BID CORPORATION LIMITED - Bid Corporation Limited Results for the year ended June 30 2018

Release Date: 22/08/2018 07:05
Code(s): BID
 
Wrap Text
Bid Corporation Limited Results for the year ended June 30  2018

Bid Corporation Limited
("Bidcorp" or "the Group" or "the company")
Incorporated in the Republic of South Africa
Registration number: 1995/008615/06
Share code: BID
ISIN: ZAE000216537

Bid Corporation Limited Results for the year ended June 30  2018

Our strategic vision 

Management is focused on growth opportunities; organically in our current markets through attaining the 
appropriate business mix by selling more products to our existing customers and gaining new customers; via 
in-territory bolt-on acquisitions to expand our geographic reach and expanding our product ranges; and via 
larger acquisitions to enter new markets. Despite our appetite for acquisitions, we remain disciplined in 
our approach to accessing the "right" opportunities.
 
Bidcorp's entrepreneurial and decentralised business model, the depth and experience of our management 
teams and the strength of the Group's culture has set up the Group for sustained growth in the future.

It's all about the food

Financial highlights

Continuing HEPS +9,1%
1 286,3 cents
2017: 1 179,2 cents
Constant currency, HEPS +9,2%

Continuing trading profit +8,7%
R6,0 bn
2017: R5,5 bn 
Constant currency, trading profit +9,1%

Segment trading profit % growth in constant currency (excluding acquisitions and disposals)
Australasia +4,4%          United Kingdom   +8,7%    
Europe      +30,0%         Emerging Markets (0,4)%     

Cash generated by continuing operations before working capital +10,6%
R6,9 bn
2017: R6,2 bn

Final dividend declared +12,0%
280,0 cents


Summary consolidated statement of profit or loss 
for the year ended June 30
                                                                                               2017           
                                                                          2018              Audited             % 
R000s                                                                  Audited         Re-presented        change 
Continuing operations                                                                                                
Revenue                                                            119 359 635          110 468 151           8,0    
Cost of revenue                                                    (90 749 470)         (83 945 122)         (8,1)   
Gross profit                                                        28 610 165           26 523 029           7,9    
Operating expenses                                                 (22 650 290)         (21 038 100)         (7,7)   
Trading profit                                                       5 959 875            5 484 929           8,7    
Share-based payment expense                                            (99 236)             (94 113)                  
Acquisition costs                                                      (35 541)             (46 084)                  
Net capital items                                                     (203 143)             135 697                  
Operating profit                                                     5 621 955            5 480 429           2,6    
Net finance charges                                                   (231 145)            (215 723)         (7,1)   
Finance income                                                          84 542               96 752                  
Finance charges                                                       (315 687)            (312 475)                  
Share of profit of associates and jointly controlled entity             52 378               25 055                  
Profit before taxation                                               5 443 188            5 289 761           2,9    
Taxation                                                            (1 348 749)          (1 246 641)         (8,2)   
Profit for the year from continuing operations                       4 094 439            4 043 120           1,3    
Discontinued operations                                                                                              
Loss after taxation from discontinued operations                      (529 329)             (11 239)                 
Profit for the year                                                  3 565 110            4 031 881                  
Attributable to:                                                                                                     
Shareholders of the company                                          3 542 923            4 008 287                  
From continuing operations                                           4 072 252            4 019 526                  
From discontinued operations                                          (529 329)             (11 239)                 
Non-controlling interest from continuing operations                     22 187               23 594                  
                                                                     3 565 110            4 031 881            
Shares in issue                                                                                                      
Total ('000)                                                           335 404              335 404                  
Weighted ('000)                                                        332 725              332 065                  
Diluted weighted ('000)                                                333 651              332 795                  
Continuing operations                                                                                                
Basic earnings per share (cents)                                       1 223,9              1 210,5           1,1    
Diluted basic earnings per share (cents)                               1 220,5              1 207,8           1,1    
Headline earnings per share (cents)                                    1 286,3              1 179,2           9,1    
Diluted headline earnings per share (cents)                            1 282,7              1 176,6           9,0    
Total operations (cents)                                                                                             
Basic earnings per share (cents)                                       1 064,8              1 207,1                  
Diluted basic earnings per share (cents)                               1 061,9              1 204,4                  
Headline earnings per share (cents)                                    1 127,4              1 181,0                  
Diluted headline earnings per share (cents)                            1 124,2              1 178,4                  
Distributions per share (cents)                                          560,0                500,0          12,0               


Summary consolidated statement of other comprehensive income
for the year ended June 30
                                                                                                             2017     
                                                                                           2018           Audited     
R000s                                                                                   Audited      Re-presented     
Profit for the year                                                                   3 565 110         4 031 881     
Other comprehensive income                                                            1 179 542        (2 786 306)     
Items that may be reclassified subsequently to profit or loss                         1 177 096        (2 792 316)     
Foreign currency translation reserve                                                                                  
Increase (decrease) in foreign currency translation reserve                           1 178 884        (2 793 654)     
Financial assets held at fair value through other comprehensive income                        -                 -     
Fair value loss                                                                          (1 329)          (43 379)     
Reclassified to profit or loss                                                            1 329            43 379     
(Decrease) increase in fair value of cash flow hedges                                    (1 788)            1 338     
Fair value (loss) gain arising during the year                                           (2 208)            1 652     
Taxation relief (charge) for the year                                                       420              (314)     
Items that will not be reclassified subsequently to profit or loss                                                    
Defined benefit obligations                                                               2 446             6 010     
Remeasurement of defined benefit obligations during the year                              2 657             6 393     
Deferred taxation charge                                                                   (211)             (383)     
Total comprehensive income for the year                                               4 744 652         1 245 575     
Attributable to                                                                                                       
Shareholders of the company                                                           4 698 321         1 230 657     
Non-controlling interest                                                                 46 331            14 918     
                                                                                      4 744 652         1 245 575     

Headline earnings reconciliation
for the year ended June 30
                                                                                                             2017          
                                                                                           2018           Audited          
R000s                                                                                   Audited      Re-presented          
Headline earnings
The following adjustments to profit attributable to 
shareholders were taken into account in the calculation 
of continuing headline earnings:                                        
Profit attributable to shareholders of the company                      
from continuing operations                                                            4 072 252         4 019 526          
Net impairments                                                                         235 073           383 228          
Goodwill                                                                                200 216           176 174          
Property, plant and equipment                                                            28 448            93 727          
Intangible assets                                                                         5 347            94 384          
Investment at fair value through OCI                                                      1 329            43 379          
Associate                                                                                   267                 -          
Taxation relief                                                                            (534)          (24 436)          
Net loss (profit) on disposal of interests in subsidiaries              
and interest of associate                                                                 9 050          (465 882)          
Loss (profit) on disposal of subsidiaries                                                 9 050          (510 232)          
Profit on disposal of interest in associate                                                   -           (11 804)          
Taxation charge                                                                               -            56 154          
Gain from bargain purchase                                                               (4 222)                -          
Insurance proceeds received in relation to the                          
impairment of property, plant and equipment                                             (21 974)                -          
Net capital profit on disposal of property, plant,                      
equipment and intangible assets                                                         (10 389)          (21 175)          
Property, plant and equipment                                                           (15 318)           (7 122)          
Intangible assets                                                                             -           (14 203)          
Taxation charge                                                                           4 929               150          
Headline earnings from continuing operations                                          4 279 790         3 915 697          


