share (cents) 21,0 1 604 1 330 1 549 1 569 1 186
Share price (cents)
high 8 100 5 620 4 800 5 200 5 200
low 5 195 4 100 3 970 3 980 4 075
closing (June 30) 26,2 7 270 5 250 4 300 4 600 5 010
Market capitalisation (Rm’s) 37,2 23 295 16 570 13 462 14 345 14 821
Volumes traded (000’s) 166 720 160 233 156 731 125 566 99 096
Volume traded as % of weighted number of shares 55,1 53,3 50,9 42,0 34,0
Ratios and statistics
Return on total shareholders’ interest (%) 34,2 28,6 24,0 31,9 34,2
Return on average funds employed (%)(3) 55,0 53,6 48,9 56,8 43,6
Trading income margin (%) 5,0 5,0 4,8 4,8 4,8
Current asset ratio 1,1 1,1 1,3 1,2 1,2
Quick asset ratio 0,7 0,8 1,0 0,9 0,9
Number of employees 89 737 81 931 70 754 66 879 54 251
Number of shares in issue (000’s)(5) 299 421 302 156 302 679 311 217 295 821
Number of weighted shares in issue 302 700 300 643 308 116 299 089 291 599
2005
Cyril Ramaphosa takes the reigns as chairman. Successful buyout of
Bidcorp plc. Acquisition of 20% of Tiger Wheels.
(1) Based on weighted average number of shares in issue.
(2) Includes interim dividend paid, capitalisation issues at market value, distributions 2004
of share premium and fi nal distributions approved after year-end.
(3) Return on average funds employed is calculated using the weighted average R2,1 billion BEE transaction for 15% of Bidvest with Dinatla fi nalised.
of the Group's operating assets, excluding cash, and operating income before McCarthy, South Africa’s second largest motor retailer, acquired for
interest and taxation.
(4) Other than for the recent change in accounting policies for leases, the R980 million. Acquisition of minority interests of Bidvest plc.
comparative fi gures have been restated to account for the various changes in
2003
accounting policies over the period.
(5) The number of shares in issue has been reduced by the treasury shares held by Danel, the largest business forms manufacturing and distribution
a subsidiary company.
operation in France, acquired and renamed Lithotech France. The Bidvest
Academy, a Group training and development programme, launched.
Groundbreaking black economic empowerment initiative with Dinatla
Investment Holdings announced. Small strategic foodservice acquisitions
in the United Kingdom, Australian and New Zealand markets.
2002
Acquisition of 56,7% of LSE-listed Jacobs Holdings plc, which was
renamed Bidcorp plc, to form the base for the international expansion of
Bidfreight. Paragon acquired and merged with Lithotech. Remaining
68% of Voltex acquired, to form part of the Commercial Products division.
The minority shareholding in I-Fusion acquired.
2001
John Lewis Foodservice acquired and incorporated into Bidvest Australia,
creating the leading foodservice distributor in Australia. The Group wide-
area network, Bidnet, developed by I-Fusion. mymarket.com, Bidvest’s
e-commerce initiative, launched. The Group simplifi ed and reclassifi ed
into three umbrella divisions for clarity of focus and to set the platform for
future growth.
Page 10