BID CORPORATION LIMITED - Unaudited results for the half year ended December 31 2018

Release Date: 20/02/2019 07:05
Code(s): BID
 
Wrap Text
Unaudited results for the half year ended
December 31 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

Unaudited results for the half-year ended
December 31  2018

Bidcorp 
- is a complete Foodservice offering 
- serves multiple customer segments 
- is internationally diversified across developed and emerging markets 
- people are entrepreneurial and incentivised to be so
- has a proven decentralised business model and best practice learnings are widely shared
- growth is organic, acquisitive-organic through bolt-ons, and acquisitive 
- believes that balance sheet strength with low debt is a strong competitive advantage 
- proprietary technology enhances customer relationships and efficiencies

It's all about the
 - food
 - service
 - technology


Financial highlights
- Continuing HEPS +9,2%
  700,2 cents
  H1F2018: 641,0 cents
  Constant currency, HEPS +7,1%

- Continuing trading profit +8,3%
  R3,3 bn
  H1F2018: R3,0 bn 
  Constant currency, trading profit +6,5%
  
- Cash generated by continuing operations before working capital +14,8%
  R3,9 bn
  H1F2018: R3,4 bn

- Interim dividend declared +10,7%
  310,0 cents

- Segment trading profit % growth
  Australasia +4,7%      United Kingdom    +17,9%  
  Europe     +19,9%      Emerging Markets  -13,6%  


Condensed interim consolidated statement of profit or loss for the
                                                                       Half-year ended                          Year ended     
                                                                          December 31                              June 30    
                                                                                        2017                          2018     
                                                                       2018        Unaudited            %        Unaudited    
R000s                                                             Unaudited     Re-presented*      change     Re-presented*    
Continuing operations                                                                                                         
Revenue                                                          66 413 585       60 873 527          9,1      118 205 621    
Cost of revenue                                                 (50 902 290)     (46 939 264)        (8,4)     (90 749 470)   
Gross profit                                                     15 511 295       13 934 263         11,3       27 456 151    
Operating expenses                                              (12 233 948)     (10 908 997)       (12,1)     (21 490 808)   
Trading profit                                                    3 277 347        3 025 266          8,3        5 965 343    
Share-based payment expense                                         (58 347)         (53 531)                      (99 236)   
Acquisition costs                                                    (8 613)         (14 630)                      (35 541)   
Net capital items                                                    (4 897)          21 124                       (58 391)   
Operating profit                                                  3 205 490        2 978 229          7,6        5 772 175    
Net finance charges                                                (143 246)        (135 445)        (5,8)        (227 912)   
Finance income                                                       52 103           42 340                        84 502    
Finance charges                                                    (195 349)        (177 785)                     (312 414)   
Share of profit of associates and jointly controlled entities        32 942           29 270                        52 378    
Profit before taxation                                            3 095 186        2 872 054          7,8        5 596 641    
Taxation                                                           (751 981)        (714 650)        (5,2)      (1 368 818)   
Profit for the period from continuing operations                  2 343 205        2 157 404          8,6        4 227 823    
Discontinued operations                                                                                                       
Loss after taxation from discontinued operations                   (455 011)         (74 547)                     (662 713)   
Profit for the year                                               1 888 194        2 082 857         (9,3)       3 565 110    
Attributable to:                                                                                                              
Shareholders of the Company                                       1 872 734        2 072 051                     3 542 923    
From continuing operations                                        2 327 745        2 146 598          8,4        4 205 636    
From discontinued operations                                       (455 011)         (74 547)                     (662 713)   
Non-controlling interest from continuing operations                  15 460           10 806                        22 187    
                                                                  1 888 194        2 082 857                     3 565 110    
Shares in issue ('000)                                                                                                        
Total                                                               335 404          335 404                       335 404    
Weighted                                                            333 162          332 570                       332 725    
Diluted weighted                                                    333 776          333 524                       333 651    
Continuing operations (cents)                                                                                                 
Basic earnings per share                                              698,7            645,5          8,2          1 264,0    
Diluted basic earnings per share                                      697,4            643,6          8,4          1 260,5    
Headline earnings per share                                           700,2            641,0          9,2          1 282,9    
Diluted headline earnings per share                                   698,9            639,2          9,3          1 279,3    
Total operations (cents)                                                                                                      
Basic earnings per share                                              562,1            623,1         (9,8)         1 064,8    
Diluted basic earnings per share                                      561,1            621,2         (9,7)         1 061,9    
Headline earnings per share                                           680,5            618,8         10,0          1 127,4    
Diluted headline earnings per share                                   679,2            617,0         10,1          1 124,3    
Distributions per share (cents)                                       310,0            280,0         10,7            560,0    
* Refer to 'Preparation and results' note


Condensed interim consolidated statement of other comprehensive income for the
                                                                                         Half-year ended        Year ended  
                                                                                           December 31             June 30  
                                                                                        2018           2017           2018  
R000s                                                                              Unaudited      Unaudited        Audited  
Profit for the period                                                              1 888 194      2 082 857      3 565 110  
Other comprehensive income                                                           442 741       (350 397)     1 179 542  
Items that may be classified subsequently to profit or loss                          442 741       (350 397)     1 177 096  
Foreign currency translation reserve                                                                                        
Increase (decrease) in foreign currency translation reserve                          443 530       (350 067)     1 178 884  
Financial assets held at fair value through other comprehensive income                     -              -              -  
Fair value loss                                                                            -              -         (1 329)  
Reclassified to profit of loss                                                             -              -          1 329  
Cash flow hedges                                                                        (789)          (330)        (1 788)  
Fair value loss arising during the period                                             (1 063)          (407)        (2 208)  
Taxation relief for the period                                                           274             77            420  
Items that will not be reclassified subsequently to profit or loss                                                          
Defined benefit obligations                                                                -              -          2 446  
Remeasurement of defined benefit obligations                                               -              -          2 657  
Taxation charge for the period                                                             -              -           (211)  
Total comprehensive income for the period                                          2 330 935      1 732 460      4 744 652  
Attributable to                                                                                                             
Shareholders of the Company                                                        2 305 219      1 723 102      4 698 321  
Non-controlling interest                                                              25 716          9 358         46 331  
                                                                                   2 330 935      1 732 460      4 744 652  