Summary consolidated segmental analysis 
for the year ended June 30
                                                                                               2017           
                                                                          2018              Audited             %  
R000s                                                                  Audited         Re-presented        change  
REVENUE                                                                                                             
Bidfood                                                                                                         
Australasia                                                         30 030 647           29 440 177           2,0    
United Kingdom                                                      31 419 114           29 529 666           6,4    
Europe                                                              39 234 279           32 217 257          21,8    
Emerging Markets                                                    18 675 595           19 281 051*         (3,1)   
                                                                   119 359 635          110 468 151           8,0    
TRADING PROFIT                                                                                                       
Bidfood                                                              6 037 779            5 540 029           9,0    
Australasia                                                          1 967 280            1 951 691           0,8    
United Kingdom                                                       1 424 557            1 311 428           8,6    
Europe                                                               1 618 219            1 175 195          37,7    
Emerging Markets                                                     1 027 723            1 101 715*         (6,7)   
Corporate                                                              (77 904)             (55 100)                  
                                                                     5 959 875            5 484 929           8,7 

* Includes 100% of Bakery Supplies (Chipkins Puratos), 50% of which was sold to Puratos NV in April 2017 and equity 
accounted thereafter   


Summary consolidated statement of cash flows
for the year ended June 30
                                                                                                             2017
                                                                                           2018           Audited   
R000s                                                                                   Audited      Re-presented   
Cash flows from operating activities                                                  2 427 578         2 254 867    
Operating profit                                                                      5 621 955         5 480 429    
Dividends received from jointly controlled entity and associates                         25 000            14 854    
Acquisition costs                                                                        35 541            46 084    
Depreciation and amortisation                                                         1 192 963         1 166 887    
Non-cash items                                                                          (21 069)         (512 172)    
Cash generated by operations before changes in working capital                        6 854 390         6 196 082    
Changes in working capital                                                           (1 074 149)         (497 235)    
Cash generated by operations                                                          5 780 241         5 698 847    
Finance income received                                                                  80 785            96 752    
Finance charges paid                                                                   (296 437)         (294 364)    
Taxation paid                                                                        (1 395 595)       (1 341 242)    
Dividends paid                                                                       (1 777 643)       (1 646 835)    
Net operating cash flows from discontinued operation                                     36 227          (258 291)    
Cash effects of investment activities                                                (3 136 908)       (2 230 046)    
Additions to property, plant and equipment                                           (2 319 586)       (2 140 958)    
Acquisition of businesses, subsidiaries and associates                                 (965 611)       (1 315 161)    
Additions to intangible assets                                                         (123 917)         (113 046)    
Proceeds on disposal of property, plant and equipment                                   292 292           323 042    
Proceeds on disposal of investments                                                      26 902           680 235    
Proceeds on disposal of intangible assets                                                 5 775            11 848    
Proceeds on disposal of interests in subsidiaries and associates                         16 946           429 811    
Advances to associates and increases in shareholding of associates                      (11 643)          (80 575)    
Investments acquired                                                                    (45 575)           (9 858)    
Net investing cash flows from discontinued operation                                    (12 491)          (15 384)    
Cash effects of financing activities                                                    708 841         1 471 746    
Borrowings raised                                                                     5 381 256         5 499 736    
Borrowings repaid                                                                    (4 711 152)       (4 086 098)   
Receipts from (payments to) non-controlling interests                                     5 495           (56 509)    
Payments to puttable non-controlling interests and vendors for acquisition             (160 037)          (39 927)   
Proceeds on disposal of treasury shares                                                 193 279           154 544    
Net (decrease) increase in cash and cash equivalents                                       (489)        1 496 567    
Net cash and cash equivalents at the beginning of the year                            6 348 049         5 505 509    
Exchange rate adjustment                                                                295 589          (654 027)    
Net cash and cash equivalents at the end of the year                                  6 643 149         6 348 049    
Net cash and cash equivalents comprise:                                                                              
Cash and cash equivalents of continuing operations                                    5 964 802         6 497 938    
Cash and cash equivalents of discontinued operation                                     678 347          (149 889)    
                                                                                      6 643 149         6 348 049    

Summary consolidated statement of financial position 
as at June 30                                                                                      
                                                                                           2018              2017    
R000s                                                                                   Audited           Audited    
ASSETS                                                                                                               
Non-current assets                                                                   29 711 793        26 023 534    
Property, plant and equipment                                                        12 497 123        10 705 190    
Intangible assets                                                                       949 252           907 151    
Goodwill                                                                             14 539 284        12 791 153    
Deferred taxation asset                                                                 941 851           922 847    
Defined benefit pension asset                                                            19 380            17 134    
Interest in associates                                                                  215 045           172 206    
Investment in jointly controlled entity                                                 401 113           394 039    
Investments and loans                                                                   148 745           113 814    
Current assets                                                                       32 219 601        28 422 407    
Inventories                                                                           9 081 056         8 261 665    
Trade and other receivables                                                          14 583 086        13 812 693    
Assets classified as held-for-sale                                                    2 590 657                 -    
Cash and cash equivalents                                                             5 964 802         6 348 049    
                                                                                                                     
Total assets                                                                         61 931 394        54 445 941    
EQUITY AND LIABILITIES                                                                                               
Capital and reserves                                                                 26 788 904        23 671 520    
Attributable to shareholders of the company                                          26 544 452        23 548 214    
Non-controlling interest                                                                244 452           123 306    
Non-current liabilities                                                               8 203 640         6 751 961    
Deferred taxation liability                                                             776 085           743 471    
Long-term portion of borrowings                                                       6 070 473         5 247 641    
Post-retirement obligations                                                              48 489            41 657    
Long-term portion of vendors for acquisition                                            300 315            82 377    
Long-term portion of puttable non-controlling interest liabilities                      356 522           118 028    
Long-term portion of provisions                                                         534 655           513 792    
Long term portion of lease liabilities                                                  117 101             4 995    
Current liabilities                                                                  26 938 850        24 022 460    
Trade and other payables                                                             18 868 611        19 127 763    
Short-term portion of provisions                                                        243 397           223 945    
Short-term portion of vendors for acquisition                                           234 709           379 474    
Short-term portion of puttable non-controlling interest liabilities                   1 122 068         1 077 168    
Liabilities classified as held-for-sale                                               2 613 207                 -    
Taxation                                                                                367 846           404 288    
Short-term portion of borrowings                                                      3 489 012         2 809 822    
Total equity and liabilities                                                         61 931 394        54 445 941    
Net tangible asset value per share (cents)                                                3 296             2 937    
Net asset value per share (cents)                                                         7 914             7 021    


