Appendix 1

1

Appendix 1

Geographic and Segmental Revenue and Trading Profit

Geographic Revenue and Trading Profit splits

Contribution: Foreign operations

SA operations

Revenue Trading Profit

H1 2009 H1 2008 H1 2009 H1 2008

47% 43% 30% 27%

53% 57% 70% 73%

Revenue

Trading Profit

SA

H1 2009

H1 2008

Asia Pacific

UK & Europe

2

Africa

Appendix 1Appendix 1

Segmental contributions to resultsAppendix 1Appendix 1

Segment

Corporate

Bidpaper Plus

Bid Industrial & Commercial

Bidfood (SA)

International Foodservices

Bidserv

Bidfreight

BidAuto

3

4

Appendix 2

Divisional Results

5

Bidfreight – Abating activity Appendix 2Appendix 2

Current contribution to Group Trading Profit

14.0%

6

Bidfreight – Abating activity

3.1%3.1%3.4%3.4%

Rm Trading ProfitRm Trading Profit


Results► IVS returned a particularly strong result; together with a

good contribution from Marine, Bulk, and Manica ► Debtors being carefully monitored ► Mixed progress with NPA lease negotiations ► Safcor Panalpina: profits up 7%; Airfreight volumes fall

15%, Seafreight flat; customer base under pressure• Marine: profits up 12% driven by higher vehicle export

and improved port volumes• RDS: profits reduced by 12%, volumes weak across all

categories• SACD: profits up 3%, export volumes weaken

► IVS: profits up 7%; increased capacity utilisation; replacement tanks coming on stream

► Bulk Connections: profits up 15%; satisfactory trading but manganese exports reduced in Q2. Durban lease being negotiated

Trading Margin

• SABT: profits up 2%; maize and wheat exports down in Q2; wheat imports delayed as purchasers delay to take advantage of significantly lower freight rates; a positive H2 expected

• BPO: profits down 27% as exports of steel, forest products, and ferrochrome and imports of cement and rice decline.

• Naval: profits down 36% as key business areas come under pressure• Manica: four fold rise in profits; new business obtained regionally; mineral volumes out of DRC and

Zambia fall; trade in the region remains variable and unpredictable

Strategic imperatives & prospects►Trade volume reductions likely to get worse before getting better►Break bulk cargos have slumped, but recent improvement ►Sharply reduced freight rates are positive for customers►Container vessels reducing size and frequency of calls ►Ongoing selective capex on the back of major contracts►There is tentative evidence of protectionism in certain countries – this is negative for trade flows and accentuates downturn ►Competitive position is without parallel

7

Bidfreight – Abating activityAppendix 2Appendix 2

8


Bidserv – Cleaning up


18.7%

Bidserv – Cleaning up

Results► Profitability at an all time high ► Bank and Industrial achieve exceptional results

• Prestige: profits up 7% despite double digit wage increases across the industry

• TMS: profits up 17% but petroleum industry under pressure. Saudi business, which opened for business in December, audited and accredited as a preferred supplier

• Laundries: profits up 4%; hospitality industry experiencing major declines in occupancy; motor industry redundancies will affect garment rental results in future; competitor stress

• Steiner: result flat; management restructuring undertaken • Security: Provicom made a loss, significant projects put on

hold by customers; both Magnum and Vericon did very well; • Global Payment Technologies: profits more than doubled

and the outlook is promising; international distribution agreement with Talaris (previously known as De la Rue) provides diversification

• Top Turf: profits down 15% but within budget as business consolidated and stabilised at a time when project activity is declining

13%13%

13.4%13.4%

Rm Trading ProfitRm Trading Profit Trading Margin


• Industrial: profits up 49%; facilities underpin competitive strengths; G Fox roll-out successful; consideration being given to expanding national footprint

• Office – Konica Minolta & Oce: underlying profits flat; unit sales slow; weak rand vs. yen a challenge; price increases on government contracts implemented; office automation offering highly competitive

• BidAir: profits +74%; new management team in place • BidTravel Solutions (including BidTravel, MyMarket, Procurement) : profits down 18% due to a decision to

smooth overrides through the year; however, economic slowdown impacting travel and override income under threat; new automated travel engine well received and this, together with right-sizing measures underway, will cushion blow of severe economic pressures; procurement savings for the group

• Bidvest Bank: profits double, assisted by new forex products, new branches, and a volatile exchange rate; an exceptional result expected in F2009

• Hotel Amenities: profits down as SA hotel occupancies decline but export sales into Africa via the SAA strategic amenities alliance will offset this in H2

Strategic Imperatives and Prospects► Flexible to take corrective action if trading turns for the worse► Number of contracts secured for 2010 World Cup► Travel overrides under threat – cost rationalisation underway► Relative stability in a number of areas with good divisional competitive advantages in a tough economy ► BidAir continues to offer good upside ► Bidvest Bank expected to be exceptional ► Profits will be well up on 2009 – hard times notwithstanding

