Bidvest Group Limited · JSE:BVT

Bidvest — H1 2013 Earnings Presentation

72 slides from Bidvest's earnings presentation, February 2013

  1. Slide 1: Financial results: Business unusual

    Financial results Six months ended December 31 2012 Business unusual 105 000 people defining the Bidvest DNA www.bidvest.com

  2. Slide 2: Agenda

    Agenda Result 01 Brian Joffe – Group CE Bidvest South Africa 02 Lindsay Ralphs – Divisional CE Bidvest Foodservice 03 Bernard Berson – Divisional CE Bidvest Namibia 04 David Cleasby – Group FD Bidvest Financials 05 David Cleasby – Group FD Prospects 06 Brian Joffe – Group CE Appendices 07 Included a

  3. Slide 3: Result

    Result Brian Joffe – Group CE Financial results for the six months ended December 31 2012 www.bidvest.com

  4. Slide 4: Numbers

    Numbers Six months Six months Change ended ended % 31 Dec 2012 31 Dec 2011 Group Normalised HEPS cents 725.1 613.4 18.2% Dividend per share cents 324.0 280.0 15.7% ROFE (annualised) 35% 36% Net gearing 25% 27% Net working capital cycle 14 days 14 days Bidvest South Africa margin 5.96% 5.60% Bidvest

  5. Slide 5: Overview

    Overview R75,4 billion($8,89 billion) revenue • Continued growth - diversity of geography and activity and and our adaptability to the marketplace R4,6 billion ($542 million) EBITDA • South Africa – labour disruptions • Western Europe – austerity, flat to declining demand Trading backdrop • Eastern

  6. Slide 6: Bidvest South Africa

    Bidvest South Africa Lindsay Ralphs – Divisional CE Financial results for the six months ended December 31 2012 www.bidvest.com

  7. Slide 7: Bidvest South Africa Overview

    Bidvest South Africa Overview • A pleasing result in a difficult trading Six months Six months Change environment R000s ended ended % 31 Dec 2012 31 Dec 2011 • Operating expenses up 3% • Revenue up 8% like-for-like • Profit up 12.8% Revenue 34 095 396 32 166 581 6.0% Trading profit 2 030 855 1 799 8

  8. Slide 8: Bidvest South Africa: Automotive, Electrical

    Bidvest South Africa Automotive, Electrical • Automotive - substantial improvement Six months Six months Change in profitability assisted by R000s ended ended % 31 Dec 2012 31 Dec 2011 rationalisation initiatives and mix of income Automotive – 8% like for like revenue growth Revenue 10 474 481 10 36

  9. Slide 9: Bidvest South Africa: Financial Services, Freight

    Bidvest South Africa Financial Services, Freight • Financial Services - Six months Six months Change – sound risk metrics R000s ended ended % 31 Dec 2012 31 Dec 2011 – equity portfolio income performed strongly Financial Services – tougher retail forex competition – Transnet fleet maintenance Revenu

  10. Slide 10: Bidvest South Africa: Industrial, Office

    Bidvest South Africa Industrial, Office • Industrial – weak demand persists Six months Six months Change R000s ended ended – expenses well controlled % 31 Dec 2012 31 Dec 2011 – discretionary consumer spend remains subdued Industrial – manufacturing sector struggling, Revenue 777 008 775 245 0.2% fi

  11. Slide 11: Bidvest South Africa: Paper Plus, Rental and Products

    Bidvest South Africa Paper Plus, Rental and Products • Paper Plus - underperformed but in Six months Six months Change line with expectation, fundamentals R000s ended ended % 31 Dec 2012 31 Dec 2011 remain sound – inevitable decline of traditional Paper Plus Print continues to be well managed Revenu

  12. Slide 12: Bidvest South Africa: Services, Travel & Aviation

    Bidvest South Africa Services, Travel & Aviation • Services – Bidvest TMS and Bidvest Top Six months Six months Change Turf returns materially better R000s ended ended % 31 Dec 2012 31 Dec 2011 – Bidvest Prestige retains leading presence in a competitive cleaning Services market Revenue 1 591 891 1