Summary consolidated statement of changes in equity 
for the year ended June 30
                                                                                           2018              2017
R000s                                                                                   Audited           Audited          
Equity attributable to shareholders of the company                                   26 544 452        23 548 214          
Stated capital                                                                        5 428 016         5 428 016          
Treasury shares                                                                        (601 908)         (795 187)          
Balance at the beginning of the year                                                   (795 187)         (949 731)          
Shares disposed in terms of share option scheme                                         193 279           154 544          
Foreign currency translation reserve                                                  5 497 156         4 318 272          
Balance at the beginning of the year                                                  4 318 272         7 111 926          
Increase (decrease) in foreign currency translation reserve                           1 178 884        (2 793 654)          
Hedging reserve                                                                            (450)            1 338          
Balance at the beginning of the year                                                      1 338                 -          
Fair value (loss) gain incurred during the year                                          (2 208)            1 652          
Deferred taxation recognised directly in reserve                                            420              (314)          
Equity-settled share-based payment reserve                                              325 383            20 914          
Balance at the beginning of the year                                                     20 914            (2 025)          
Arising during the year                                                                 102 346            97 569          
Deferred taxation recognised directly in reserve                                            145            22 824          
Utilisation during the year                                                            (193 279)         (154 544)          
Transfer to retained earnings                                                           395 257            57 090          
Retained earnings                                                                    15 896 255        14 574 861          
Balance at the beginning of the year                                                 14 574 861        12 492 438          
Attributable profit                                                                   3 542 923         4 008 287          
Dividends paid                                                                       (1 777 643)       (1 646 835)          
Changes in shareholding of subsidiaries                                                 (53 876)         (121 790)          
Remeasurement of defined benefit obligations                                              2 446             6 010          
Remeasurement of puttable option                                                          2 801           (48 076)          
Transfer from equity-settled share-based payment reserve                               (395 257)          (57 090)         
Transfers of subsidiaries under common control                                                -           (29 924)          
Transfer from non-controlling interests of the company                                        -           (28 159)          
Equity attributable to non-controlling interests of the company                         244 452           123 306          
Balance at the beginning of the year                                                    123 306           136 950          
Total comprehensive income                                                               46 331            14 918          
Attributable profit                                                                      22 187            23 594          
Movement in foreign currency translation reserve                                         24 144            (8 676)          
Dividends paid                                                                          (24 357)          (15 758)          
Share of movement on other reserves                                                       3 022            (1 424)          
Changes in shareholding                                                                 342 342            80 293          
Transfer to puttable non-controlling interest liability                                (246 192)         (119 832)          
Transfer to retained earnings                                                                 -            28 159          
Total equity                                                                         26 788 904        23 671 520          

Comment
Bidcorp has over a period of a few years been exiting low-margin logistics activities globally where they do not fit 
into its model for its foodservice businesses and are thus non-core. As previously announced, pursuant to receiving 
a credible and realistic commercial offer for the UK Contract Distribution (CD) business, Bidcorp took a decision 
in December 2017 to treat CD as a discontinued operation. Accordingly the performance of the continuing operations 
and the discontinued operation are reported separately.

Continuing operations
Bidcorp performed in line with our expectations, delivering solid results for the year ended June 30  2018. 
Headline earnings per share (HEPS) increased by 9,1% to 1 286,3 cents per share (F2017: 1 179,2 cents),
with basic earnings per share (EPS) increasing by 1,1% to 1 223,9 cents per share (F2017: 1 210,5 cents).

Trading across all the geographies in which the Group's foodservice businesses operate remained positive. 
Most businesses in the portfolio improved their performance in home currencies against a backdrop of low food 
inflation and moderate economic growth.

Europe delivered a standout performance. UK Foodservice did well, delivering its best result ever; however, Fresh
disappointed somewhat. New capacity investments in Australia initially created some short-term underperformance but 
their full-year performance achieved a commendable record result. New Zealand once again delivered a great performance. 
In Asia, supplier dislocation and volatile currencies led to rampant price increases in dairy, impacting gross margins 
and efficiencies. South Africa performed well in tough economic conditions.

Our strategic focus of growing our exposure to the independent customer base in our respective markets has driven real
organic growth. A few small acquisitions were concluded in the year to broaden our product range and geographic
extension, the benefits of which have not yet been realised.

The outbreaks of listeria in numerous parts of the world heightened food safety risks. Food testing protocols, systems
and recall procedures were all re-examined and strengthened to maintain the highest level of standards.

Discontinued operation
UK Contract Distribution (CD)
Performance was extremely poor and the business recorded significant losses, particularly in the second half of
the year. The exit of KFC in February and the accompanying redundancies and restructuring, the downscaling of properties
and vehicles, the subsequent onboarding of a part of the KFC contract, poor weather and reduced consumer confidence in
the chain segment of the market all contributed, as did additional costs in relation to the exit of the business.
We are in the process of finalising an agreement with the proposed purchaser of the business, a global business, and 
they are in the final stages of clearing their internal approval formalities. We are hopeful of being able to announce 
the details of this transaction in the next two weeks. Any transaction is still subject to regulatory competition 
authority approval, which is anticipated to take up to four months to complete.

During the year, the management irregularities identified during 2015 and 2016 were settled against the former
business director and numerous other defendants. Significant legal costs were incurred in pursuing this matter, which 
has been resolved to our satisfaction. Certain recoveries have been made but further recoveries are still expected, 
including the finalisation of the insurance matter.

Distribution
Bidcorp has declared a final cash dividend of 280,0 cents per share, bringing the total distribution to shareholders 
in F2018 to 560,0 cents.

Financial overview
Net revenue of R119,4 billion (F2017: R110,5 billion) grew by 8,0% (constant currency growth of 8,5%) reflecting real
growth in activity levels despite relatively benign inflation in the core foodservice markets in all geographies. 

Gross profit percentage was maintained at 24,0% despite our focus on freetrade growth which allowed some businesses to
sacrifice margins to grow volumes and absorb some price increases in the face of rapid inflation in the dairy category.

Operating expenses remained well controlled despite ongoing wage pressure in many economies and generally higher fuel
costs. The overall cost of doing business across the Group remained at 19,0% despite higher sales and distribution 
activity and additional invested capacity.

Group trading profit increased by 8,7% to R6,0 billion (F2017: R5,5 billion) and the trading margin was maintained 
at 5,0%.

Share-based payment costs increased to R99,2 million (F2017: R94,1 million) on the back of further long-term
incentivisation of staff across the Group. Acquisition costs of R35,5 million (F2017: R46,1 million) were incurred 
reflecting slightly lower acquisitive activity compared to the previous year.

