Audited Results

1
Audited Results

• For the twelve months ended
• June 30 2005

2
Agenda

• Introduction
• Financial Results
• Divisional Results
• Group Matters
• Outlook

3
Introduction
4
Results Summary

• Revenue 22,5 to R62,8bn
• Trading income 24,4 to R 3,2bn
• Headline earnings 27,1 to R 2,1bn
• HEPS 26,2 to
  686,6cps
• (29 in H1 23 in H2)
• DPS 22,3 to 306,0cps
• ROFE 51 in 2004 vs 55 in 2005

Note F2005 accounts not prepared i.t.o. IFRS
H1 includes first time contributions from
McCarthy and acquired minorities, whereas H2 2005
is materially comparable to H2 2004
5
Financial Results
6
Consolidated Income Statement
Year ended June 30 2005
7
Segmental Performance
Lithotech France R15,0m loss in H1 vs R4,5m
profit in H2
8
Consolidated Income Statement
Year ended June 30 2005
2005 in constant currency Avg R/ 11.94
Actual Avg R/ 11.53
Actual Avg R/ 11.94
9
Consolidated Income Statement
Year ended June 30 2005
2005 in constant currency Avg R/ 11.94
Actual Avg R/ 11.53
Actual Avg R/ 11.94
10
Consolidated Income Statement
Year ended June 30 2005
2005 in constant currency Avg R/ 11.94
Actual Avg R/ 11.53
Actual Avg R/ 11.94
Trading Margins
Bidvest plc margins 3.1 in 2004 vs 2.9 in 2003
2.7
Offshore
Offshore margins include a R21.8m loss from
Bidcorp plc and a R17.0m loss from Lithotech
France
11
Consolidated Income Statement
Year ended June 30 2005
2005 in constant currency Avg R/ 11.94
Actual Avg R/ 11.53
Actual Avg R/ 11.94

• Net interest
• R0,29bn net debt offshore R0,75bn net debt in SA
  
• R2,6bn debt for McCarthy offshore minority
  acquisitions added /-R200m to interest bill,
  but more than offset at earnings line
• Interest cover 11x (15x in F2004)

12
Consolidated Income Statement
Year ended June 30 2005
2005 in constant currency Avg R/ 11.94
Actual Avg R/ 11.53
Actual Avg R/ 11.94
13
Consolidated Income Statement
Year ended June 30 2005
2005 in constant currency Avg R/ 11.94
Actual Avg R/ 11.53
Actual Avg R/ 11.94
14
Consolidated Income Statement
Year ended June 30 2005
2005 in constant currency Avg R/ 11.94
Actual Avg R/ 11.53
Actual Avg R/ 11.94
15
Consolidated Income Statement
Year ended June 30 2005
2005 in constant currency Avg R/ 11.94
Actual Avg R/ 11.53
Actual Avg R/ 11.94

• Earnings
• Total foreign headline earnings 22,7 of Group
  (21,3 in F2004)
• Dividend
• 16 enhancement in DPS due to Dinatla transaction
  
• Dividend policy /- 2x

16
Consolidated Balance Sheet
Year ended June 30
17
Consolidated Balance Sheet
Year ended June 30

• Net debt up to R2,1bn on payment for Deli XL
• bringing net debt funds employed from October
  2005 to 35,
• Delix XL pre-funded by issue of 18m (R1bn)
  Dinatla options
• Deli XL debt is at competitive pre-tax funding
  rate of 2,5
• McCarthy floor plan lease creditors R616m - short
  term debt of R382m interest free accounts
  payable of R234m

18
Consolidated Cash Flow Statement
19
Divisional Results
20
Services Bidfreight
Lasting leases

• Renegotiation signing of port leases secures
  tenure for extended periods
• Higher imports benefit Safcor Panalpina
• Terminals
• 23 drop in BMA volumes as rand and high Spoornet
  charges deter coal exports
• Wheat soya imports boost SABT
• IVS, largest contributor, held profits steady
• Good growth at RDS from specialised services
• Trade volumes good for SACD
• BPO down on lower exports Naval poor
• Strong recovery at Ships Agency
• Small profits at Manica despite regional
  instability