Headline earnings for the
                                                                       Half-year ended                          Year ended     
                                                                         December 31                               June 30    
                                                                                        2017                          2018     
                                                                       2018        Unaudited              %      Unaudited    
R000s                                                             Unaudited     Re-presented*        change   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                                             2 327 745        2 146 598                     4 205 636    
Net impairments                                                       4 897              198                        90 321    
Goodwill                                                                  -                -                        58 079    
Property, plant and equipment                                         4 897                -                        25 833    
Intangible assets                                                         -              198                         5 347    
Investment at fair value through OCI                                      -                -                         1 329    
Associate                                                                 -                -                           267    
Taxation relief                                                           -                -                          (534)    
Net loss on disposal of interest in subsidiary                            -                -                         9 050    
Gain from bargain purchase                                                -           (3 040)                       (4 222)    
Net capital profit on disposal of property, plant and                                                          
equipment                                                                 -          (11 970)                      (10 389)    
Property, plant and equipment                                             -          (17 100)                      (15 318)    
Taxation charge                                                           -            5 130                         4 929    
Insurance proceeds received in relation to the impairment                                                      
of property, plant and equipment                                          -                -                       (21 974)    
Headline earnings from continuing operations                      2 332 642        2 131 786            9,4      4 268 422    


Condensed interim segmental analysis for the
                                                                           Half-year ended                       Year ended 
                                                                             December 31                            June 30 
                                                                                        2017                           2018 
                                                                       2018        Unaudited              %       Unaudited 
R000s                                                             Unaudited     Re-presented*        change    Re-presented*
Revenue                                                                                                                     
Bidfood                                                                                                                     
Australasia                                                      16 047 837       15 864 241            1,2      30 030 647 
United Kingdom                                                   17 208 760       15 637 658           10,0      30 265 100 
Europe                                                           22 451 594       19 555 009           14,8      39 234 279 
Emerging Markets                                                 10 705 394        9 816 619            9,1      18 675 595 
                                                                 66 413 585       60 873 527            9,1     118 205 621 
Trading profit                                                                                                              
Bidfood                                                           3 319 487        3 061 787                      6 043 247 
Australasia                                                         980 922          937 090            4,7       1 967 280 
United Kingdom                                                      856 706          726 463           17,9       1 430 025 
Europe                                                              979 866          816 982           19,9       1 618 219 
Emerging Markets                                                    501 993          581 252          (13,6)      1 027 723 
Corporate                                                           (42 140)         (36 521)                       (77 904)
                                                                  3 277 347        3 025 266            8,3       5 965 343 
* Refer to 'Preparation and results' note


Condensed interim consolidated statement of cash flows for the
                                                                                         Half-year ended         Year ended     
                                                                                           December 31              June 30    
                                                                                                       2017            2018     
                                                                                        2018      Unaudited       Unaudited    
R000s                                                                              Unaudited   Re-presented*   Re-presented*    
Cash flows from operating activities                                                 414 116        (68 246)      2 427 578    
Operating profit                                                                   3 205 490      2 978 229       5 772 175    
Dividends from associates and jointly controlled entity                                    -         25 000          25 000    
Acquisition costs                                                                      8 613         14 630          35 541    
Depreciation and amortisation                                                        642 287        566 718       1 156 326    
Non-cash items                                                                        52 217       (179 704)       (232 521)    
Cash generated by operations before changes in working capital                     3 908 607      3 404 873       6 756 521    
Changes in working capital                                                        (1 450 864)    (1 832 520)       (965 419)    
Cash generated by operations                                                       2 457 743      1 572 353       5 791 102    
Net finance charges paid                                                            (137 672)      (112 272)       (213 443)    
Taxation paid                                                                       (679 662)      (794 959)     (1 423 711)    
Dividends paid                                                                      (939 132)      (838 511)     (1 777 643)    
Net operating cash flows from discontinued operations                               (287 161)       105 143          51 273    
Cash effects of investment activities                                             (1 632 931)    (1 583 276)     (3 136 908)    
Additions to property, plant and equipment                                        (1 268 473)    (1 054 512)     (2 315 516)    
Acquisition of businesses, subsidiaries and associates                              (337 512)      (588 231)       (965 611)    
Additions to intangible assets                                                       (69 848)       (59 357)       (123 872)    
Proceeds on disposal of property, plant and equipment                                 29 248        112 250         292 005    
Proceeds on disposal of investments                                                   21 180         11 583          26 902    
Proceeds on disposal of intangible assets                                                  -            436           5 775    
Proceeds on disposal of interests in subsidiaries and associates                           -              -          16 946    
Amounts advanced to associates                                                             -              -         (11 643)    
Investments acquired                                                                       -              -         (45 575)    
Net investing cash flows from discontinued operations                                 (7 526)        (5 445)        (16 319)    
Cash effects of financing activities                                                 317 585        347 043         708 841    
Borrowings raised                                                                  2 526 433      2 762 115       5 381 256    
Borrowings repaid                                                                 (2 090 041)    (2 455 488)     (4 711 152)    
Receipts from non-controlling interests                                                2 551          5 587           5 495    
Payments to vendors for acquisition                                                 (179 021)       (69 834)       (160 037)    
Proceeds on disposal of treasury shares                                               57 663        104 663         193 279    
Net decrease in cash and cash equivalents                                           (901 230)    (1 304 479)           (489)    
Cash and cash equivalents at beginning of period                                   6 643 149      6 348 049       6 348 049    
Exchange rate adjustment                                                              95 191          7 005         295 589    
Cash and cash equivalents at end of period                                         5 837 110      5 050 575       6 643 149    
Cash and cash equivalents comprise:                                                                                            
Cash and cash equivalents                                                          5 279 911      5 194 090       5 927 352    
Cash and cash equivalents of discontinued operations                                 594 267        (89 744)        715 797    
Bank overdrafts included in short-term portion of                                                              
interest-bearing borrowings                                                          (37 068)       (53 771)              -    
                                                                                   5 837 110      5 050 575       6 643 149    
* Refer to 'Preparation and results' note