10

Bidserv – Cleaning upAppendix 2Appendix 2

11


Bidvest Europe – Gruelling


15.2%

12

Bidvest Europe – GruellingAppendix 2Appendix 2

Results► Total profits down 3% to R396,3m. Sterling

average exchange rate €1.23 (€1.45). Deli XL combined is 40% of total profits

► Food prices high in all markets but inflation rate now falling and there is a risk of price declines

• Deli XL Netherlands: +16% (€9.3m profit vs. €8,1m); revenue €383.5m (+8%); ROS 2.4% (2.3%); cash generated by operations €17.9m; volumes diminished in Q2 but margin improvement is foreseen; focus on receivables; Dutch smoking ban in public places a negative

• Deli XL Belgium: +79% profit (€1.95m) on €125.3m revenue (+8%); ROS 1.6% (0.9%); Increased business with Sodexo; sales focus on Flanders for Kruibeke site

2.6%2.6%

2.0%2.0%


13

Bidvest Europe – GruellingAppendix 2Appendix 2

• Horeca: £0.2m profit; ROS 3.2% vs. 0.5%. Sales in local currency rise 52% due to mix, pricing strategy and currency effect; strict credit policy improves collections; depressed Middle Eastern economy presents challenges for future growth

• 3663: sales 8% up at £863.7m; profits down 25% to £16,9m; ROS 1.9% vs. 2.9%, cost control very good ; working capital moves out due to pre-emptive buying and inflation but receivables are a problem and bad debts are rising; total cases sold down 5% with wholesale down 9%; suddenness and magnitude of the severe slump far greater than could be predicted

― Wholesale sales flat, profits down 30%; focus on cash margin, passing through prices and growing new business

― Logistics infrastructure being optimised and costs cut; ― Barton Meat closed and costs expensed

Strategic imperatives & prospects► Deli XL: conditions remain unpredictable; efficiencies remain under the spotlight ► 3663 will benefit from industry consolidation; debtors under focus; further depot optimisation

underway; profits will be well down on 2008; business model is robust and we have no intention of changing it

14


Bidvest Asia Pacific – All shoulders at the wheel


10.9%



Results► Highly motivated staff, joined-up team effort as conditions

deteriorate in all markets • Australia: sales up 16% to A$819.8m (real growth 6%),

profits up 16% to A$31.1m; ROS 3.8% vs. 3.8%; expenses maintained on prior and inventory well controlled; market share gains in a flat market; debtor provisions increased ― Foodservice sales up 12%, profits up 10% ; some

customers transferred into QSR; cost pressures easing; branch results vary but overall excellent; growth opportunities will be tackled responsibly

― Hospitality remains in development but although small in profits adds to offering; market share gained in an increasingly bleak trading environment

― QSR profits up 5% in line with budget; service levels high

3.8%3.8%3.3%3.3%


• New Zealand: sales up 15% to NZ$215.5m (real growth 7%), profits up 12% to NZ$9.9m; ROS 4.6% vs. 4.7%; growth from new products and market share gains; four consecutive quarters of GDP decline; adequately provisioned against defaults;

―Fresh sales grow 12%, profits up 42%; cross selling with Foodservice working well―Foodservice sales up 15%, profits up 10%; new branch planned; ―Logistics profits double; new Christchurch DC underway; capacity for growth • Angliss: Asia markets in sharp downturn ―Singapore: Sales of S$166.46m (up 11%) but a small loss returned as trading in Q2 worsened;

volumes static; high inventory coupled with falling meat and poultry prices―Hong Kong & China: Sales up 27% to HK$866m, profits down 13% to HK$21.3m, ROS of 2.5%

vs. 3.6%; dumping of stock widespread in a tight credit market; Chinese demand for Western products slumps; medium term outlook still positive

Strategic imperatives & prospects► Asian economies in decline but trading expected to stabilise at lower levels in second half; pricing

to be keener; longer term objectives unaffected ► Australia: Maintaining staff morale key; ample scope to grow our market position and profits will be

higher in F2009 ► New Zealand: team motivated to pressurise the opposition, profits will be up in F2009

16



17


Bidfood – growing the basket in hard times


8.3%



Results► Strategy to grow market share though expanded

variety, higher average spend per customer and higher average value per drop is paying off as trading environment tightens

► Caterplus: profits up 17%; expense control and cash flow pleasing; capacity constraints hindered growth but new facilities are being rolled out; strict credit policy paying off; asset management tight

► Speciality: spending in the higher income category is under pressure; customers are price resistant and selective; own-brand Goldcrest grew sales 28% and now accounts for a quarter of sales; the range continues to be expanded and product promotion is vigorous; stock availability and visibility is key

8.5%8.5%

8.2%8.2%


19



►Ingredients: all business traded well, with the exception of NCP Yeast which was hampered by an inability to pass through high input prices quickly enough; stock position under scrutiny due to deflation risk; customers increasingly under liquidity pressure; technical base continues to strengthen - alliances with suppliers

Strategic imperatives & prospects►As mentioned at the full year an outright reduction in prices is likely►Quality custom is being emphasised at the expense of volume as bad debt risks rise►Stock theft remains an issue and is being closely monitored as times get worse ►Bidfood will take advantage of harder times to improve market position and protect profitability and

liquidity

20


Bid Industrial and Commercial Products – Cooling


12.4%



Results► Profits remain relatively good in prevailing economic

conditions but there was a cooling off in the electrical businesses; Waltons and Kolok performed very well

