| |
|
|
In
accordance with IFRS |
|
|
|
|
|
|
|
In
terms of previous Gaap (4) |
|
|
|
|
|
|
|
|
|
|
|
| |
15 year
compound
growth rates
% per annum |
|
2006 |
2005 |
|
|
2005 |
|
|
2004 |
2003 |
2002 |
|
|
2001 |
2000 |
1999 |
1998 |
|
|
1997 |
1996 |
1995 |
1994 |
|
|
1993 |
1992 |
1991 |
| Extract from financial statements (R’000) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Revenue |
41,8 (5) |
|
77
276 491 |
62 811 776 |
|
|
62 811 776 |
|
|
51 262 212 |
47 073 375 |
41 950 388 |
|
|
29 415 011 |
26 427 620 |
14 646 145 |
7 432 920 |
|
|
5 069 948 |
4 166 682 |
3 432 155 |
2 560 707 |
|
|
775 206 |
595 994 |
411 694 |
| Trading profit |
36,2 (5) |
|
3
657 000 |
3 046 108 |
|
|
3 164 646 |
|
|
2 544 074 |
2 239 662 |
2 012 611 |
|
|
1 422 212 |
1 215 222 |
712 230 |
493 051 |
|
|
276 843 |
216 111 |
165 243 |
115 622 |
|
|
68 461 |
58 075 |
35 377 |
| Attributable profit |
39,1 (5) |
|
2
388 717 |
1 961 231 |
|
|
2 054 193 |
|
|
1 531 868 |
1 334 552 |
1 231 041 |
|
|
1 035 466 |
884 148 |
659 573 |
400 872 |
|
|
214 249 |
165 577 |
123 751 |
88 602 |
|
|
35 745 |
25 071 |
16 898 |
| Shareholders’ interest |
|
|
8
928 995 |
7 468 866 |
|
|
7 388 482 |
|
|
5 998 413 |
5 353 416 |
5 563 617 |
|
|
3 860 494 |
3 028 819 |
2 985 433 |
2 803 898 |
|
|
1 758 311 |
802 451 |
602 358 |
499 657 |
|
|
430 522 |
134 156 |
107 064 |
| Net debt |
|
|
1
452 089 |
988 738 |
|
|
944 597 |
|
|
674 071 |
– |
– |
|
|
– |
– |
– |
– |
|
|
– |
– |
– |
– |
|
|
– |
46 121 |
– |
| Cash generated by operations |
|
|
4
490 358 |
4 200 449 |
|
|
3 977 293 |
|
|
3 760 849 |
2 666 695 |
2 751 675 |
|
|
1 558 774 |
1 282 688 |
859 256 |
491 126 |
|
|
297 814 |
277 035 |
113 811 |
125 146 |
|
|
45 708 |
59 691 |
23 216 |
| Total assets |
|
|
27
994 501 |
21 123 331 |
|
|
20 894 966 |
|
|
18 021 382 |
14 592 486 |
15 117 104 |
|
|
9 741 970 |
8 134 879 |
7 680 848 |
4 101 777 |
|
|
3 251 061 |
1 583 321 |
1 188 202 |
980 743 |
|
|
747 401 |
388 563 |
321 639 |
| Total wealth created |
|
|
13
911 592 |
11 955 216 |
|
|
11 744 777 |
|
|
10 230 550 |
9 247 324 |
7 441 092 |
|
|
5 079 614 |
4 515 614 |
2 692 295 |
1 610 681 |
|
|
899 879 |
696 702 |
524 636 |
412 828 |
|
|
224 924 |
175 299 |
104 350 |
| Share and debentures statistics |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Headline earnings per share (cents) (1) |
25,8 (5) |
|
804,6 |
656,4 |
|
|
686,6 |
|
|
544,0 |
463,5 |
432,8 |
|
|
365,2 |
309,7 |
243,0 |
171,2 |
|
|
124,9 |
102,6 |
77,8 |
58,1 |
|
|
38,1 |
28,0 |
25,6 |
| Distribution per share (cents) (2) |
26,0 |
|
369,0 |
306,0 |
|
|
306,0 |
|
|
250,2 |
220,0 |
190,0 |
|
|
169,2 |
150,3 |
127,3 |
101,3 |
|
|
70,8 |
56,1 |
43,0 |
30,2 |
|
|
21,0 |
16,4 |
11,5 |
| Distribution cover (times) (2) |
|
|
2,2 |
2,1 |
|
|
2,2 |
|
|
2,2 |
2,1 |
2,3 |
|
|
2,2 |
2,1 |
1,9 |
1,7 |
|
|
1,8 |
1,8 |
1,8 |
1,9 |
|
|
1,8 |
1,7 |
2,2 |
| Distribution yield (%) |
|
|
3,7 |
4,2 |
|
|
4,2 |
|
|
4,8 |
5,1 |
4,1 |
|
|
3,4 |
3,2 |
2,5 |
2,2 |
|
|
2,0 |
2,2 |
2,3 |
2,1 |
|
|
2,7 |
4,1 |
4,1 |
| Net tangible asset value per share (cents) |
20,5 (5) |
|
1
814 |
1 542 |
|
|
1 604 |
|
|
1 330 |
1 549 |
1 569 |
|
|
1 186 |
1 046 |
1 042 |
1 135 |
|
|
771 |
438 |
343 |
292 |
|
|
258 |
136 |
111 |
| Share price (cents) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| high |
|
|
11
650 |
8 100 |
|
|
8 100 |
|
|
5 620 |
4 800 |
5 200 |
|
|
5 200 |
6 550 |
5 400 |
5 980 |
|
|
3 535 |
2 956 |
2 000 |
1 470 |
|
|
780 |
400 |
283 |
| low |
|
|
7
200 |
5 195 |
|
|
5 195 |
|
|
4 100 |
3 970 |
3 980 |
|
|
4 075 |
3 620 |
2 910 |