Condensed interim consolidated statement of financial position as at
                                                                                            December 31             June 30    
                                                                                        2018           2017            2018    
R000s                                                                              Unaudited      Unaudited         Audited    
ASSETS                                                                                                                         
Non-current assets                                                                30 649 023     26 754 387      29 711 793    
Property, plant and equipment                                                     13 378 632     10 956 738      12 497 123    
Intangible assets                                                                    500 188        866 298         949 252    
Goodwill                                                                          14 958 417     13 329 559      14 539 284    
Deferred taxation asset                                                              943 417        885 375         941 851    
Defined benefit pension surplus                                                       19 380         17 134          19 380    
Interest in associates                                                               223 826        163 230         215 045    
Investment in jointly controlled entities                                            429 432        409 228         401 113    
Investments and loans                                                                195 731        126 825         148 745    
Current assets                                                                    33 216 575     28 943 760      32 219 601    
Inventories                                                                        9 871 456      8 492 071       9 081 056    
Trade and other receivables                                                       14 592 113     12 780 760      14 583 086    
Assets classified as held-for-sale                                                 3 473 095      2 402 441       2 590 657    
Cash and cash equivalents                                                          5 279 911      5 268 488       5 964 802    
Total assets                                                                      63 865 598     55 698 147      61 931 394    
EQUITY AND LIABILITIES                                                                                                         
Capital and reserves                                                              28 250 170     24 599 573      26 788 904    
Attributable to shareholders of the Company                                       27 977 450     24 461 324      26 544 452    
Non-controlling interest                                                             272 720        138 249         244 452    
Non-current liabilities                                                            5 615 162      7 302 669       8 203 640    
Deferred taxation liability                                                          711 785        730 332         776 085    
Long-term portion of borrowings                                                    3 710 446      5 518 253       6 070 473    
Post-retirement obligations                                                           50 358         41 123          48 489    
Long-term of vendors for acquisition                                                 299 461         66 270         300 315    
Long-term of puttable non-controlling interest liabilities                           305 106        411 648         356 522    
Long-term portion of provisions                                                      432 505        505 055         534 655    
Long-term portion of lease liabilities                                               105 501         29 988         117 101    
Current liabilities                                                               30 000 266     23 795 905      26 938 850    
Trade and other payables                                                          18 199 848     16 239 432      18 868 611    
Short-term portion of provisions                                                     121 997        155 962         243 397    
Short-term portion of vendors for acquisition                                         55 469        283 911         234 709    
Short-term portion of puttable non-controlling interest liabilities                1 155 977      1 017 736       1 122 068    
Liabilities classified as held-for-sale                                            3 403 101      2 751 815       2 613 207    
Taxation                                                                             435 788        393 879         367 846    
Short-term portion of borrowings                                                   6 628 086      2 953 170       3 489 012    
Total equity and liabilities                                                      63 865 598     55 698 147      61 931 394    
Number of shares in issue ('000)                                                     335 404        335 404         335 404    
Net tangible asset value per share (cents)                                             3 732          3 061           3 296    
Net asset value per share (cents)                                                      8 341          7 293           7 914    


Condensed interim consolidated statement of changes in equity for the                                          
                                                                                          Half-year ended        Year ended  
                                                                                            December 31             June 30  
                                                                                        2018           2017            2018  
R000s                                                                              Unaudited      Unaudited         Audited  
Equity attributable to shareholders of the Company                                                                           
Stated capital                                                                     5 428 016      5 428 016       5 428 016  
Treasury shares                                                                     (550 341)      (690 524)       (601 908) 
Balance at beginning                                                                (601 908)      (795 187)       (795 187) 
Shares disposed of in terms of share option scheme                                    57 663        104 663         193 279  
Shares purchased for share option scheme                                              (6 096)             -               -  
Foreign currency translation reserve                                               5 930 430      3 969 653       5 497 156  
Balance at beginning                                                               5 497 156      4 318 272       4 318 272  
Increase (decrease) in foreign currency translation reserve                          433 274       (348 619)      1 178 884  
Hedging reserve                                                                       (1 239)         1 008            (450) 
Balance at beginning                                                                    (450)         1 338           1 338  
Fair value loss                                                                       (1 063)          (407)         (2 208) 
Deferred taxation recognised directly in reserve                                         274             77             420  
Equity-settled share-based payment reserve                                           331 184        (29 415)        325 383  
Balance at beginning                                                                 325 383         20 914          20 914  
Arising during period                                                                 59 948         55 113         102 346  
Deferred taxation recognised directly in reserve                                           -              -             145  
Utilisation during the period                                                        (57 663)      (131 257)       (193 279) 
Transfer to retained earnings                                                          3 516         25 815         395 257  
Retained earnings                                                                 16 839 400     15 782 586      15 896 255  
Balance at beginning                                                              15 896 255     14 574 861      14 574 861  
Attributable profit                                                                1 872 734      2 072 051       3 542 923  
Dividends paid                                                                      (939 132)      (838 511)     (1 777 643) 
Changes in shareholding of subsidiaries                                                    -              -         (53 876) 
Remeasurement of defined benefit obligations                                               -              -           2 446  
Remeasurement of puttable option                                                      13 059              -           2 801  
Transfer from equity-settled share-based payment reserve                              (3 516)       (25 815)       (395 257) 
                                                                                  27 977 450     24 461 324      26 544 452  
Equity attributable to non-controlling interests of the Company                                                              
Balance at beginning                                                                 244 452        123 306         123 306  
Total comprehensive income                                                            25 716          9 358          46 331  
Attributable profit                                                                   15 460         10 806          22 187  
Movement in foreign currency translation reserve                                      10 256         (1 448)         24 144 
Dividends paid                                                                        (7 351)          (969)        (24 357) 
Share of movement on reserves                                                            358           (409)          3 022 
Changes in shareholding                                                                9 545        140 459         342 342  
Transfer to puttable non-controlling interest liability                                    -       (133 496)       (246 192) 
                                                                                     272 720        138 249         244 452  
Total equity                                                                      28 250 170     24 599 573      26 788 904  