Net finance charges were 7,1% higher at R231,1 million (F2017: R215,7 million). Bidcorp remains well capitalised, with
trading profit interest cover at 25,8 times (F2017: 25,4 times). We retain adequate headroom for further organic and
acquisitive growth; however, remain conscious of the need to balance debt capacity and shareholder returns.

The Group's financial position remains strong, a positive attribute in volatile global markets. Total fixed assets
have grown reflecting both replacement and expansionary capital expenditure. Net debt is R3,6 billion impacted by 
ongoing investment and bolt-on acquisitions.

Cash generated by operations before working capital absorption was R6,9 billion, an increase of 10,6% over F2017.
There has been greater utilisation of working capital in the year, reflecting higher activity levels, tighter supplier
terms, some excess stocking due to the listeria crisis in South Africa and impacts from recent acquisitions. However, 
monthly average net working capital days remained flattish at 11 days (F2017: 10 days). Free cash flow (excluding 
dividends paid) was positive at R1,0 billion after investment activities absorbed R3,1 billion.

Acquisitions
Bolt-on acquisitions were made in Australia, Netherlands, Spain, New Zealand, South Africa, Greater China and Turkey.
Total investments were R965,6 million. New geography expansion included Pier 7, a small foodservice business based in
Germany and a niche horeca business in Portugal which has been integrated under Bidfood Iberia. The benefits of these
investments will be evident in the medium-term as we bolster systems and infrastructure and extract synergies and
efficiencies. 

Prospects
The Group comprises businesses concentrated on the wholesaling and distribution of food and aligned products to the 
eat-out-of-home market. 

Our focus on customer satisfaction backed by high service levels, efficient infrastructure and fit-for-purpose product
ranges should continue to deliver real volume growth. Our "last mile" delivery capability continues to improve as we
roll-out our decentralised infrastructure programme. Our mantra of "it's all about the food" guides our desire to achieve 
the correct customer mix.

Fresh produce, meat, value-add processing and supply chain initiatives all remain areas of unexploited potential,
which assists in bolstering our value-add proposition. Our culture of sharing innovations across the Group ensures 
that the speed of business development is greatly enhanced.

Our bespoke global ecommerce and CRM platform, continues to evolve and embrace our best worldwide IP, all leveraged
for the greater benefit of the Group.

Bidcorp remains focused on growth opportunities; organically in our current markets through attaining the appropriate
business and customer mix by selling more products and gaining new customers; via in-territory bolt-on acquisitions to
expand our geographic reach and expanding our product ranges; and via strategic acquisitions to enter new markets.

We retain significant financial headroom giving the Group the ability to act decisively to capitalise on the right
opportunities, either organic or acquisitive, whilst always remaining disciplined in our approach.

Financially, the Group is strong and we expect cash generation to remain robust. Despite currency volatility in our
global marketplace, our objective remains to generate above average returns in each of our businesses in their home
markets.

Despite some short-term challenges, we remain optimistic that the fundamental drivers of our global foodservice
markets remain positive. Bidcorp's strength lies in the depth and experience of its entrepreneurial management teams 
who thrive in the decentralised business model, a recipe that positions the Group well for continued real growth 
in the year ahead.

Divisional performance
Australasia
The region performed strongly. Despite growth tracking below trend, both Australia and New Zealand set new
records. Revenue moved 2,0% higher to R30,0 billion (2017: R29,4 billion). Trading profit rose marginally by 
0,8% to R2,0 billion (2017: R2,0 billion). Results reflect continued focus on the successful freetrade strategy 
and the management mission to remain "all about the food". The future here continues to look bright.

Australia put in a strong performance. Trading profit lagged the prior year at the half-year mark, but by year-end 
was up 2,5%. This was an outstanding result in a year of transformation and some internal disruption.

Revenue rose 4,7%, though this included the sales contribution from recent small acquisitions. The sales effort was
exceptional as three of the biggest branches went through major changes during the year.

Margins were maintained, despite pressures in Foodservice. As expected, expenses increased as new branches bedded in.
Payroll costs were well contained.

Strong bases have now been established in Australia's most densely populated cities - Melbourne, Sydney and Brisbane 
- creating platforms for long-term gains, and this is already showing benefits.

Foodservice performed reasonably well. The number of Foodservice branches rose to 40, all of which were profitable.
Melbourne's branches made outstanding gains in the throes of their restructure. The alcohol category was rolled out 
to Foodservice branches. Freetrade sales again grew.

Supply Solutions made big progress. New product development was the key feature of the year with over 100 new product
lines introduced.

Fresh sales fell, but margins were well managed. Meat continues to gain traction as we refine our route-to-market
model. Overall both the Fresh and Meat divisions were profitable, but still not at desired levels. The new Festival
acquisition performed below expectation and will improve in the future once fully integrated.

New Zealand did well to grow revenue and trading profit in a sluggish market. Spending on new distribution centres to
handle continued growth added to the cost base and the business's biggest branch - Auckland Foodservice - had a tough
year.

Foodservice performed solidly and Imports put in another stellar performance. Hamilton moved to a new distribution
centre, as did Nelson, Timaru and Invercargill.

Fresh had a challenging year as extreme weather conditions disrupted supply and impacted pricing. Processing results
were mixed. Newly acquired Prepared Foods failed to meet initial expectations and additional investment was required.

United Kingdom
The UK businesses did well, with the Foodservice business achieving excellent results. Revenue grew 6,4% to 
R31,4 billion (2017: R29,5 billion). Trading profit increased by 8,6% to R1,4 billion (2017: R1,3 billion). 
The core Foodservice and Fresh businesses are in good condition and well positioned for future growth.

Bidfood UK achieved growth in revenue and trading profit despite low consumer demand and restaurant closures. 
National Account margins strengthened and freetrade sales showed continued growth. Own brands and specialist pillar 
range sales gained further momentum - all indicators that strategic goals are being achieved.

Sales pressures sharpened in the third quarter as business and consumer sentiment hit a low ebb. Customer confidence
returned in the fourth quarter and sales picked up. Margins overall were well managed. Overheads were higher than
expected as labour costs rose and the national driver shortage persisted. Overtime became a significant item at 
some depots, driven by higher freetrade activity levels.

New trading depots bedded down in Royton and Penrith. Specialist operations performed well, except the Channel Islands
business which is taking a little longer to restructure than anticipated.

Customer migration to the latest version of the online "Bidfood Direct" platform was completed.

Fresh performed below expectations. However, a platform for renewed growth has been laid.

Challenges related to the move of the Hensons meat business from the ageing site in King's Cross, London, to a
purpose-built facility in Woolwich. Some customers were lost and staff left. A new team and new processes are 
revitalising the business in the new facility.

At Seafood, timely succession planning resulted in the deployment of a new management team at Daily Fish. Average
sales to independents rose and customer numbers increased.