3 250 |
|
|
2 275 |
1 838 |
1 450 |
780 |
|
|
343 |
250 |
180 |
| closing (June 30) |
26,8 |
|
9
875 |
7 270 |
|
|
7 270 |
|
|
5 250 |
4 300 |
4 600 |
|
|
5 010 |
4 680 |
5 040 |
4 525 |
|
|
3 500 |
2 590 |
1 875 |
1 470 |
|
|
780 |
400 |
280 |
| Market capitalisation (Rm’s) (6) |
36,7 |
|
29
541 |
21 768 |
|
|
21 768 |
|
|
16 570 |
13 462 |
14 316 |
|
|
14 821 |
13 555 |
14 435 |
11 181 |
|
|
7 968 |
4 681 |
3 294 |
2 502 |
|
|
1 301 |
391 |
271 |
| Volumes traded (000’s) |
|
|
206
156 |
166 720 |
|
|
166 720 |
|
|
160 233 |
156 731 |
125 566 |
|
|
99 096 |
104 122 |
89 262 |
64 413 |
|
|
26 456 |
13 997 |
8 140 |
11 061 |
|
|
1 186 |
4 877 |
1 247 |
| Volume traded as % of weighted number of shares |
|
|
68,7 |
55,1 |
|
|
55,1 |
|
|
53,3 |
50,9 |
42,0 |
|
|
34,0 |
36,1 |
32,9 |
27,5 |
|
|
14,2 |
7,8 |
4,7 |
6,5 |
|
|
1,1 |
5,0 |
1,8 |
| Ratios and statistics |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Return on total shareholders’ interest (%) |
|
|
32,0 |
31,8 |
|
|
34,2 |
|
|
28,6 |
24,0 |
31,9 |
|
|
34,2 |
29,6 |
23,5 |
22,8 |
|
|
26,7 |
27,5 |
24,8 |
20,6 |
|
|
26,6 |
23,4 |
68,6 |
| Return on average funds employed (%) (3) |
|
|
54,1 |
53,5 |
|
|
55,0 |
|
|
53,6 |
48,9 |
56,8 |
|
|
43,6 |
41,7 |
40,4 |
37,2 |
|
|
53,9 |
57,6 |
58,8 |
48,9 |
|
|
29,0 |
28,2 |
37,9 |
| Operating profit margin (%) |
|
|
4,7 |
4,8 |
|
|
5,0 |
|
|
5,0 |
4,8 |
4,8 |
|
|
4,8 |
4,6 |
4,9 |
6,6 |
|
|
5,5 |
5,2 |
4,8 |
4,5 |
|
|
8,8 |
9,7 |
8,6 |
| Current asset ratio |
|
|
1,1 |
1,1 |
|
|
1,1 |
|
|
1,1 |
1,3 |
1,2 |
|
|
1,2 |
1,1 |
1,2 |
2,8 |
|
|
2,0 |
2,0 |
1,9 |
1,8 |
|
|
2,0 |
2,5 |
1,7 |
| Quick asset ratio |
|
|
0,8 |
0,7 |
|
|
0,7 |
|
|
0,8 |
1,0 |
0,9 |
|
|
0,9 |
0,8 |
0,9 |
2,1 |
|
|
1,5 |
1,5 |
1,5 |
1,4 |
|
|
1,5 |
1,4 |
1,0 |
| Number of employees |
|
|
93
325 |
89 737 |
|
|
89 737 |
|
|
81 931 |
70 754 |
66 879 |
|
|
54 251 |
50 941 |
50 132 |
31 420 |
|
|
30 001 |
21 506 |
14 970 |
14 117 |
|
|
4 749 |
4 784 |
2 226 |
| Number of shares in issue (000’s) (6) |
|
|
299
154 |
299 421 |
|
|
299 421 |
|
|
302 156 |
302 679 |
311 217 |
|
|
295 821 |
289 638 |
286 418 |
247 095 |
|
|
228 027 |
183 041 |
175 701 |
171 131 |
|
|
166 775 |
98 552 |
96 266 |
| Number of weighted shares in issue (6) |
|
|
299
976 |
302 700 |
|
|
302 700 |
|
|
300 643 |
308 116 |
299 089 |
|
|
291 599 |
288 554 |
271 483 |
234 090 |
|
|
186 779 |
179 895 |
173 306 |
169 121 |
|
|
105 217 |
97 028 |
69 092 |
 |
| Notes |
| (1) |
Based on weighted average number
of shares in issue. |
| (2) |
Includes interim dividend paid,
capitalisation issues at market value, distributions of
share premium and final distributions approved after year-end. |
| (3) |
Return on average funds employed
is calculated using the weighted average of the Group’s
operating assets, excluding cash, and operating income
before capital items, interest and taxation. |
| (4) |
The comparative figures have been
restated to account for the various changes in accounting
policies over the period to comply with SA GAAP but not
for IFRS purposes. Periods prior to June 30 2003 have
not been restated for the effect of the recent changes
in interpretation of the accounting statements. |
| (5) |
Prior year amounts have not been
restated to take account of changes to accounting policies
as a result of the adoption of IFRS in the 2006 and 2005
years. Comparative information for the 1991 to 2005 years
in accordance with the previous SA GAAP is provided for
information and comparative purposes. |
| (6) |
The number of shares in issue has