Rm Revenue
Rm Trading Income
16
3.6
3.4
21
Services - Bidfreight
Strategic imperatives prospects

• NPA leases renegotiated rental increases set
  against security of tenure over an extensive
  period
• NPA negotiations to handle wider range of product
  (BMA)
• PPP opportunities with NPA Transnet slow to
  materialise
• Confidence to proceed with capex R1bn budgeted
  for Terminals over three years
• Safcor Panalpina air import dominance to be
  complemented by planned
  focus on sea freight
• Marine emphasis on new principals in Liner
  and
  strategic alliances in Non-Liner

15
Current contr. to Group Trading Income
22
Services Bidcorp
Ships ahoy!
Rm Trading Income
Rm Revenue

• Shipping achieved small profit
• Dunkirk route closed, business right-sized, 2
  ships sold (capital items)
• Automotive in a cut-throat arena
• Rescue Recovery and Specialised Transport
  profitable
• 1.5m loss from Volume Distribution (UK
  France) divesting of unprofitable contracts
  potential bankruptcy of competitors

1.7
0.8

Trading margin
23
Services Bidcorp
Strategic imperatives prospects

• Intrinsic net asset value well exceeds book value
  (ships property)
• Shipping strategy and prospects
• Zeebrugge/Dartford route performing well
• Fuel prices a negative
• New materials handling equipment enhances
  efficiencies
• Automotive strategy and prospect
• Management committed to restoring profitability
  in Volume in F2006
• Strategic rationale of staying in industry under
  review
• Property Outsource strategy and prospects
• Dartford property plans linked to shipping
  relocation
• Car parking business reliant on Westminster City
  Council
  contract March 2006 one of two bidders

0.5
Current contr. to Group Trading Income
24
Services Bidserv
Acquisitive achievements
Rm Trading Income
Rm Revenue

• 41 growth in trading income (23 organic, 18
  acquisitive)
• Strong results from profit mainstays Cleaning and
  Hygiene
• Laundry leadership position profitability
  enhanced by timely capex
• Security more than doubles profits
• management actions in Guarding
• outperformance of IPS in its first full year
• doubling of profits in Electronics
• BidAviation flies thanks to EAS
• Sharp profit increase at Industrial Janitorial
  as G Fox acquisition kicks in

41
10.0
9.5
25
Services - Bidserv
Strategic imperatives prospects

• New Top Turf golf course construction unit
  promising potential
• Laundry world-class plant capability to underpin
  organic growth
• Security, third largest profit contributor
• Guarding on a firmer management and technology
  footing
• IPS positioned to deepen presence in banking
  market
• Intended Fedex merger with Supaswift (36 BVT
  stake) creates combined entity with branded
  domestic courier capability
• Annuity income reinforced by F2005 initiatives
• Bolt-on and complementary opportunities
  
  continually sought

9
Current contr. to Group Trading Income
26
Services Renfin
Zero is the new hero
Rm Trading Income
Rm Revenue

• Travel trading income (-27)
• Zero commission 1 May 2005 for SAA, other
  carriers phasing in
• Dust yet to settle - yields have improved but
  knee jerk price cutting and direct bookings are
  initial consequences
• Milestone travel now profitable pre-overrides,
  which fell 34
• Banking trading income (22)
• Low exchange rate volatility kept dealing margins
  on par with F2004
• Crime hammers insurance costs

-15
19.4
15.7
27
Services - Renfin
Strategic imperatives prospects

• Rennies a strong advocate of zero commission -
  positioning to take advantage of fee for
  service model
• Industry turmoil will create opportunities for
  consolidation
• Focus on collections, risk management,
  elimination of duplication
• Budgeting for recovery through F2006 in Travel
• Bank to retain focus on growing value add
  products such as cards, corporate FX and trade
  services