  13. Slide 13: Bidvest Foodservice

    Bidvest Foodservice Bernard Berson – Divisional CE Financial results for the six months ended December 31 2012 www.bidvest.com

  14. Slide 14: Bidvest Foodservice Overview

    Bidvest Foodservice Overview • Good quality results out of Australia, Six months Six months Change New Zealand and Greater China R000s ended ended % 31 Dec 2012 31 Dec 2011 • Singapore and Netherlands detracted from the result Foodservice • UK has momentum Revenue 40 796 943 35 002 281 16.6% • South

  15. Slide 15: Bidvest Foodservice: Asia Pacific

    Bidvest Foodservice Asia Pacific • Australia – a good result driven once Six months Six months Change again by Foodservice division R000s ended ended % – Slight shift in Foodservice mix – 31 Dec 2012 31 Dec 2011 national accounts grew ahead of free Asia Pacific trade – Pricing pressure a feature Rev

  16. Slide 16: Bidvest Foodservice: Europe

    Bidvest Foodservice Europe • UK – positive outcome, momentum Six months Six months Change – Wholesale sales and volume ahead of R000s ended ended % expectation, refining mix and reducing 31 Dec 2012 31 Dec 2011 cost to serve Europe – Logistics gross margin up, assisted by higher volumes Revenue 23 5

  17. Slide 17: Bidvest Foodservice: Southern Africa

    Bidvest Foodservice Southern Africa • Good progress under new management Six months Six months Change structure in developing business model, R000s ended ended % 31 Dec 2012 31 Dec 2011 ecommerce roll-out, savings and synergies continue to be sought, rising Southern Africa inflation, weaker ZAR impa

  18. Slide 18: Bidvest Namibia

    Bidvest Namibia David Cleasby – Group FD Financial results for the six months ended December 31 2012 www.bidvest.com

  19. Slide 19: Bidvest Namibia

    Bidvest Namibia • Fishing Six months Six months Change – Fishing result is down off an R000s ended ended % 31 Dec 2012 31 Dec 2011 exceptionally high base – Impact on profitability of a 25% Namibia reduction in direct quotas – Arrival of foreign operators results Revenue 1 681 438 1 254 771 34.0% in

  20. Slide 20: Financials

    Financials David Cleasby – Group FD Financial results for the six months ended December 31 2012 www.bidvest.com

  21. Slide 21: Key financials

    Key financials Six months ended Six months ended Change • Significant effort undertaken South Africa Rand 31 Dec 2012 31 Dec 2011 % across all businesses to reinforce Bidvest ‘culture’, particularly in Group income statement the financial area Revenue 75,4 billion 67,3 billion 11.9% • Normalised res

  22. Slide 22: Financial Analysis

    Financial Analysis • Slight decrease in GP largely due to mix (automotive, C&F and acquisitions) • Overall costs well controlled but administered price pressures internationally - ie SA electricity up 2.5x in five years and ongoing pressure on labour costs but were distorted by currency effects on t

  23. Slide 23: Financial Analysis continued

    Financial Analysis continued • Minorities down 23.4% to R116,1m – largely Bidvest Namibia (51% ownership results in net impact on Group = R23m ± 1% HEPS) • Interim dividend of 324,0 cents per share (up 15.7%), cover 2.24x (in line with Group policy guidance of 2.25x covered) • Seasonality of cash fl

  24. Slide 24: Funding and asset management

    Funding and asset management • Forex volatility: transactions covered forward, foreign assets matched to liabilities, natural hedge • Notwithstanding rand translation effect on foreign businesses – operations managed for their home territories • Fitch’s long-term rating AA, short term F1+; Moody’s l

  25. Slide 25: Bidvest Prospects

    Bidvest Prospects Brian Joffe – Group CE Financial results for the six months ended December 31 2012 www.bidvest.com

  26. Slide 26: Looking forward

    Looking forward Bidvest has substantial capacity to accommodate organic and acquisitive growth and we shall continue to seek opportunities in existing and complementary activities. We remain opportunistically Bidvest Outside South Africa Within South Africa Introducing our South African products and