been reduced by the treasury shares held by a subsidiary
company. |
|
|
|
|
|
|
| |
| 2006 |
| Acquired 100% of Netherlands foodservice
company, Deli XL and a controlling stake in Horeca Trade,
a small Dubai-based foodservice distributor. Concluded
sale of Dartline Shipping for £58,9 million (R650
million) and loss-making Lithotech France. Global footprint
expanded through investment to develop and operate Mumbai
International Airport. Non-executive component of the
board strengthened. |
| |
| 2005 |
| Cyril Ramaphosa takes the reins as
chairman. Successful buyout of Bidcorp plc minority interest.
Acquisition of 20% of Tiger Wheels. G. Fox acquired. |
|
|
|
|
| 2004 |
| R2,1 billion BEE transaction for 15% of Bidvest
with Dinatla finalised. McCarthy, South Africa ’s second
largest motor retailer, acquired for R980 million. Acquisition
of minority interests of Bidvest plc. |
| |
| 2003 |
| Danel, the largest business forms manufacturing
and distribution operation in France, acquired and renamed Lithotech
France. The Bidvest Academy, a Group training and development
programme, launched. Ground-breaking black economic empowerment
initiative with Dinatla Investment Holdings announced. Small
strategic foodservice acquisitions in the United Kingdom, Australian
and New Zealand markets. |
| |
| 2002 |
| Acquisition of 56,7% of LSE-listed Jacobs
Holdings plc, which was renamed Bidcorp plc, to form the base
for the international expansion of Bidfreight. Paragon acquired
and merged with Lithotech. Remaining 68% of Voltex acquired
to form part of the Commercial Products division. The minority
shareholding in I-Fusion acquired. |
| |
|
|
|
| 2001 |
| John Lewis Foodservice acquired and incorporated
into Bidvest Australia, creating the leading foodservice distributor
in Australia. The Group wide-area-network, Bidnet, developed
by I-Fusion. mymarket.com, Bidvest’s e-commerce initiative,
launched. |
| |
| 2000 |
| Acquisition of Island View Storage. Banking
licence granted to Rennies Bank and 77% of I-Fusion acquired.
Bidvest plc enters the New Zealand foodservice market with the
acquisition of Crean Foodservice, renamed Crean First for Foodservice. |
| |
| 1999 |
| Booker Foodserve, renamed 3663 First for
Foodservice, acquired by Bidvest plc. Acquisition of Rennies
Group. |
| |
| 1998 |
| Bidvest plc, incorporating Bidvest Australia,
was created with dual listings in Australia and Luxembourg.
Acquisition of Lithotech. |
|
|
|
| 1997 |
| 100% of Waltons Group acquired, Bid Corporation
unbundled and Bidvest incorporated into the JSE industrial index. |
| |
| 1996 |
| Empowerment programmes begin with Women Investment
Portfolio Holdings and Worldwide African Investment Holdings
each acquiring a 5% shareholding in Bid Corporation. |
| |
| 1995 |
| First steps to international expansion taken
– 50,1% of Australian Stock Exchange-listed Manettas acquired
and renamed Bidvest Australia. |
| |
| 1994 |
| Rights offer raises R300 million, 10-for-1
share sub-division. |
|
|
|
| 1993 |
| Safcor Freight acquired – the start
of Bidfreight. Prestige Cleaning Services acquired and grouped
with Steiner to form Bidserv. |
| |
| 1992 |
| Crown Food Holdings acquired and merged with
National Spice to form Crown National. |
| |
| 1991 |
| Acquisition of Steiner Services – beginning
of the hygiene services business. |
| |
| 1990 |
| Bid Corporation becomes the pyramid holding
company of Bidvest. |
| |
| 1989 |
| Acquisition of Afcom. |
| |
| 1988 |
| Chipkins, the first acquisition, followed
shortly therafter by Seaworld. The start of the Bidfood. |
|
|
