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Financial highlights and results
Our Group in brief
Consolidated segmental analysis
Performance at a glance
External appraisals
Global footprint
Chairman’s statement
Chief executive’s report
Financial director’s report
Review of operations
Summarised sustainability report
Corporate governance
Financial statements
Management directory
Shareholders’ diary
AGM notice and proxy
Financial director’s report
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Two substantial acquisitions were completed – Angliss and Viamax – though the Viamax transaction will be effective in September 2007
For 18 years, annual compound growth in headline earnings per share has exceeded 25%
Cash flows generated by operations remain strong at R4,2 billion
Wealth creation of R17,0 billion (R14,1 billion) was registered
Income attributable to shareholders rose 13,0% to R2,7 billion (R2,4 billion)
Basic earnings per share growth of 12,9% to 899,4 cents
The stance on debt remains conservative, creating capacity for further acquisitions and continued infrastructure investment
Our trading results were solid, reflecting good contributions from our Australasian operations backed by strong results from our South African businesses, particularly Bid Industrial and Commercial Products.

Interest paid on borrowings increased significantly, impacted by the full effect of the 250 basis point increase, increased working capital and capital expenditure to fund growth combined with weaker asset management.

Two significant acquisitions were concluded: the purchase of Angliss, a leading Asian foodservice business, and the purchase in South Africa of the Transnet-owned Viamax fleet management and leasing business. The Angliss transaction had no material affect on overall results in 2007. Organic growth and ongoing efficiency gains drove Bidvest’s performance, resulting in trading profit of R4,5 billion and revenue growth of 23,8% to R95,7 billion.

Headline earnings per share were pleasing at 970,0 cents (2006: 804,6 cents). Basic earnings per share growth of 12,9% to 899,4 cents was impacted by the impairment of the Group’s investment in Tiger Wheels Limited of R178,3 million. Tiger Wheels Limited was suspended on the JSE, SA following the announcement that its 74%-owned subsidiary, ATS, was unable to gather support from its funders to continue operating.
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