Comment
Bidcorp's performance overall was in line with management expectations, considering the differing economic realities
of its developed and emerging market exposures. Headline earnings per share (HEPS) increased by 9,2% to 700,2 cents 
per share (H1F2018: 641,0 cents), with basic earnings per share (EPS) increasing by 8,2% to 698,7 cents per share 
(H1F2018: 645,5 cents). Currency volatility across major currencies positively impacted our rand-translated results 
for the period. On a constant currency basis, HEPS grew by 7,1%.

Trading across developed market geographies remained positive, despite cost pressures, persistent low food inflation
and moderate economic growth. Good top-line growth combined with gross-margin gains alleviated cost inflation.

Europe again delivered a standout performance, particularly eastern Europe. UK Foodservice continued to perform very
well and Bidfresh continued on its recovery trajectory. Australia benefited from its previous infrastructure investments
while continuing to rationalise its exposure to lower-margin customers. New Zealand achieved both top-line and margin
growth, offsetting cost pressures. South Africa performed admirably, despite tough economic conditions. Greater China
struggled, hampered by the after-effects of the loss of a major dairy products agency and dairy market crisis, which
constrained gross margins and added costs as rapid range diversification proceeded. 

Discontinued operations
Consequent to our previously announced strategy of exiting the UK Contract Distribution activities, Bidcorp has
classified all of its UK Logistics' activities as discontinued, the details of which are reported below.

UK Contract Distribution (CD)
Performance significantly improved on the second half of F2018, though the business still recorded a small loss.
Service levels have improved and customer pricing has been substantially increased to more fully reflect the risk 
and reward of these activities.

Bidcorp continues to run a broad sales process designed to achieve a controlled exit of this business.

PCL distribution business (PCL)
Trading in PCL (dairy distribution business for Arla) was poor and losses were incurred. Despite improved service
levels, profitability was significantly impacted by low revenue increases, higher distribution costs and a dispute on
transport rates. As noted previously, the business relationship with Arla has largely broken down and negotiations for 
the sale of the major portion of these activities is underway. Accordingly, the intangible associated with this contract 
has been fully impaired and further costs associated with the exit will be incurred in the second half particularly vehicle
fleet disposal costs.

Distribution
Bidcorp has declared an interim cash dividend of 310,0 cents per share, a 10,7% increase on the 2018 interim dividend.

Financial overview
Net revenue of R66,4 billion (H1F2018: R60,9 billion) grew by 9,1% (constant currency growth of 6,8%), reflecting real
growth in activity levels in all geographies. Despite significant cost pressures in fuel, wages and energy, food
inflation in our core foodservice markets remains low. 

Gross profit percentage increased to 23,4% (H1F2018: 22,9%), reflecting further freetrade growth in the mix as well as
trading through the higher cost base.

Operating expenses increased due to ongoing wage pressure in many economies and higher fuel and energy costs. The Group's 
overall cost of doing business increased to 18,4% (H1F2018: 17,9%) on higher sales and distribution activity and the
cost of invested operational capacity.

Group trading profit rose 8,3% to R3,3 billion (H1F2018: R3,0 billion). Trading margin was maintained at 4,9%.

Share-based payment costs increased to R58,3 million (H1F2018: R53,5 million) on the back of further long-term
incentivisation of staff across the Group. Lower acquisition costs reflect slightly lower acquisitive activity as 
management bedded down acquisitions made in previous periods.

Net finance charges were 5,8% higher at R143,2 million (H1F2018: R135,4 million), in line with overall trading profit
growth. Bidcorp remains well capitalised, with trading profit interest cover at 22,9 times (H1F2018: 22,3 times). We
retain adequate headroom for further organic and acquisitive growth; however, we remain conscious of the need to balance
gearing and shareholder returns.

The Group's financial position remains strong, a positive attribute in volatile global markets. Investments in fixed
assets reflect both replacement and expansionary capital expenditure to accommodate increased capacity and facility
modernisation. Net debt is R5,1 billion (H1F2018: R3,2 billion), impacted by normal first-half working capital absorption 
and ongoing investment.

Cash generated by operations before working capital absorption was R3,9 billion, an increase of 14,8% over H1F2018.
Lower utilisation of working capital of R1,5 billion (H1F2018: R1,8 billion) is pleasing in the face of higher activity
levels, tighter supplier terms and impacts from recent acquisitions not fully in the base. Monthly average net working
capital days remained consistent at 11 days (H1F2018: 10 days). Free cash flow (excluding dividends paid) was better than
H1F2018 by R0,9 billion, largely due to higher cash flow from operations and lower working capital absorption.

Acquisitions
Several small bolt-on acquisitions were made, the most significant of which entailed the acquisition of the remaining
minority of the D&D bolt-on acquisition in Italy and 100% of Igartza in Spain. Investments totalled R337,5 million.
Focus remains on bolstering systems and infrastructure while extracting synergies and efficiencies from recent acquisitions
in Germany and Iberia.
 
Prospects
Bidcorp remains focused on growth opportunities in the wholesaling of food and allied products to the eat-out-of-home
market; organically through achieving the appropriate customer mix, by selling more products and gaining new customers;
via in-territory bolt-on acquisitions to expand our geographic reach or to expand our product ranges; and via strategic
acquisitions to enter new markets, as and when these arise.

Our mantra of "it's all about the food, the service and the technology" articulates our aim of delivering customer
satisfaction backed by high service levels, efficient infrastructure and fit-for-purpose cost-effective products.