Oliver Kay, the fresh fruit and vegetables business, opened a new depot in Birmingham designed to improve customer
service and reduce cost inefficiencies. Scotland operations derived knock-on benefits and Campbells Produce staged 
an impressive turnaround.

In PCL, management has dedicated significant effort to improve service levels. However, profitability has been
impacted. Discussions are underway with the client in order to match activity and service level expectations with 
profitable returns.

Europe
Europe was the standout performer this year, as the economies generally delivered continued growth. Revenue rose 
21,8% to R39,2 billion (2017: R32,2 billion) while trading profit rose 37,7% to R1,6 billion (2017: R1,2 billion). 
Investment made in prior years established a strong foundation on which we capitalised in improved market 
conditions.

Netherlands optimised a strong finish to the year. Rising revenue and trading profits were assisted by the first
contribution of the small bolt-on acquisition, Van de Mheen. The deal was finalised in March.

The National Accounts business grew and regional horeca sales rose strongly. As anticipated, Catering volumes were
under pressure. Institutional sales fell on the prior year. However, within the hospitality sector, pleasing growth 
in independent volumes was secured. The ongoing simplification processes in the business continue to deliver the 
desired benefits.

Belgium delivered its best ever results. Revenue and trading profit exceeded expectations while margins were well
protected and cash generation was strong.

The horeca and institutional channels did especially well. Contributions from Catering and Logistics were marginally
below expectations.

The online "My BidOne" platform, implemented at Makady and Langens, had a positive impact on the wholesale horeca
business. Initial work has begun on the planned merger of the Limburg-based businesses, Makady and Langens. 
Improvements continue at Bestfood (acquired in 2016).

DAC Italy achieved strong growth in revenue and trading profit, with a positive contribution from new acquisition,
D&D. Pleasing momentum was evident in the core DAC business. Quartiglia Food Service, acquired in the previous year, 
met expectations. Trading profits still topped projections, even without the D&D contribution.

Work to integrate D&D into the DAC systems will begin early in the new period.

Sales into the street or independent channel now account for more than 80% of volumes. Product sales to DAC's
international trading markets (including other Bidfood companies) gained momentum, with own-brands accounting for 
a significant part of the total mix.

Iberia developed momentum as the Guzman business created a platform for strategic growth. Revenue and trading profits
were bolstered by contributions from new acquisitions, Frustock (our operation in Portugal) and Saenz Horeca (a meat 
and hospitality specialist). Continued political uncertainty in and around Barcelona affected sales in this important
region. Costs increased as systems, sales force and infrastructure were strengthened. Though overall results were below
expectations, the base is now set for future growth.

Growth of independent business was an important feature of the year. The Barcelona warehouse was expanded and the
sales force beefed up. Frustock performed in line with expectations.

Czech Republic and Slovakia performed excellently, securing good profit and volume growth on the back of a buoyant
consumer market.

Horeca Gastro benefited from positive consumer sentiment and the middle-class trend to increased out-of-home eating.
Quality service underpinned continued growth. Good spring and summer weather drove strong ice cream sales, 
contributing to the excellent results.

Retail was buoyed by rising consumer incomes and growing focus on quality and reputable brands. Growth was achieved 
in many value-add products as market demand rose and shopping at upmarket malls became part of the lifestyle. Sales 
of fresh fish and meat exceeded expectations.

Output at the factories was consistently high. Highest production was achieved in Sous-Vide lines, ready meals, red
meat and ice cream.

Germany recorded a small loss. Sales at the recently acquired business failed to meet expectations. Margins were
impacted by high levels of operational expenses at the branches and the poor quality of some National Account 
businesses.

Hamburg depot moved into a new warehouse in April and Munich will move to a new warehouse in the new period. 
Vienna maintained solid margin management and performed well. We are setting up a solid foundation in Germany 
to facilitate further expansion in due course.

Poland delivered substantial revenue growth. Market share improved and profit forecasts were exceeded.

Freetrade growth continued at a high rate, now accounting for more than 70% of all volumes. We have become one 
of the major players in this market. Margins were well managed as terms were revised on some National Accounts.

Expansion of the Gdansk and Poznan operations were completed.

Innovation continues. Asian cuisine is a growth area and Farutex has begun to serve this sector. Early results 
are encouraging. Online capability has the potential to drive further sales gains while investment in warehousing 
creates the capacity to pursue ongoing growth.

Pressure on the wage bill persists as a result of low unemployment levels.

Baltics showed continued improvement. Revenue at the now-profitable Lithuanian operations continues to rise. 
Latvia did well off the back of sales growth and improved expense control. Performance improvements across the 
Baltic markets are driven by growing foodservice volumes. Work to implement ecommerce solutions has begun.

Emerging Markets
Emerging Markets delivered a mixed bag of results in uncertain economic environments. On a like-for-like basis 
(50% of South Africa's bakery business was sold in April 2017) these businesses continue to deliver commendable 
results. Revenue dropped 3,1% to R18,7 billion (2017: R19,3 billion) and trading profit fell 6,7% to R1,0 billion 
(2017: R1,1 billion).

Bidcorp Food Africa (BFA) delivered good results in tough economic conditions. Margin and expense management was
excellent, with overall expenses growth well below inflation. Trading profit rose despite deflation in Bidfood (BF) 
and some parts of Chipkins Puratos (CP).

South Africa's listeriosis crisis had material effects on Crown Food Group (CFG). BF was impacted to a lesser extent.

BF delivered excellent results. First contribution of newly acquired fruit and veg distributor, Famous Fresh, was
recorded from February. Sales into the independent channel continued to grow. National Accounts business declined 
marginally while business with industrial caterers ticked higher. Online orders via the "myBidfood" platform account 
for more than 60% of revenue.

CFG's results were impacted by the listeriosis outbreak, with ingredients for processed meat products hard hit. The lost
sales impact was material while stock on hand rose, impacting working capital. CFG entered the wholesale channel to
support its brands and own manufactured products. The "Crown 247" ecommerce platform was implemented.

CP made excellent progress. Introductions of its unique brands began in January. Changes to manufacturing processes
are under way. Upskilling continues and the Puratos influence is starting to manifest itself in terms of quality and
innovation.

Greater China saw profits dip, impacted by a tough second half. Sales were up on prior year, but lagged expectations.

Hong Kong failed to meet budget, hit by a slowdown in the foodservice market and the global dairy crisis. Fierce
competition at the upper end of the market created added pressure.

Him Kee dry goods did relatively well. A good performance at Miumi, the Japanese foods specialist, was underpinned 
by increasing sales of frozen fish products.

Our new seafood business, Linson Global Seafood Trading, did well. Macau was impacted by price cutting by market
entrants. Hong Kong plans a series of new brand introductions in the new period.