3
Current contr. to Group Trading Income
28
Foodservice Products International (UK)
Britannia way cool

• Profits up 14 to 45.7m record 3.6 margin
  despite moderating GDP growth and tougher trading
• Multi-temp scale economies, cost control
• FFC gross margins up sharply
• Swithenbank losses almost eliminated benefits of
  MOD contract
• CD strong result, with benefits from KFC
  effective March cost pressures from fuel and
  driver wages
• MOD ahead of budget but down on F2004 due to
  downscaling of activity in Kuwait
• Barton Meat loss increases to 2,1m
• Ongoing depot infrastructure programme

Rm Trading Income
Rm Revenue
16
3.6
3.2

Trading margin
29
Foodservice Products International (Australasia)
a sweet song from down under

• AUSTRALIA
• Trading income up 16 to A26.5m up 21 after
  disposal of Alice Springs
• Organic foodservice revenue growth 9.5
• Melbourne delivering but losses in Sydney
• Hospitality Supply rollout on track
• QSR (started October 03) into profit
• New Zealand
• Trading income up 75 to NZ 10.3m
• Organic revenue growth 24, acquisitions 5
• Small acquisitions in fresh and seafoods
• Crean housebrand e-commerce 10 of sales and
  growing

Rm Trading Income
Rm Revenue
20
2.9
2.7
30
Foodservice Products - International
Strategic imperatives prospects

• 3663
• Terrorist threat to UK
• Improved volumes ameliorate cost pressures
• KFC 150m p.a contract extension with Compass to
  2011
• Substantial improvement in Barton Meat budgeted
• Australia
• Opportunities to expand into WA (Perth)
• Improved performance in Sydney, fresh management
• Independent research foodservice development
  lags USA by 20 years
  Bidvest /- 15 market
  share, huge growth feasible
• Crean (New Zealand)
• Range extensions and geographic spread

22
Current contr. to Group Trading Income
Proforma contr. to Group Trading Income including
Deli XL 24)
31
Foodservice Products Caterplus (SA)
Slender
Rm Trading Income
Rm Revenue

• 11 revenue growth
• Strong consumer spending not translating into
  margin
• Catering Supplies Improved H2
• Frozen 14 down Contract logistics shed
  successes in street trade
• 3663 multi-temp business internal focus on
  integration slows progress
• Acquisition of Lufil Packaging
• Vulcan-Caars up 33 slower exports H2

11
8.7
8.7
32
Foodservice Products Caterplus (SA)
Strategic imperatives prospects

• Adaptation to deflation largely achieved
• Emergent middle class increasing leisure spend
• Continued adaptation of focus
• Frozen move to more independent business
• Leverage benefits of multi temperature concept
  (3663)
• New management with new focus
• Benefits of new contracts (i.e. Compass),
  expanded product
  range (Lufil) and customer branded food
  expansions (Vulcan) to be
  felt in 2006

6
Current contr. to Group Trading Income
33
Foodservice Products Combined Foods (SA)
Kneading some dough

Rm Trading Income
Rm Revenue

• Pricing pressure due to strong Rand, i.e. yeast
  imports
• Crown trading income up 25, despite deflation
  and export sales 26 down
• Spice ingredient volumes 23 up
• Continental Spice / Tari product ranges
  positively impact results
• IBI-Trimark Conti Spice strengthen bakery
  spice offering
• Bidbake H2 results disappoint
• Crown/Bidbake synergies yet to materialise

8
12.6
12.3
34
Foodservice Products Combined Foods (SA)
Strategic imperatives prospects

• Bidbake
• New facility to open up efficiency opportunities
• Yeast strategy to be finalised
• Internal focus on extracting synergies and
  efficiencies
• Leverage customers over scope of product range
• Crown well positioned to continue growth