Fresh produce, meat, value-add processing and supply chain procurement initiatives all remain areas of further potential 
across all businesses in the Group. Our bespoke global ecommerce and CRM platform continues to evolve and embrace our
best worldwide intellectual property, all leveraged for the greater benefit of the Group. Our service capability
continues to improve as we further invest in our decentralised infrastructure programme to fulfil the strategic objective 
of getting as close as possible to the customer base. Shared innovations across the Group greatly enhance our speed of
business development.

We retain significant financial headroom to enable us to decisively capitalise on the right opportunities, either
organic or acquisitive, while always remaining disciplined in our overriding approach.

Financially, the Group is strong and we expect cash generation to remain robust. Our objective is to generate
above-average returns in each of our businesses in their home markets, notwithstanding macro-considerations and 
short-term volatility in various markets.

Bidcorp's strength lies in the experience of its entrepreneurial management teams who thrive within our decentralised
Group culture. Despite some short-term challenges in our emerging markets, the fundamental demographic and industry
drivers of our global foodservice markets remain positive, positioning the Group to continue to deliver real earnings 
growth for the full year.

Divisional performance
Australasia
The region performed strongly. Revenue was up 1,2% to R16,0 billion (H1F2018: R15,9 billion). Trading profit rose 4,7%
to R980,9 million (H1F2018: R937,1 million), demonstrating the benefit of the continuing strategic move away from the
lower margin customer portfolio.

Australia had a reasonable first half, with sales slightly up on last year, a great result considering the exit of
further low-margin business in the period.

Continuing focus was given to freetrade customer space, which now represents 77% of total sales, up from 73%. In terms
of the metropolitan branch splits effected in F2018, all three regions are tracking well ahead of previous performance.
Supply Solutions continues to perform well while developing further exclusive brand lines and other light manufacturing
opportunities.

The key challenge is to drive continuing growth in a large, mature business - the strategic factor behind our move
into liquor following the Festival acquisition. Initial Festival results were disappointing, but opportunities abound in
the medium term, given improved operational performance.

New Zealand put in a credible first-half performance as consumers became increasingly cautious and many customers
reported tough trading conditions. Sales showed pleasing growth, margins firmed and expenses were well controlled as
branches focused on productivity improvements. Labour availability continues to be a challenge, as well as pressure on 
wage rates.

Construction started at three more sites to ensure we can maintain our growth trajectory. All the 2018 new builds are
now delivering a positive return. Returns slipped slightly on the back of continued investment in property and related
assets.

United Kingdom
Notwithstanding uncertainty surrounding Brexit, revenue rose 10,0% to R17,2 billion (H1F2018: R15,6 billion) while
trading profit increased by 17,9% to R856,7 million (H1F2018: R726,5 million). Foodservice continues to deliver excellent
results, with Bidfresh refreshed and ready to deliver good growth.

Bidfood UK performed strongly, with sales and trading profit ahead of projections. Intense margin management delivered
the anticipated gains, a pleasing performance in view of persistent cost pressures in wages, fuel and energy prices.

The independent and multiple freetrade categories showed continued growth, both in margins and volumes. National
account volumes fell, but margins improved. The focus remains on exiting non-profitable business while improving 
margins across our existing customer base.

New brand Unity Wines strengthened its market position despite the brand transition undertaken. Own brand product
growth was buoyant.

Bidfresh performance overall was flat. Seafood did well and margins improved. However, further losses were recorded at
Meat. Steps are being taken to drive renewed Meat growth. The Produce business has been restructured following its new
depot and geographical expansion. National accounts showed good growth. Independents face challenges in a slowing
economy. Cost efficiency is key going forward.
 
Europe
Europe continues to be the stand-out performer in the Group, with most businesses delivering good sales growth and
solid trading results. Eastern Europe jurisdictions continue to show record revenue growth, in spite of significant wage
pressures throughout the region. Revenue rose 14,8% to R22,5 billion (H1F2018: R19,6 billion) while trading profit rose
19,9% to R979,9 million (H1F2018: R817,0 million).

Netherlands maintained strong momentum, supported by a solid second-quarter performance. Sales and trading profit
exceeded expectation. Strong gains in the horeca channel more than offset a slowdown in other areas of the business, 
notably in the healthcare market. Freetrade growth was unabated and beat expectations. Margins were supported by import
activities and some small price rises. Operational expenses rose. Labour availability remains a challenge.

Belgium performed strongly in both the horeca and institutional segments. Sales were above budget and margins well
managed. All customer segments showed growth, except the Catering channel. Development of the ecommerce customer 
offering is ongoing.

Italy again performed strongly. Sales and trading profit growth was pleasing in view of the national economy slowdown.
Cash generated by operations rose significantly. Sales to Bidcorp sister companies continued to grow. Continued success
in the freetrade sector underscores recent gains. This will remain a point of focus in the second half, along with
continued integration of the D&D acquisition.

Czech Republic and Slovakia again recorded excellent first-half growth. Higher sales and better margins offset significant 
wage pressures due to labour shortages. Sales of our Nowaco products were pleasing, thanks in part to a highly effective 
TV campaign. Production numbers were positive overall. The Czech economy is slowing, but we are confident we can maintain 
momentum. Further depot openings are planned to ensure we can effectively service our increasing customer base. 

Poland had an outstanding first half, once again registering record sales. The business drew strategic benefit from
sustained investment in previous years. Growing sales to the independent street trade provided much of the impetus.
Contract reviews in the national accounts segment assisted margin management. Smart Food, the subsidiary that serves 
Asian restaurants, is expanding its geographic reach. Our Food & Wine subsidiary continues to grow its wine sales and is
expanding into spirits.

Iberia (Spain and Portugal) performance is below expectations. However, steady progress is being made internally on
improving the business platforms and systems. The Barcelona region is still performing poorly, offset by good growth in
Madrid and Lisbon. Focus remains on growing the independent customer-base. Restructuring of the legacy Food4 business
impacted profitability. Frustock (Portugal) and newly acquired Igartza performed well. 