Mainland China recorded a fall in sales and experienced strong margin pressure. Competition in the dairy category 
was intense. Work continued on the development of the product mix and brand portfolio. To reduce dependence on dairy, 
major subsidiaries in Beijing, Shanghai and Guangzhou redoubled efforts to build sales across a broader product range.

Renewed growth will be sought through strong focus on hotels and restaurants, meat imports and the provision of
chilled and processed meats to the foodservice channel. A strong sales push is planned in second-tier cities such 
as Shandong, Qingdao, Nanjing, Yunnan, Xiamen, Nanning and Jilin.

Singapore secured continued improvements in revenue and trading profit. Foodservice again grew sales and margins were
well managed. Sales at the Miumi division grew strongly. The marine, international trading and consumer operations were
under pressure, though a consumer turnaround was evident following new brand introductions. Gourmet Partner sales rose
and Food Pride surpassed expectation. Bidfood Malaysia (formerly Aeroshield) performed in line with budget.

Brazil secured revenue growth on the prior year, but volumes fell short of plan. Margins were under pressure in
challenging socio-political conditions. However, profits were maintained. Fourth quarter results were impacted by 
World Cup soccer (which kept patrons out of restaurants) and a nationwide truck strike.

Work has begun to standardise systems used by the core Irmaos Avelino business and Mariusso, the distribution business
acquired in the previous period.

Chile performed strongly. Revenue growth was highly satisfactory. Launch of the Viña del Mar branch boosted volumes.
The processed meat and particularly the seafood category showed good growth, though at lower margins. Internal controls
and debtor collections improved. Late in the year, the "myBidfood" ecommerce platform was launched. Continued sales
growth is projected.

Middle East achieved second-half gains following the implementation of a recovery plan, with sales approaching the
levels of the prior year. Margin improved and steps to contain expenses proved successful. Horeca UAE faced sales
challenges as several poor performing brands were discontinued. Al Diyafa, Saudi Arabia, delivered good revenue and 
trading profit growth. Horeca, Oman, recorded consistent growth and Bahrain's results were outstanding. Early progress 
by Horeca Jordan was encouraging.

Aktaes Turkey registered further sales gains and the level of loss was contained. Distribution costs rose on the back
of the weak Turkish lira. The purchase of the Efe distribution firm in Izmir and its nine-month contribution helped
Aktaes maintain momentum. Despite economic and political uncertainty, management remain optimistic about local market
prospects.

Corporate
Bidfood Procurement Community (BPC) sales rose and ever closer collaboration with Group operations led to new buying
opportunities. Seafood category development continued.

Change in directorate
Mr S Koseff, an independent non-executive director, assumed the role of chairman of the board on March 31  2018. 
Mr B Joffe remains on the board as a non-executive director. The board expresses its sincere appreciation to Mr Joffe 
for his services as chairman, particularly in leading the formation of Bidcorp, as well as its JSE listing on 
May 30  2016, which were critical development phases for the Group.

The board welcomes Mr Koseff to the role of chairman and looks forward to the benefits of his extensive business
experience and acknowledged leadership record.

BL Berson
Chief executive

DE Cleasby
Chief financial officer


Dividend declaration
In line with the Group dividend policy, the directors declared a final gross cash dividend of 280,0 cents 
(224,0 cents net of dividend withholding tax, where applicable) per ordinary share for the year ended 
June 30  2018 to those members registered on the record date, being Friday, September 21  2018.

The dividend has been declared from income reserves. A dividend withholding tax of 20% will be applicable to all
shareholders who are not exempt.

Share code:                                    BID                             
ISIN:                                          ZAE000216537                    
Company registration number:                   1995/008615/06                  
Company tax reference number:                  9040946841                      
Gross cash dividend amount per share:          280,0 cents                
Net dividend amount per share:                 224,0 cents                
Issued shares at declaration date ('000):      335 404                         
Declaration date:                              Wednesday, August 22  2018    
Last day to trade cum dividend:                Tuesday, September 18  2018    
First day to trade ex dividend:                Wednesday, September 19  2018    
Record date:                                   Friday, September 21  2018    
Payment date:                                  Tuesday, September 25  2018    
                                                                                  

Share certificates may not be dematerialised or rematerialised between Wednesday, September 19  2018 and 
Friday, September 21  2018, both days inclusive.
For and on behalf of the board

AK Biggs
Company secretary

Johannesburg
August 22  2018

Basis of presentation of summary consolidated financial statements
The summary consolidated financial statements are prepared in accordance with the JSE Limited Listings Requirements 
for preliminary reports, and the requirement of the Companies Act of South Africa applicable to summary financial 
statements. The Listings Requirements require preliminary reports to be prepared in accordance with the framework 
concepts and the measurement and recognition requirements of International Financial Reporting Standards (IFRS) 
and the SAICA Financial Reporting Guides as issued by the Accounting Practices Committee and Financial Reporting 
Pronouncements as issued by Financial Reporting Standards Council, and to also, as a minimum, contain the 
information required by IAS 34 Interim Financial Reporting. The accounting policies applied in the preparation 
of the consolidated financial statements from which the summary financial statements were derived are in terms 
of IFRS. The Group adopted the amendments to IAS 7 Statement of Cash Flows and IAS 12 Income Taxes during the 
year. The adoption of these amendments did not result in any changes in the accounting policies and had no 
effect on the results of the Group. Other than the adopted amendments above, the accounting policies are 
consistent with those accounting policies applied in the preparation of the previous consolidated annual 
financial statements. There was no significant impact from the adoption of IFRS 15 Revenue from Contracts 
from Customers and IFRS 9 Financial Instruments as at July 1  2018. Therefore, no transition adjustments 
have been processed to retained earnings.            

Audit report
These summary consolidated financial statements for the year ended June 30  2018 have been audited by KPMG Inc, 
who expressed an unmodified opinion thereon. The auditor expressed an unmodified opinion on the annual consolidated 
financial statements from which these summary consolidated financial statements were derived. 

A copy of the auditor's report on the summary consolidated financial statements and of the auditor's report on the
annual consolidated financial statements are available for inspection at the company's registered office, together 
with the financial statements identified in the respective auditor's reports.

The auditor's report does not necessarily report on all of the information contained in this announcement.
Shareholders are therefore advised that in order to obtain a full understanding of the nature of the auditor's 
engagement they should obtain a copy of the auditor's report together with the accompanying financial information 
from the issuer's registered office.

Preparer of the financial statements
These summary consolidated financial statements have been prepared by CAM Bishop CA(SA), under the supervision 
of DE Cleasby CA(SA) and were approved by the board of directors on August 21  2018.

The directors are responsible for the preparation of the preliminary report and the correct extraction of the
financial information from the financial statements.

Subsequent events
There have been no material events subsequent to June 30  2018.