4
Current contr. to Group Trading Income
35
Bidoffice - Office Products
Mighty Minolco
Rm Trading Income
Rm Revenue

• 38 profit increase at Automation
• Minolco securing annuity income streams new
  contracts
• Pressure from deflation in Stationery
  undercutting by competitors
• Stationery
• Waltons sales up 5 and profits flat Southern
  Gauteng underperformance being closely monitored,
  Northern Gauteng trading well
• Kolok maintains market share, unit volumes up 23
  profits down 21
• Office furniture flat overall

5
9.1
8.0
36
Bidoffice - Office Products
Strategic imperatives prospects

• Stationery and related improving mix margin
  though complementary promotional gifts and
  computer peripherals
• Improvement in Waltons Southern Gauteng
• New site for Kolok to capitalise on anticipated
  growth
• Minolta large contract wins in a strong trading
  environment

9
Current contr. to Group Trading Income
37
Bidoffice - Printing Paper Conversion
Sacré bleu
Rm Trading Income
Rm Revenue

• Lithotech France returns to profitability
• F2004 -R16,9m
• H1 2005 -R15,0m
• H2 2005 R4,5m
• Capacity mismatch successfully addressed, but
  requires intense focus
• Lithotech SA moving up the value chain to offset
  ex-growth products (R40m capex in F2004 supports
  growth)
• Statmark satisfactory
• Silveray down 35 - margins sacrificed to
  maintain market share reorganisation

-4
8.9
7.6
38
Bidoffice - Printing Paper Conversion
Strategic imperatives prospects

• Lithotech SA
• Dynamic business model adapts to changing
  technologies and customer preferences
• Investment in labels to grow market share
• Laser, mailing and electronic bill presentment
  enjoy significant success
• Refocused Silveray to deliver better F2006
  results
• Lithotech France
• Capacity cut-backs through plants closures in
  France UK
  underscore the expected turnaround

5
Current contr. to Group Trading Income
39
Bid Industrial Products
Luminary
Rm Trading Income
Rm Revenue

• Voltex
• 24 increase in trading income on a 15 rise in
  sales margin 6,7 (6,3)
• Stock building for strategic reasons
• Energy efficient luminaries for Eskom a positive
  impact
• Afcom
• Trading income up 10 3 rise in sales
• Deflation, import penetration
• Maintaining flexibility by selectively importing
  whilst maintaining manufacturing capability
• Buffalo Executape
• Trading income up 14 13 rise in sales

18
8.0
7.7
40
Bid Industrial Products
Strategic imperatives prospects

• Significant new contracts for electrical
  wholesale
• Operational objectives on track
• Building automation gathers momentum
• Eskom Demand Side Management in tandem with
  national energy saving programme a plus
• Infrastructure pipeline substantial
• Packaging Closures businesses optimistic
• Focus on the commercial market

8
Current contr. to Group Trading Income
41
Automotive - McCarthy
Awesome automotive

• 14 rise in revenue to R13.6bn, profits up 22 to
  R500m on like for like basis
• Slight easing in dealership profits countered by
  stellar Yamaha and Financial Services result
• Automotive dealerships
• 19 growth in new units to 41 556
• Flat used market of 31 047 units
• New vehicle price standstill (added value without
  cost) deflation in used
• Margin pressure in new and used
• Strong consumer economy benefits Yamaha full
  range
• McCarthy/WesBank JV book R3.7bn
• GAZ taxi partnership with SANTACO

Rm Trading Income
Rm Revenue
3.9
3.7
3.4
3.3
42
Automotive - McCarthy
Strategic imperatives prospects

• Socio-economic factors favour strongest
  automotive market in 25 years
• Possibility of market doubling over 5 years
• Mood of confidence nominal interest rates at a
  quarter century low increased affordability
• Previously disadvantaged individuals now
  commanding a 25 (and growing) share of new
  vehicle sales, often bypassing used market
• Vehicle ownership ratios in SA low in line with
  world average
• Group Initiatives
• Mega dealerships for new cars Renault marque
  added
• McCarthy Pre-owned 12 outlets, extra 8
  planned strategic priority
• Budget strongly positioned new van rental
• Yamaha full range offering
• GAZ taxi market potential promising
• Re-launched McCarthy Fleet Services
• Bidvest group synergies already unfolding