Baltics achieved pleasing sales growth, driven by strong foodservice performance. Operations in both Latvia and
Lithuania recorded a profit. Construction of the new depot in Kaunas is progressing well.

Germany continued to underperform. Horeca sales rose and national accounts ticked higher, though expenses remained too
high. Additional management support has been deployed to assist our local operators. This remains a medium-term market
opportunity for us. We need to structure the base before attempting expansion.

Emerging Markets
This segment continues to navigate the challenging economic and political headwinds in these developing jurisdictions.
Even so, overall revenue was up 9,1% to R10,7 billion (H1F2018: R9,8 billion), with trading profit down 13,6% at 
R502,0 million (H1F2018: R581,3 million), largely due to the impact of the mainland China results.

Africa was impacted by a challenged performance at Crown Food Group (CFG) as recovery by the processed meats sector
after last year's listeriosis crisis proved slow. Bidfood and Chipkins Puratos (CP), our 50% equity-accounted JV,
delivered excellent results, despite consumer pressure and cost rises well above food inflation. All businesses grew 
volumes in targeted channels, but margins are under pressure. Bidfood secured further street trade gains. National accounts
declined slightly, but industrial catering sales rose. Sales through the MyBidfood ecommerce platform continue to expand. 
Our private and exclusive labels remain a differentiator in the market. At CFG, the Six Bar acquisition has been integrated
into the business. CP grew across most channels, bolstered by good sales of own-manufactured products. Its
state-of-the-art wet plant opens soon.

Greater China faced pressures as the economy slowed. Some sales gains were registered. Margins slipped and profit fell
as expenses moved significantly higher as we expanded our product offering following the loss of our cornerstone dairy
products agency. This loss was unpreventable, the principal (a large New Zealand dairy company) made the strategic
decision to insource the selling function and outsource only the distribution component, which is not the type of activity 
we choose to be involved in. The Guangzhou and Shanghai operations were under particular pressure in adjusting to the loss
of the dairy agency. Miumi, the Japanese food business, put in a strong showing. The second quarter 'festival effect'
boosted Hong Kong and Macau.

Work continued on the further diversification of the product mix. Hong Kong and Macau plan to continue the introduction 
of new brands while stepping up investment in production centres. The hotel and restaurant channel and Chinese cuisine
are focus areas for mainland operations. The business is now poised to resume its growth strategy, with the aim of
repeating the performance levels seen in the previous 10 years.

Singapore achieved modest sales gains, but operating profit was slightly lower as a result of our Vietnam startup
costs. The Vietnam JV became operational late in the period. Our Singapore business is now performing better after being
transformed into a more traditional foodservice operation. Malaysia performed well, growing sales and margins.

Chile exceeded expectations. Volumes benefited from the October acquisition of Foodchoice. Organic growth remained the
biggest driver, supported by contributions from the Viña del Mar branch. Sales from two more branches (Foodchoice
Temuco and Antofagata) added to momentum. 

Brazil achieved strong sales growth. Both the Irmaos Avelino and Mariusso components of the business reported solid
gains as the foodservice sector benefited from a more positive consumer mood following national elections. Gains were
underpinned by productivity improvements and the introduction of enhanced technology and reporting tools. We began the
launch of own brand products in numerous categories, drawing on the experience of Group businesses around the world.

Middle East sales and profit exceeded expectations while margins improved. Operating expenditure was well managed.
Dubai was under pressure. However, Abu Dhabi did well. Al Diyafa, the Saudi Arabian JV, recorded pleasing results, 
driven by new account gains and a better product sales mix. 

Turkey recorded big sales gains. Trading profit lagged budget but was up on the comparative period. Izmir-based EFE
put in an exceptional performance. Expenses were well controlled, but the weak Turkish lira drove some distribution costs
higher.
 
BL Berson
Chief executive

DE Cleasby
Chief financial officer


Dividend declaration
In line with the Group dividend policy, the directors declared an interim gross cash dividend of 310,0 cents (248,0 cents
net of dividend withholding tax, where applicable) per ordinary share for the half-year ended December 31  2018 to those
members registered on the record date, being Friday, March 22  2019. 

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:          310,0 cents               
Net dividend amount per share:                 248,0 cents               
Issued shares at declaration date ('000):      335 404                        
Declaration date:                              Wednesday, February 20  2019    
Last day to trade cum dividend:                Monday, March 18  2019      
First day to trade ex dividend:                Tuesday, March 19  2019     
Record date:                                   Friday, March 22  2019      
Payment date:                                  Monday, March 25  2019      

Share certificates may not be dematerialised or rematerialised between Tuesday, March 19  2019 and 
Friday, March 22  2019, both days inclusive.

For and on behalf of the board

AK Biggs
Company secretary

Johannesburg
February 20  2019


Basis of presentation of the condensed interim consolidated financial statements 
The condensed interim consolidated financial statements have been prepared in accordance with the JSE Limited Listings
Requirements for interim reports, and the requirement of the Companies Act of South Africa applicable for condensed
interim consolidated financial statements. The Listings Requirements require interim 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 include disclosure as required by IAS 34:
Interim Financial Reporting and the Companies Act of South Africa. The accounting policies applied in the preparation of 
the condensed interim consolidated financial statements from which the condensed interim consolidated financial statements
were derived are in terms of IFRS and are consistent with those accounting policies applied in the preparation of the
previous consolidated annual financial statements.

In preparing these interim condensed consolidated financial statements, management make judgements, estimates and
assumptions that affect the application of accounting policies and the reported amounts of assets and liabilities, income
and expense. Actual results may differ from these estimates.

Acquisitions
The Group made a number of small acquisitions during the period, namely:
- Igartza, S.L. (Spain)
- D&D S.p.A. (Italy) - acquired remaining 30%
- Foodchoice (Chile)
- Six Bar Trading 409 CC (South Africa)
- KBC Foods (Australia)

These acquisitions form part of the Group's strategic expansion plans in the international foodservice industry. 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. Total investment in acquisitions was R337,5 million, and their
contribution to revenue and trading profit for the half-year ended December 31  2018 was R195,2 million and R11,0 million
respectively. There were no significant contingent liabilities identified in the businesses acquired. 