  27. Slide 27: Bidvest thanks you for attending: Q&A

    Bidvest thanks you for attending Q&A Financial results for the six months ended December 31 2012 www.bidvest.com

  28. Slide 28: Appendix 1: Segmental results analysis – Bidvest South Africa

    Appendix 1 Segmental results analysis – Bidvest South Africa Financial results for the six months ended December 31 2012 www.bidvest.com

  29. Slide 29: Automotive – refresh bearing fruit

    Automotive – refresh bearing fruit Revenue Trading Profit Trading Margin H1 F13 H1 F12  H1 F13 H1 F12  H1 F13 H1 F12 R bn R bn % Rm Rm % % % 10.47 10.36 1.1 307.3 227.9 34.9 2.93 2.20 Features • Dealer and franchise rationalisation continued • Profitability rather than market share per se an objec

  30. Slide 30: Automotive – refresh bearing fruit

    Automotive – refresh bearing fruit Trading • McCarthy Motor Group new vehicle unit sales up 5% from 21 482 to 22 592 – New vehicle margins remain tight with downward pressure on pricing and stiff rivalry in all categories – Evidence that replacement cycle is improving as affordability improves – Pri

  31. Slide 31: Electrical – investing in the brand

    Electrical – investing in the brand Revenue Trading Profit Trading Margin H1 F13 H1 F12  H1 F13 H1 F12  H1 F13 H1 F12 R bn R bn % Rm Rm % % % 2.17 2.13 2.2 78.7 70,0 12.5 3.62 3.29 Features • Consolidation of branding boosting customer recognition • Result achieved in spite of labour disruption in

  32. Slide 32: Financial Services – money makes the world go round

    Financial Services – money makes the world go round Revenue Trading Profit Trading Margin H1 F13 H1 F12  H1 F13 H1 F12  H1 F13 H1 F12 R bn R bn % Rm Rm % % % 0.812 0.816 (0.4) 334.1 287.6 16.2 41.13 35.25 Features • Bidvest Bank and Bidvest Insurance branding is increasingly well recognised • Slig

  33. Slide 33: Financial Services – money makes the world go round

    Financial Services – money makes the world go round Trading • Bank – Bank total assets R4.4 billion, deposits R1.9 billion, loans & advances R2.35 billion – Capital adequacy 16.5%, credit loss ratio 0.1%, ROE 16.0%, ROA 6.4%, financial leverage 2.5 times, cost to income ratio 54.3% – Moody’s rating

  34. Slide 34: Freight – a mixed picture

    Freight – a mixed picture Revenue Trading Profit Trading Margin H1 F13 H1 F12  H1 F13 H1 F12  H1 F13 H1 F12 R bn R bn % Rm Rm % % % 11.92 10.45 14.1 452.0 425.1 6.3 3.79 4.07 Features • Increased sized coal, iron ore and manganese export tonnages • Reduced maize, wheat, steel and rice tonnages • C

  35. Slide 35: Freight – a mixed picture

    Freight – a mixed picture Trading • Island View Storage: an improved result, despite the Transnet multi-product pipeline diverting petroleum volumes from road; higher chemical and vegetable oil volumes • South African Bulk Terminals: a flat result but agricultural dry bulk movements down substantial

  36. Slide 36: Industrial – well run in a tough market

    Industrial – well run in a tough market Revenue Trading Profit Trading Margin H1 F13 H1 F12  H1 F13 H1 F12  H1 F13 H1 F12 R bn R bn % Rm Rm % % % 0.78 0.78 0.2 47.4 49.2 (3.7) 6.10 6.35 Features • Bidvest Afcom is competitively positioned in packaging and fastening products • Buffalo Executape con

  37. Slide 37: Office – stationery and furniture on the up

    Office – stationery and furniture on the up Revenue Trading Profit Trading Margin H1 F13 H1 F12  H1 F13 H1 F12  H1 F13 H1 F12 R bn R bn % Rm Rm % % % 2.15 2.09 2.9 130.7 141.2 (7.4) 6.07 6.75 Features • A lower Technology cluster result due to a contract delay and reduced banking hardware orders •

