Sharenet Sites 
Sharenet Sites
THE BIDVEST GROUP LIMITED
INTERIM RESULTS FOR THE HALF YEAR ENDED DECEMBER 31 1997 FACING THE CHALLENGE OF THE MILLENNIUM FINANCIAL HIGHLIGHTS OPERATING INCOME + 74% ATTRIBUTABLE INCOME + 74% EARNINGS PER SHARE + 39% DIVIDENDS PER SHARE + 39%
ANNUAL COMPOUND GROWTH RATE - EPS (1989 - 1997) 28% CONSOLIDATED INCOME STATEMENT
HALF YEAR YEAR ENDED ENDED
DECEMBER 31 JUNE 30
1997 1996 CHANGE 1997
R000'S REVIEWED REVIEWED % AUDITED
------------------------------------------------------------------
TURNOVER 3 825 216 2 613 553 46,4 5 069 948
------------------------------------------------------------------
OPERATING INCOME 241 538 138 449 74,5 285 530
NET FINANCE INCOME 26 509 20 017 52 145
PREFERENCE DIVIDENDS 6 283 4 172 9 569 INTEREST
RECEIVED (NET) 20 226 15 845 42 576
------------------------------------------------------------------ INCOME BEFORE
TAXATION 268 047 158 466 69,2 337 675
TAXATION (68 830) (40 502) (86 643)
------------------------------------------------------------------
INCOME AFTER TAXATION 199 217 117 964 68,9 251 032
INCOME FROM ASSOCIATES 2 317 - - OUTSIDE SHAREHOLDERS'
INTEREST (1 446) (2 802) (3 620)
------------------------------------------------------------------ INCOME ATTRIBUTABLE TO
ORDINARY SHAREHOLDERS 200 088 115 162 73,7 247 412
------------------------------------------------------------------ NUMBER OF SHARES IN
ISSUE (WEIGHTED 000) 228 777 183 402 186 779
------------------------------------------------------------------ HEADLINE EARNINGS PER
SHARE (CENTS) 87,5 62,8 39,3 132,5
------------------------------------------------------------------ DIVIDENDS PER
SHARE (CENTS)* 47,0 33,8 39.1 70,8
------------------------------------------------------------------ CONSOLIDATED CASH FLOW STATEMENT
------------------------------------------------------------------
HALF YEAR YEAR ENDED ENDED
DECEMBER 31 JUNE 30
1997 1996 1997
R000'S REVIEWED REVIEWED AUDITED
------------------------------------------------------------------ CASH RETAINED FROM OPERATIONS
OPERATING INCOME 241 538 138 449 285 530 DEPRECIATION AND
OTHER NON-CASH ITEMS 53 259 26 158 48 501 INCREASE IN NET
WORKING CAPITAL (168 908) (96 168) (36 217)
FIXED ADDITION (NET) (84 459) (36 747) (109 313)
------------------------------------------------------------------ CASH GENERATED
FROM OPERATIONS 41 430 31 692 188 501
NET FINANCE INCOME** 26 509 6 313 22 990 DIVIDENDS FROM ASSOCIATES 477 - -
TAXATION PAID (35 763) (8 406) (44 811)
------------------------------------------------------------------ CASH FLOW FROM
OPERATIONS 32 653 29 599 166 680
DIVIDENDS PAID (1 299) (33 946) (33 946)
------------------------------------------------------------------ NET CASH RETAINED
(UTILISED) 31 354 (4 347) 132 734 NET ACQUISITION OF TRADING OPERATIONS AND
SUBSIDIARIES (261 534) (29 076) (1 052 324) INTEREST BEARING DEBT - REPAID (48 897) - - PROCEEDS ON ISSUE OF INSTRUMENTS (NET)
- COMPANY 21 939 8 652 1 370 888
- SUBSIDIARY - 25 915 52 382
------------------------------------------------------------------
CASH INFLOW (OUTFLOW) (257 138) 1 144 503 680
------------------------------------------------------------------
** AFTER DEDUCTION OF DEBENTURE INTEREST IN PRIOR PERIODS. CONSOLIDATED BALANCE SHEET
------------------------------------------------------------------
DECEMBER 31 DECEMBER 31 JUNE 30
1997 1996 1997
R000'S REVIEWED REVIEWED AUDITED
------------------------------------------------------------------ CAPITAL EMPLOYED ORDINARY SHAREHOLDERS'
INTEREST 2 237 304 1 020 145 2 073 631 OUTSIDE SHAREHOLDERS'
INTEREST 97 692 93 000 109 215
DEFERRED TAX 17 406 20 089 16 829
INTEREST BEARING DEBT 65 400 50 000 112 527
------------------------------------------------------------------
2 417 802 1 183 234 2 312 202
------------------------------------------------------------------ EMPLOYMENT OF CAPITAL
FIXED ASSETS 1 130 704 446 613 1 045 816
INVESTMENTS 82 639 3 649 37 676
NET CURRENT ASSETS 1 204 459 732 972 1 228 710
CURRENT ASSETS 1 691 735 848 086 1 590 899
LIQUID FUNDS 585 554 504 504 872 400 CURRENT LIABILITIES -
INTEREST FREE (1 072 830) (619 618) (1 234 589)