Financial instruments
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 (ie as prices) or indirectly (ie 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 liabilities
                                                   Puttable                                      Puttable      
                                                       non-                                          non-      
                                                controlling                   Vendors for     controlling   Vendors for  
R000s                                             interests    Investments    acquisition       interests   acquisition          Total    
December 31  2018                                                                                                                      
Financial assets measured at fair value                   -         78 410              -               -             -         78 410    
Financial liabilities measured at fair value       (305 106)             -       (299 461)     (1 155 977)      (55 469)    (1 816 013)   
December 31  2017                                                                                                                      
Financial assets measured at fair value                   -         61 911              -               -             -         61 911    
Financial liabilities measured at fair value       (411 648)             -        (66 270)     (1 017 736)     (283 911)    (1 779 565)    
June 30  2018                                                                                                                          
Financial assets measured at fair value                   -         56 288              -               -             -         56 288    
Financial liabilities measured at fair value       (356 522)             -       (300 315)     (1 122 068)     (234 709)    (2 013 614)    
                                                                                                            
Fair value                                          Level 1        Level 2        Level 3           Total   
December 31  2018                                                                                           
Financial assets measured at fair value                   -          6 167         72 243          78 410   
Financial liabilities measured at fair value              -              -     (1 816 013)     (1 816 013)  
December 31  2017                                                                                           
Financial assets measured at fair value                   -          8 163         53 748          61 911   
Financial liabilities measured at fair value              -              -     (1 779 565)     (1 779 565)  
June 30  2018                                                                                               
Financial assets measured at fair value                   -              -         56 288          56 288   
Financial liabilities measured at fair value              -              -     (2 013 614)     (2 013 614)  


                                                                                                    Inter-relationship between significant     
Valuation technique                        Significant unobservable inputs                          unobservable inputs and fair value measurement
The expected payments are determined       - EBITDA growth rates: 5% - 15% (H1F2018: 10% - 23%)     The estimated fair value would increase (decrease) if: 
by considering the possible scenarios      - EBITDA multiples: 5,5x - 8,5x (H1F2018: 4,8x - 7x)     - the EBITDA were higher (lower); or                   
of forecast EBITDAs, the amount to         - Risk-adjusted discount rate: 0,5% - 9,0%               - the risk-adjusted discount rate were lower (higher).
be paid under each scenario and the          (H1F2018: 1,99% - 5,0%) 
probability of each scenario. The          
valuation models consider the present 
value of expected payment, discounted 
using a risk-adjusted discount rate.


Discontinued operations 
In December 2017, management committed to a plan to discontinue the UK Contract Distribution (CD) business 
segment which operates in the United Kingdom. By June 30  2018, Bidcorp was close to finalising its proposed 
exit from this non-core segment. Costs associated with this anticipated exit were substantially provided for 
and any further costs are unlikely to be significant. The CD business segment is a component of the Group's 
United Kingdom business, the operations and cash flows of which can be clearly distinguished from the rest 
of the Group. Post June 30  2018, the prospective purchaser of the CD business notified Bidcorp that for 
its own internal reasons, it has decided not to proceed with the transaction. The CD business remains a 
non-core activity in respect of Bidcorp's global foodservice operations. Accordingly, Bidcorp pursued 
alternative exit proposals, and has engaged in a formal sale process, managed by independent advisers. 
The sale process is ongoing at December 31  2018.

PCL's (dairy distribution business for Arla) performance for the half year was disappointing. Towards the end 
of 2018, following a dispute with Arla,management committed to exit the PCL business by either selling the PCL 
transport operations to Arla or to close down the PCL business. Heads of Terms are being negotiated with Arla, 
and the sales process is ongoing at December 31  2018. An outcome is expected to be finalised before June 2019. 
Further costs associated with the exit will be incurred in the second half of the financial year, including
trading losses and vehicle fleet disposal costs.

The results of the discontinued operations included in the Group's results are detailed below:

                                                                         December 31                June 30    
                                                                                      2017             2018    
                                                                     2018        Unaudited        Unaudited    
R000s                                                           Unaudited     Re-presented*    Re-presented*    
Revenue                                                         9 620 844       11 073 688       19 408 282    
Cost of revenue                                                (8 227 118)      (9 582 438)     (16 686 301)   
Gross profit                                                    1 393 726        1 491 250        2 721 981    
Operating expenses                                             (1 469 355)      (1 579 080)      (3 353 932)   
Trading loss                                                      (75 629)         (87 830)        (631 951)   
Share-based payment expense                                        (1 601)          (1 582)          (3 110)   
Net capital items                                                (470 376)            (811)        (145 545)   
Operating loss                                                   (547 606)         (90 223)        (780 606)   
Net finance charges                                                (5 610)          (3 389)          (8 459)   
Finance income                                                          -                2               45    
Finance charges                                                    (5 610)          (3 391)          (8 504)   
Loss before taxation                                             (553 216)         (93 612)        (789 065)   
Taxation                                                           98 205           19 065          126 352    
Loss for the period from discontinued operations                 (455 011)         (74 547)        (662 713)   

The following adjustments to profit attributable to 
shareholders were taken into account in the calculation 
of headline loss:
Loss attributable to shareholders of the Company from 
discontinued operations                                          (455 011)         (74 547)        (662 713)   
Net impairments                                                   389 359              657          145 394    
Intangible assets                                                 465 010                -                -    
Property, plant and equipment                                       5 366              811            3 408    
Goodwill                                                                -                -          142 137    
Taxation relief                                                   (81 017)            (154)            (151)   
Headline loss from discontinued operations                        (65 652)         (73 890)        (517 319)   
Discontinued operations (cents)                                                                                
Basic loss per share                                               (136,6)           (22,4)          (199,2)   
Diluted loss per share                                             (136,3)           (22,4)          (198,6)   
Headline loss per share                                             (19,7)           (22,2)          (155,5)   
Diluted headline loss per share                                     (19,7)           (22,2)          (155,0)   
* Refer to 'Preparation and results' note

