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THE BIDVEST GROUP LIMITED - PRESS RELEASE

Release Date: 24/02/2003 07:02
Code(s): BVT
Wrap Text

THE BIDVEST GROUP LIMITED - PRESS RELEASE PRESS RELEASE The Bidvest Group Limited ("Bidvest" or "the Group") Registration number: 1946/021180/06 ISIN number: ZAE000008132 Share code: BVT Results for the half-year ended December 31 2002 - Revenue up by 24,1% to R24,6bn (2001:R19,8bn) - Operating income up by 22,1% to R1,1bn (2001: R923,9m) - Headline earnings up by 19,1% to R754,9m (2001:R634,0m) - Income attributable to shareholders up by 18,1% to R732,3m (2001: R620,1m) - Headline earnings per share up by 13,6% to 243,2c (2001: 214,0c) - Headline earnings per share excluding translation gains up by 28,2% - Distribution per share up by 20,0% to 108,0c (2001: 90,0c) - Excellent operational performance across the Group masked by the impact of the strengthening rand - Strong performance from Bidvest plc, which contributed 27,4% (2001: 27,1%) to Group operating income, and 23,1% (2001: 22,9%) to Group attributable income - AA-debt rating for Bidvest reaffirmed by international rating agency Fitch Ratings - Further black economic empowerment initiatives under discussion - The Group is well positioned to continue its strong operational performance in 2003 Brian Joffe, Executive Chairman, commented: "Management are to be congratulated for what I consider to be impressive results. Every division contributed positively to the quality of the earnings and achieved excellent operational performances in volatile and challenging markets." February 24 2003 Enquiries: The Bidvest Group Limited Tel: + 27 (0) 11 772 8700 Brian Joffe, Executive Chairman Jack Hochfeld, Investor relations Tel: + 27 (0) 11 772 8705 David Cleasby, Investor relations Tel: + 27 (0) 11 772 8706 College Hill South Africa Tel: + 27 (0) 11 447 3030 Robyn Hunt Johannes van Niekerk Date: 24/02/2003 07:02:00 AM Supplied by www.sharenet.co.za Produced by the JSE SENS Department

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