  38. Slide 38: Office – stationery and furniture on the up

    Office – stationery and furniture on the up Trading • Technology – Konica Minolta retains a strong offering and produces good returns – Océ provides a complementary niche offering – GPT results have traditionally been driven by cash handling investments by customers and to reduce variability the com

  39. Slide 39: Paper Plus – adapting to changes in the market

    Paper Plus – adapting to changes in the market Revenue Trading Profit Trading Margin H1 F13 H1 F12  H1 F13 H1 F12  H1 F13 H1 F12 R bn R bn % Rm Rm % % % 2.03 1.98 2.1 175.4 186.2 (5.8) 8.65 9.38 Features • Reduced export contribution • Traditional stationery profitability benefitted from previous

  40. Slide 40: Rental and Products – an energetic performance

    Rental and Products – an energetic performance Revenue Trading Profit Trading Margin H1 F13 H1 F12  H1 F13 H1 F12  H1 F13 H1 F12 R bn R bn % Rm Rm % % % 1.07 0.99 8.1 197.4 171.6 15.1 18.46 17.34 Features • Key contributors Steiner Hygiene, G Fox and Laundry all delivered strong results • Mastergu

  41. Slide 41: Rental and Products – an energetic performance

    Rental and Products – an energetic performance Trading • Steiner Hygiene: a strong performance at improved margin due to good expense control; pest control is growing strongly • Laundries: an improved result, costs are under scrutiny • G Fox: an exceptional result driven by cost control and merger w

  42. Slide 42: Services – securing a good result

    Services – securing a good result Revenue Trading Profit Trading Margin H1 F13 H1 F12  H1 F13 H1 F12  H1 F13 H1 F12 R bn R bn % Rm Rm % % % 1.59 1.54 3.2 121.2 94.3 28.5 7.61 6.12 Features • Prestige maintains a leading position in outsourced cleaning, a solid result • Bidvest Magnum achieved a cr

  43. Slide 43: Travel and Aviation – serving the passenger

    Travel and Aviation – serving the passenger Revenue Trading Profit Trading Margin H1 F13 H1 F12  H1 F13 H1 F12  H1 F13 H1 F12 R bn R bn % Rm Rm % % % 1.09 1.02 6.5 186.6 146.8 27.1 17.10 14.33 Features • Improved supplier revenue boosts BidTravel profitability; trading revenue muted • Budget Rent-

  44. Slide 44: Appendix 2: Segmental results analysis – Bidvest Foodservice

    Appendix 2 Segmental results analysis – Bidvest Foodservice Financial results for the six months ended December 31 2012 www.bidvest.com

  45. Slide 45: Food Asia Pacific – expanding the offer

    Food Asia Pacific – expanding the offer Revenue Trading Profit Trading Margin H1 F13 H1 F12  H1 F13 H1 F12  H1 F13 H1 F12 R bn R bn % Rm Rm % % % 14.20 11.72 21.2 560.8 495.4 13.2 3.95 4.23 Features • Australia – 13% growth in revenue despite food inflation at effectively zero • New Zealand – plea

  46. Slide 46: Food Asia Pacific – expanding the offer

    Food Asia Pacific – expanding the offer Trading • Australia: sales up 13,1% to A$1,077m; profit up 8,4% to A$43,0m; margin 3,99% vs. 4,17% – Foodservice grew revenue by 6.6%; pricing pressure from large corporate accounts – Logistics benefitted from Foodlink acquisition in May 2012, sales grew stron

  47. Slide 47: Food Europe – keeping focused in a difficult environment

    Food Europe – keeping focused in a difficult environment Revenue Trading Profit Trading Margin H1 F13 H1 F12  H1 F13 H1 F12  H1 F13 H1 F12 R bn R bn % Rm Rm % % % 23.60 20.32 16.1 420.4 379.0 10.9 1.78 1.86 Features • UK – Wholesale grew sales 9% with volumes growing 5% and freetrade alone up 9% •