                                                                          December 31               June 30    
                                                                     2018             2017             2018    
R000s                                                           Unaudited        Unaudited          Audited    
Effect of the discontinued operations on the statement 
of financial position of the Group                                        
Assets classified as held-for-sale                              3 473 095        2 402 441        2 590 657    
Property, plant and equipment                                     313 467          219 769          212 090    
Intangible assets                                                   4 525            6 081            7 437    
Deferred tax asset                                                  7 752              499            1 338    
Inventories                                                       466 982          469 322          428 733    
Trade and other receivables                                     1 959 650        1 684 627        1 161 229    
Investments and loans                                                 445                -              440    
Taxation                                                          126 007           22 143          101 043    
Cash and cash equivalents                                         594 267                -          678 347    
Liabilities classified as held-for-sale                         3 403 101        2 751 815        2 613 207    
Deferred tax liability                                             10 906           12 069            6 476    
Long-term portion of provisions                                   183 847           52 313           30 013    
Trade and other payables                                        3 114 250        2 501 452        2 576 718    
Short-term portion of provisions                                   94 098           21 839                -    
Bank overdrafts                                                         -          164 142                -    

                                                                       December 31                  June 30    
                                                                                      2017             2018    
                                                                     2018        Unaudited        Unaudited    
R000s                                                           Unaudited     Re-presented*    Re-presented*    
Cash flows from discontinued operations                                                                        
Net operating cash flows from discontinued operations            (287 161)         105 143           51 273    
Net investing cash flows from discontinued operations              (7 526)          (5 445)         (16 319)   
Net (decrease) increase in cash and cash equivalents             (294 687)          99 698           34 954    


Preparation and results
These half-year ended December 31 results have not been audited or reviewed by the Group's auditors. The 
condensed interim 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 February 19  2019.

The consolidated statement of profit or loss, consolidated statement of cash flows, segmental analysis and 
related notes have been re-presented as a result of classifying the remaining UK logistics activities, PCL, 
as a discontinued operation in the 2019 interim period, together with the related notes.

As a result of this disclosure change, the June 30  2018 consolidated statement of profit or loss, consolidated 
statement of cash flows, segmental analysis and related notes have been described as "unaudited" in the 2019 
interim financial statements contained herein.

The adoption of IFRS 9: Financial Instruments and IFRS 15: Revenue from Contracts from Customers, which became 
effective from July 1  2018, has not had a material impact on the financial position or performance of the Group. 
No transition adjustments have been processed to retained earnings.

IFRS 16: Leases will be adopted by the Group with effect from July 1  2019. Management's initial assessment of 
IFRS 16 is that it will have an impact on the following areas (but not limited to):
- an overall increase in the Group's total assets, net debt and debt/equity ratio due to the inclusion of the
  lease liability on statement of financial position;
- higher trading profit due to an element of the operating lease charge being disclosed as a finance charge; 
  and
- higher finance charges and lower trading interest cover levels due to the finance element of the current 
  lease charge being moved to the finance charges line on the statement of profit or loss.


Exchange rates
The following exchange rates were used in the conversion of foreign interests and foreign transactions 
during the periods:
                                                                         December 31                  June    
                                                                     2018             2017            2018    
                                                                Unaudited        Unaudited         Audited    
Rand/Sterling                                                                                                 
Closing rate                                                        18,29            16,67           18,06    
Average rate                                                        18,34            17,65           17,27    
Rand/Euro                                                                                                     
Closing rate                                                        16,49            14,80           16,00    
Average rate                                                        16,32            15,74           15,30    
Rand/Australian dollar                                                                                        
Closing rate                                                        10,15             9,65           10,15    
Average rate                                                        10,26            10,43            9,94    


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. 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 H1F2018 average rand 
exchange rates to the H1F2019 foreign subsidiary income statements and recalculating the reported income of the 
Group for the period.
                                                                For the half-year ended December 31
                                                                                                       Illustrative  
                                                                                                       2018 at 2017  
                                                                                                            average  
                                                                   2018           2017           %         exchange         %     
R000s                                                         Unaudited      Unaudited      change            rates    change    
Continuing operations                                                                                                          
Revenue                                                      66 413 585     60 873 527         9,1       65 007 423       6,8    
Trading profit                                                3 277 347      3 025 266         8,3        3 220 854       6,5    
Headline earnings                                             2 332 642      2 131 786         9,4        2 286 551       7,3    
Headline earnings per share (cents)                               700,2          641,0         9,2            686,3       7,1    
Constant currency per segment from 
continuing operations
Revenue
Australasia                                                  16 047 837     15 864 241         1,2       16 268 930       2,6    
United Kingdom                                               17 208 760     15 637 658        10,0       16 559 783       5,9    
Europe                                                       22 451 594     19 555 009        14,8       21 665 880      10,8    
Emerging Markets                                             10 705 394      9 816 619         9,1       10 512 830       7,1    
                                                             66 413 585     60 873 527         9,1       65 007 423       6,8    
Trading profit                                                                                                                 
Australasia                                                     980 922        937 090         4,7          994 507       6,1    
United Kingdom                                                  856 706        726 463        17,9          824 398      13,5    
Europe                                                          979 866        816 982        19,9          944 695      15,6    
Emerging Markets                                                501 993        581 252       (13,6)         498 326     (14,3)    
Corporate office                                                (42 140)       (36 521)                     (41 072)              
                                                              3 277 347      3 025 266         8,3        3 220 854       6,5    
Average exchange rates are calculated using the arithmetic mean of the daily exchange rates over the reporting period. 


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, RosebankSouth Africa, 2196

Independent auditor
PricewaterhouseCoopers
Registration number: 1998/012055/21
Waterfall City, 4 Lisbon Lane, Jukskei View
Midrand, 2090

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

February 20  2019
Date: 20/02/2019 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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