Acquisition of businesses and subsidiaries
Acquisitions
The Group made a number of small acquisitions during the year, namely:
- Festival City Food & Wine (Australia)
- Goldline Distributors Proprietary Limited (Australia) 
- Pier 7 Holding GmbH (Germany) 
- Frustock Foodservice, S.A. (Portugal) 
- Carnicas Saez, S.L. (Spain) 
- Jilin Food Service Limited (Mainland China) 
- Linson Global Seafood Trading Limited (Hong Kong) 
- D&D S.p.A. (Italy) 
- Van de Mheen Foodservices B.V. (Netherlands) 
- Prepared Produce (New Zealand) 
- Aeroshield (Malaysia) 
- Famous Fresh Holdings Proprietary Limited (South Africa)
- Efe Dagitim ve Pazarlama A.S. (Turkey)

These acquisitions form part of the Group's strategic expansion plans in the international foodservice industry.
Goodwill arose on the acquisitions as the anticipated value of future cash flows that were taken into account in 
determining the purchase consideration exceeded the net assets or net liabilities acquired at fair value. The 
acquisitions have enabled the Group to expand its range of complementary products and services and, as a 
consequence, has broadened the Group's base in the market place.

There were no significant contingent liabilities identified in the businesses acquired.

The acquisitions increased the Group's revenue by R3,3 billion, and its trading profit by R22,5 million. 
If these acquisitions had been effective on July 1  2017, the total contribution to revenue would have 
been R4,6 billion and an increase in trading profit of R56,9 million.

The impact of these acquisitions on the Group's results can be summarised as follows:
                                                                                           2018              2017    
R000s                                                                                   Audited           Audited    
Property, plant and equipment                                                          (301 443)         (264 945)    
Intangible assets                                                                       (26 283)          (16 924)    
Deferred taxation                                                                         3 914           (56 666)    
Interest in associates                                                                   (7 302)              (89)    
Investments and advances                                                                 (4 548)           (6 920)    
Inventories                                                                            (328 740)         (126 784)    
Trade and other receivables                                                            (317 441)         (353 649)    
Cash and cash equivalents                                                                25 071            26 353    
Borrowings                                                                              271 219           505 495    
Trade and other payables and provisions                                                 383 102           611 517    
Taxation                                                                                 (1 263)           11 509    
Net tangible fair value of (assets) liabilities acquired                               (303 714)          328 897    
Goodwill                                                                             (1 142 558)       (1 417 544)    
Gain from bargain purchase                                                                4 222                 -    
Non-controlling interest                                                                 12 283           (53 626)    
Total value of acquisitions                                                          (1 429 767)       (1 142 273)    
Less: Cash and cash equivalents assumed                                                 (25 071)          (26 353)    
Net movements in vendors for acquisition and puttable                                               
non-controlling interest liabilities                                                    524 768          (100 451)    
Costs incurred in respect of acquisitions                                               (35 541)          (46 084)    
Net amounts paid                                                                       (965 611)       (1 315 161)    

In December 2017, management committed to a plan to discontinue the UK Contract Distribution (CD) business. As a
result, this operation has been classified as a discontinued operation. 

CD was not previously classified as held-for-sale or as a discontinued operation. The comparative consolidated
statement of profit or loss and OCI has been re-presented to show the discontinued operation separately from 
continuing operations.

The relevant requirements of IFRS 5 have been met for this classification.

The results of the discontinued operation included in the Group's results for the year ended June 30, are detailed
below:
                                                                                           2018              2017
R000s                                                                                   Audited           Audited   
Revenue                                                                              18 254 268        20 458 449    
Cost of revenue                                                                     (16 686 301)      (18 622 873)   
Gross profit                                                                          1 567 967         1 835 576    
Operating expenses                                                                   (2 194 450)       (1 814 230)   
Trading (loss) profit                                                                  (626 483)           21 346    
Share-based payment expense                                                              (3 110)           (3 456)   
Impairment of property, plant and equipment                                                (793)          (21 366)   
Operating loss                                                                         (630 386)           (3 476)   
Net finance charges                                                                      (5 226)           (3 446)   
Finance income                                                                                5                11    
Finance charges                                                                          (5 231)           (3 457)   
Loss before taxation                                                                   (635 612)           (6 922)   
Taxation                                                                                106 283            (4 317)   
Loss for the year from discontinued operation                                          (529 329)          (11 239)   
The following adjustments to profit attributable to shareholders were 
taken into account in the calculation of discontinuing headline 
(loss) earnings:                                        
Loss attributable to shareholders of the company from discontinuing operation          (529 329)          (11 239)    
Impairment of property, plant and equipment                                                 793            21 366    
Taxation relief                                                                            (151)           (4 060)    
Headline (loss) earnings from discontinued operation                                   (528 687)            6 067    
Basic loss per share (cents)                                                             (159,1)             (3,4)    
Diluted basic loss per share (cents)                                                     (158,6)             (3,4)    
Headline (loss) earnings per share (cents)                                               (158,9)              1,8    
Diluted headline (loss) earnings per share (cents)                                       (158,5)              1,8    
                                                                                      

                                                                                           2018     
R000s                                                                                   Audited     
Effect of the discontinued operation on the statement of 
financial position of the Group                                   
Assets classified as held-for-sale                                                    2 590 657           
Property, plant and equipment                                                           212 090           
Intangible assets                                                                         7 437           
Deferred taxation asset                                                                   1 338           
Investments and loans                                                                       440           
Inventories                                                                             428 733           
Trade and other receivables                                                           1 161 229           
Taxation                                                                                101 043           
Cash and cash equivalents                                                               678 347           
Liabilities classified as held-for-sale                                               2 613 207           
Deferred taxation liability                                                               6 476           
Long-term portion of provisions                                                          30 013           
Trade and other payables                                                              2 576 718           
                                                                                                          
                                                                                           2018              2017    
R000s                                                                                   Audited           Audited    
Cash flows from discontinued operation                                                                                  
Net operating cash flows from discontinued operation                                     36 227          (258 291)   
Net investing cash flows from discontinued operation                                    (12 491)          (15 384)   
Net increase (decrease) in cash and cash equivalents                                     23 736          (273 675)   


Capital commitments
The board of directors' policy is to maintain a strong capital base so as to sustain future development of the 
businesses so that it can continue to provide benefits to its shareholders.

                                                                                           2018              2017    
R000s                                                                                   Audited           Audited    
Capital expenditure approved                                       
Contracted for                                                                          831 471           675 164    
Not contracted for                                                                    1 015 846           873 494    
                                                                                      1 847 317         1 548 658    
Capital expenditure split                                                                                            
Property, plant and equipment                                                         1 794 724         1 515 614    
Computer software                                                                        52 593            33 044    
                                                                                      1 847 317         1 548 658    
It is anticipated that capital expenditure will be financed out of existing cash resources.