16
Current contr. to Group Trading Income
43
Corporate Services

• BNS a loss of R6m conditional sale
• Leases with fixed determinable escalation clauses
  now expensed on a straight line basis thru
  Investment Other Income line
• mymarket.com annual transaction R6bn breakeven
  on a cash basis
• Property rental income up 10
• Quality catches but Namsov profits sharply down
  on strong currency and fuel prices

Rm Trading Income
-3
2
Current contr. to Group Trading Income
44
Group Matters
45
Group Matters

• BEE update
• Bidvest share price increase assists funding
  prospects
• Relationship with Dinatla continues to develop
  and evolve
• Negation of dilution from 18m options issued at
  the time of the Dinatla deal through share
  repurchases
• Group capital will increase by R1bn in December
  2006 due to issue of 18m shares, i.e. Deli XL
  acquisition pre-funded through share repurchases
• Ongoing process of refocusing
• Board restructuring
• Succession planning at Bidoffice
• IFRS impacts unlikely to be material (see
  appendix 1)
• Acquisitions
• Tiger Wheels
• Deli XL

46
Acquisition of Deli XL

• Deli XL fits Bidvests stated model of
• Market-leadership within a new geographic
  distribution channel
• Extracting synergies between businesses
• Purchase price
• ?140m (R1,1bn) in debt, including ?57m (R450m) in
  goodwill
• Tangible NAV reduced by /- R450m, but total NAV
  rises by an annualised /- R25m retained income
• Extremely cost effective funding at 0,50 over
  Eurobor (1,75 post-tax)
• Historic PE of 17x (EBITDA of 7,2x) paid for for
  an underperforming business can reduce sharply to
  around a 6-7 PE in the medium term due to
• Bidvest assuming only current employees social
  obligations
• Procurement improvements quickly reflected in
  margins
• Likely to impact for 9 months of F2006
• Earnings accretive in F2006 after funding costs

47
Acquisition of Deli XL

• Rationale for the acquisition
• Objective to internationalise Bidvests
  foodservice interests
• Deli XL delivers
• Geographic diversification into Continental
  Europe
• Market shares
• 13 of overall Dutch market segment but 46 of
  Institutional segment
• 4 of overall Belgium market but 10 of
  Institutional Catering segment
• Good basis for organic and acquisitive European
  expansion
• Access to volume (extra 34 000 customers)
• Deli XL background
• ?819m turnover, but trading margins currently
  less than 1
• Sub-optimal business structure
• Benefits of recent restructuring available to
  Bidvest

48
Acquisition of Deli XL

• Deli XL turnaround strategy (improve margins from
  1 to 2-3 in 3 years)
• Optimisation of existing state-of-the-art
  infrastructure
• Renegotiation of unprofitable contracts
  optimisation of client mix
• Rationalisation optimisation of product range
• Implementation of Bidvest philosophy support,
  expectations accountability
• Benefits of focused purchasing to both Deli XL
  and 3663

49
Outlook
50
Key growth drivers

• Internationally
• Increased efficiencies, market share gains,
  product expansion and profit-enhancing new
  territories in International Foodservice
• South Africa
• Freight services aligned with trade growth ahead
  of GDP
• Continuation of trend to outsourcing
• Cost base adapting to prevailing low inflation
  environment
• SA Foodservice market far from exhausted e.g.
  3663 initiative
• Upswing in infrastructure spend sporting
  tourism events
• New vehicle market could double in 5 years
• Exposure to emergent consumers

51
Prospects for F2006

• Positive impact of Deli XL
• Benefits derived from recent capex
• Reduction in deflationary price pressure
• Correction of underperformers
• Ample capacity for further gearing

52
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