------------------------------------------------------------------
2 417 802 1 183 234 2 312 202
------------------------------------------------------------------ NUMBER OF SHARES
IN ISSUE (000) 233 194 183 901 229 795 NET ASSET VALUE PER
SHARE (CENTS) 959 555 902
------------------------------------------------------------------ COMMENT
1. THE GROUP AGAIN REPORTS COMMENDABLE INTERIM RESULTS, ACHIEVED IN A LOW GROWTH ECONOMIC ENVIRONMENT.
2. THE RESULTS INCLUDE THOSE OF THE WALTONS GROUP ACQUIRED ON JUNE 24 1997. ALL DIVISIONS WITHIN THE BIDVEST GROUP PERFORMED SATISFACTORILY, ACHIEVING REAL GROWTH FOR THE PERIOD UNDER REVIEW.
3. THE BOARD EXPRESSES ITS APPRECIATION TO ALL EMPLOYEES OF THE GROUP FOR THEIR OUTSTANDING EFFORTS IN ACHIEVING THESE RESULTS.
4. THE COMPULSORILY CONVERTIBLE DEBENTURES WERE CONVERTED INTO ORDINARY SHARES, WITH EFFECT FROM JULY 1 1997. IN ORDER TO MAKE A MEANINGFUL COMPARISON, THE PRIOR PERIOD'S FIGURES IN THE INCOME STATEMENT EXCLUDE DEBENTURE INTEREST. INDEPENDENT REVIEW
THE RESULTS HAVE BEEN REVIEWED, BUT NOT AUDITED BY KPMG AND THEIR UNQUALIFIED REPORT IS AVAILABLE FOR INSPECTION AT THE COMPANY'S REGISTERED OFFICE. CAPITALISATION ISSUE IN LIEU OF DIVIDEND*
NOTICE IS HEREBY GIVEN THAT A CAPITALISATION ISSUE OF SHARES HAS BEEN AWARDED IN THE RATIO OF 1,0 NEW SHARE PER 100 SHARES HELD (BEING EQUIVALENT TO 47,0 (1996 - 33,75) CENTS PER SHARE IN LIEU OF DIVIDEND TO MEMBERS REGISTERED IN THE BOOKS OF THE COMPANY AT THE CLOSE OF BUSINESS ON FEBRUARY 20 1998. NEW SHARE CERTIFICATES AND CHEQUES IN RESPECT OF FRACTIONAL ENTITLEMENTS WILL BE POSTED ON OR ABOUT FEBRUARY 27 1998.
APPLICATION WILL BE MADE TO THE JOHANNESBURG STOCK EXCHANGE FOR THE
CAPITALISATION SHARES TO BE LISTED WITH EFFECT FROM THE COMMENCEMENT OF BUSINESS ON MARCH 2 1998. FOR AND ON BEHALF OF THE BOARD B JOFFE M CHIPKIN
CHAIRMAN DEPUTY CHAIRMAN FEBRUARY 16 1998 DIRECTORS
B JOFFE (EXECUTIVE CHAIRMAN) M CHIPKIN* (DEPUTY CHAIRMAN) A J BEHRMANN* I A BERMAN N G CANCA* L I CHIMES B R CHIPKIN* J P DESILLA E ELLERINE* C H KRETZMANN S KOSEFF* D MASSON* M G MBEKI* P NHLEKO* P NYMAN J L PAMENSKY* L P RALPHS T H REITMAN* (BRITISH) F E A ROBARTS D K ROSEVEAR A C SALOMON C E SINGER R WAINER C E WATT *NON-EXECUTIVE
TRANSFER SECRETARIES: MERCANTILE REGISTRARS LIMITED 94 PRESIDENT STREET 2001 JOHANNESBURG PO BOX 1053 2000 JOHANNESBURG
REGISTERED OFFICE: MILNER PLACE SUNNYSIDE OFFICE PARK 4 CARSE O'GOWRIE ROAD 2193 PARKTOWN REG. NO. 05/21180/06