Financial instruments
Fair value hierarchy
When measuring the fair value of an asset or a liability, the Group uses market observable data as far as possible.
Fair values are categorised into different levels in a fair value hierarchy based on the inputs used in the valuation
techniques categorised as follows:
- Level 1: quoted prices (unadjusted) in active markets for identical assets or liabilities.
- Level 2: inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either
  directly (i.e. as prices) or indirectly (i.e. derived from prices).
- Level 3: inputs for the asset or liability that are not based on observable market data (unobservable inputs).

The following table shows the carrying amounts and fair values of financial assets and financial liabilities,
including their levels in the fair value hierarchy for financial instruments measured at fair value. It does not include 
fair value information for financial assets and financial liabilities not measured at fair value if the carrying amount 
is a reasonable approximation of fair value.

                       Non-current assets (liabilities)   Current assets (liabilities)
                      Puttable                                Puttable
                          non-                  Vendors           non-        Vendors
                   controlling    Invest-           for    controlling            for
R000s                interests      ments   acquisition      interests    acquisition         Total   Level 1   Level 2      Level 3
June 30  2018                                                                                                                           
Financial assets                                                                                                          
measured at                                                                                                               
fair value                   -     56 288             -              -              -        56 288         -         -       56 288    
Financial         
liabilities                                                                                                     
measured at                                                                                                               
fair value            (356 522)         -      (300 315)    (1 122 068)      (234 709)   (2 013 614)        -         -   (2 013 614)    
June 30  2017                                                                                                                           
Financial assets                                                                                                          
measured at                                                                                                               
fair value                   -     54 504             -              -              -        54 504         -     1 848       52 656    
Financial         
liabilities                                                                                                     
measured at       
fair value            (118 028)         -       (82 377)    (1 077 168)      (379 474)   (1 657 047)        -         -   (1 657 047)    


Valuation techniques and significant unobservable inputs
Valuation technique
The expected payments are determined by considering the possible scenarios of forecast EBITDA, the amount to be paid
under each scenario and the probability of each scenario. The valuation models consider the present value of expected
payment, discounted using a risk-adjusted discount rate. 

Significant unobservable inputs
- EBITDA growth rates:           5% - 15% (2017: 10% - 23%)
- EBITDA multiples:              5,5x - 8,5x (2017: 4,8x - 7x)
- Risk-adjusted discount rate:   0,5% - 9,0% (2017: 1,99% - 5,0%)

Inter-relationship between significant unobservable inputs and fair value measurement
The estimated fair value would increase (decrease) if:
- the EBITDA was higher (lower); or
- the risk-adjusted discount rate were lower (higher).


Exchange rates                                         
The following exchange rates were used in the conversion of foreign interests and foreign transactions 
for the year ended:                                 
                                                                                                  June 30                   
                                                                                           2018              2017    
                                                                                        Audited           Audited    
Rand/Sterling                                                                                                        
Closing rate                                                                              18,06             16,80    
Average rate                                                                              17,27             17,29    
Rand/Euro                                                                                                            
Closing rate                                                                              16,00             14,78    
Average rate                                                                              15,30             14,85    
Rand/Australian dollar                                                                                               
Closing rate                                                                              10,15              9,93    
Average rate                                                                               9,94             10,27    
                                                                                                         

Supplementary pro forma information regarding the currency effects of the translation of foreign operations on 
the Group

The pro forma financial information has been compiled for illustrative purposes only and is the responsibility of 
the board. Due to the nature of this information, it may not fairly present the Group's financial position, changes 
in equity and results of operations or cash flows. An unmodified reasonable assurance report has been issued by the 
Group's auditor, KPMG Inc. In terms of ISAE 3420 Assurance Engagements to Report on the Compilation of the Pro Forma 
Information in a Prospectus, and is available for inspection at the company's registered office. The pro forma 
information has been compiled in terms of the JSE Listings Requirements and the Revised Guide on Pro Forma Information 
by SAICA.                                                                                       

The illustrative information, detailed below, has been prepared on the basis of applying the 2017 average rand 
exchange rates to the 2018 foreign subsidiary income statements and recalculating the reported revenue and the 
trading profit of the Group for the year ended June 30  2018.
                                                                                                 Illustrative 2018 at 2017
                                                                                                  average exchange rates
                                                               Actual          Actual                    
                                                                 2018            2017               Pro forma         %
R000s                                                         Audited         Audited       %            2018    change   
Continuing operations                                                                                                      
Revenue                                                   119 359 635     110 468 151     8,0     119 897 314       8,5    
Trading profit                                              5 959 875       5 484 929     8,7       5 984 417       9,1    
Headline earnings                                           4 279 790       3 915 697     9,3       4 283 510       9,4    
Headline earnings per share (cents)                           1 286,3         1 179,2     9,1         1 287,4       9,2    
Constant currency per segment from continuing operations                                                                   
Revenue                                                                                                                    
Australasia                                                30 030 647      29 440 177     2,0      31 272 699       6,2    
United Kingdom                                             31 419 114      29 529 666     6,4      31 450 950       6,5    
Europe                                                     39 234 279      32 217 257    21,8      37 746 188      17,2    
Emerging Markets                                           18 675 595      19 281 051    (3,1)     19 427 477       0,8    
                                                          119 359 635     110 468 151     8,0     119 897 314       8,5    
Trading profit                                                                                                             
Australasia                                                 1 967 280       1 951 691     0,8       2 047 900       4,9    
United Kingdom                                              1 424 557       1 311 428     8,6       1 426 000       8,7    
Europe                                                      1 618 219       1 175 195    37,7       1 535 200      30,6    
Emerging Markets                                            1 027 723       1 101 715    (6,7)      1 053 129      (4,4)   
Corporate office                                              (77 904)        (55 100)                (77 812)              
                                                            5 959 875       5 484 929     8,7       5 984 417       9,1  
Refer to the average exchange rates above.  

22 August 2018

Administration

Directors
Chairman: S Koseff
Lead independent director: DDB Band
Non-executive director: B Joffe
Independent non-executive: PC Baloyi, DD Mokgatle, NG Payne, H Wiseman*
Executive directors: BL Berson* (chief executive), DE Cleasby (chief financial officer)
*Australian

Company secretary
AK Biggs

Transfer secretaries
Computershare Investor Services 
Proprietary Limited
Registration number: 2004/003647/07
Rosebank Towers
15 Biermann Avenue 
Rosebank, 2196
PO Box 61051, Marshalltown, 2107
Telephone +27 (11) 370 5000 

Sponsor
The Standard Bank of South Africa Limited
30 Baker Street, Rosebank
South Africa, 2196

Independent auditor
KPMG Inc.
Registration number: 1999/021543/2
KPMG Crescent, 85 Empire Road
Parktown, Johannesburg, 2193

Registered office
2nd Floor North Wing, 90 Rivonia Road, Sandton Johannesburg, 2196, South Africa
Postnet Suite 136, Private Bag X9976 Johannesburg, 2146, South Africa

Further information regarding our Group can be found on the Bidcorp website:
www.bidcorpgroup.com

Date: 22/08/2018 07:05:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE'). 
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