• Electrical Wholesaling: Voltex profits declined 5%; the copper price fell by over 40%, precipitating a fall in inventory levels; customers experience shrinking orders; infrastructure and energy markets prioritised; cost-cutting continues

• Stationery & Furniture: stationery put in a strong performance but furniture was weak and management actions are in place to ensure rectification ―Waltons profits up 16%; store openings and

refurbishment continued; retail sector weak; “back-to-school” yielded positive results

―Kolok profits more than doubled, assisted by a weaker currency; focus on eliminating low-margin business

― Internal challenges and a few own goals hindered Furniture; however, product offering is competitive

7.2%7.2%

6.5%6.5%


• Packaging: ― Afcom GE Hudson profits up 15%. Optimal balance between local and imported product assisted― Buffalo Executape profits up 29%, benefiting from tight expense control ― Vulcan: profits up 18% in a competitive market as new products reinforce market position

Strategic imperatives & prospects►Electrical Wholesaling:

• Declining building market but infrastructure investment buoyant• Escalating electricity price to assist energy saving solutions• Copper prices bottoming out

►Stationery: relative resilience but not impervious to weak consumer spend ►Furniture: improvement expected following a weak first half ►Kolok: new business at higher margin aggressively pursued ►Vulcan: good first half, building on competitive strengths in a tough market►Packaging closures: well positioned after a very good first half

22



23


Bidpaper Plus – Silveray provides the light


5.0%

24


Bidpaper Plus – Silveray provides the light

Results► Improved results from stationery distribution, labels

and packaging (now including Rotolabel), and the consolidated label factories in Gauteng

► Traditional print was weaker and the laser and mail business grew profits marginally

► Stationery grew market share, with Croxley regaining prominence

► Business linked to retail market suffered ► Labeling & Packaging affected by downturn,

particularly in luxury items, but other sectors are being pursued successfully

► Laser and mail on track to deliver on growth

Strategic imperatives & prospects► Innovation a focal point as are export opportunities ► Diversity and mix of traditional and new technologies

should support results

12.4%12.4% 11.2%11.2%


25


BidAuto – Hard driving


8.2%

BidAuto – Hard drivingAppendix 2Appendix 2

Results► Slump in vehicle sales was substantially worse than

forecast, resulting in the division being unable to hold to an objective of maintained profits

► Timely diversification into fleet management paying off

► Motor Retail profits down 90% after R30m closure costs - down 70% excluding the charge

► Used vehicle sales up 11.7% to 23 523 units and new unit sales down 24.2% to 17 730 units

► Burchmore’s produced pleasing results due to an increase in bank repossessions and the success of its “wholesale to the public” marketing programme

► Parts and service remained firm ► ICU committee formed to monitor loss-making

dealers; Meiya discontinued ► Many customers unable to procure financing due to

stricter credit granting criteria and NCA impact

3.5%3.5%

2.4%2.4%


BidAuto – Hard driving

27


►Disconnect between OEM aspirations and sales reality has exacerbated dealer situation ►Heavy equipment exceeded budget ►Car and van rental grew profits 43% but below budget in what is a cut-throat market►Import & Distribution incurred a loss due to demand well below expectation and currency effects ►Yamaha profits declined as customers cut-back on discretionary spend►Increased impairments for doubtful-debts impacted McCarthy Finance but McCarthy Fleet Solutions

produced impressive profit growth►Working capital improved markedly and stock levels reduced satisfactorily

Strategic imperatives & prospects►Motor retail market likely to decline further given the extent of global economic problems ; McCarthy

results are in sympathy with worldwide collapse in car industry►Further corrective actions will be made to right size for current market►Used car market and aftermarket service hold promise►Import and distribution to remain challenging►Working capital to be aligned with activity ►BidAuto will show substantially reduced profitability in F2009

28


Corporate – Bricks & Fish


7.3%


Results► Bidvest Namibia profits up more than four fold► Namsov benefited from better catches, firmer prices

and a weakening currency. All other businesses performed as expected. The listing of Bidvest Namibia is now anticipated to take place in the fourth quarter of 2009.

► Bidvest’s strategic property holdings, worth significantly more than book value, continue to be well managed and grow

► Volume transport business in UK-based Ontime Automotive exited, depots rationalised within Rescue and Recovery and a major Parking Solutions contract wound down. A slowdown in the prestige vehicle market adversely affected Specialist Transport

► Enviroserv investment sold for a profit of R391.8m

Corporate – Bricks & Fish

Rm Trading ProfitRm Trading Profit

30

Appendix 3

Historic Performance

31

18% CAGR over 5 years


Historic Performance - Year to June

18% CAGR over 5 years

4.5%4.7%

5.2%4.9%

5.2%

4.4% 4.3%

5.1%

4.5%4.7%

5.2%4.9%5.2%

4.4% 4.3%

5.1%

4.6%

5.1%

4.6%

5.1%

4.4%

Documents

Appendix 1