  48. Slide 48: Food Europe – keeping focused in a difficult environment

    Food Europe – keeping focused in a difficult environment Trading • 3663 Wholesale: sales up 9% to £590,3m; profit of £17,8m; ROS 3.0%; freetrade mix has risen; new category opportunities being investigated • Bidvest Logistics: sales up 6% to £484,2m; volumes positive; margin per case above budget; e

  49. Slide 49: Food Southern Africa – developing the model

    Food Southern Africa – developing the model Revenue Trading Profit Trading Margin H1 F13 H1 F12  H1 F13 H1 F12  H1 F13 H1 F12 R bn R bn % Rm Rm % % % 3.00 2.96 1.3 182.7 189.9 (3.8) 6.09 6.41 Features • Cost of doing business in Foodservice reduced in an inflationary environment • Patleys remedial

  50. Slide 50: Food Southern Africa – developing the model

    Food Southern Africa – developing the model Trading • Bidvest Foodservice South Africa: revenue marginally up but profits down on pressure in national and industrial accounts and reduced margin on business gains in hotels and restaurants; competition has intensified in the industrial channel; privat

  51. Slide 51: Appendix 3: Segmental results analysis – Bidvest Namibia

    Appendix 3 Segmental results analysis – Bidvest Namibia Financial results for the six months ended December 31 2012 www.bidvest.com

  52. Slide 52: Namibia – clobbered by quotas

    Namibia – clobbered by quotas Revenue Trading Profit Trading Margin H1 F13 H1 F12  H1 F13 H1 F12  H1 F13 H1 F12 R bn R bn % Rm Rm % % % 1.68 1.25 34.0 249.3 314.4 (20.7) 14.82 25.06 Features • Fishing negatively impacted by a new basis of allocation of quotas; bought in quota costs rise as the dem

  53. Slide 53: Namibia – clobbered by quotas

    Namibia – clobbered by quotas Trading • Fisheries – Revenue decreased 4% to NAD696m and trading profit by 25% to NAD211m – Horse mackerel: good catches but operating efficiencies were impaired; direct quota fell by 25% – Exchange rate to the USD averaged NAD8,45 (NAD7,60) – Horse mackerel total allo

  54. Slide 54: Appendix 4: Segmental results analysis – Bidvest Corporate

    Appendix 4 Segmental results analysis – Bidvest Corporate Financial results for the six months ended December 31 2012 www.bidvest.com

  55. Slide 55: Bidvest Corporate – a real estate

    Bidvest Corporate – a real estate Revenue Trading Profit Trading Margin H1 F13 H1 F12  H1 F13 H1 F12  H1 F13 H1 F12 R bn R bn % Rm Rm % % % 0.49 0.38 27.0 118.4 109.9 7.8 24.4 28.7 Features • Bidvest’s strategic property holdings contributed R157m in income (R136m) • Investment, other income, corp

  56. Slide 56: Appendix 5: Bidvest Financial Analysis

    Appendix 5 Bidvest Financial Analysis Financial results for the six months ended December 31 2012 www.bidvest.com

  57. Slide 57: Consolidated Income Statement

    Consolidated Income Statement December December 2012 31 2012 31 2011 Six months ended December 31 2012 Currency effects @ Avg Avg R/£ 12,13 R/£ 13,52 R/£ 12,13 Revenue 75 375,8 +11,9% 67 344,9 71 971,9 +6,9% • R3,4 billion exchange rate impact on revenue just in translation • Major translation impac

  58. Slide 58: Consolidated Income Statement

    Consolidated Income Statement December December 2012 31 2012 31 2011 Six months ended December 31 2012 Currency effects @ Avg Avg R/£ 12,13 R/£ 13,52 R/£ 12,13 Revenue 75 375,8 +11,9% 67 344,9 71 971,9 +6,9% Trading profit 3 562,4 +8,3% 3 288,4 3 472,5 +5,6% December December Trading margins Comment

  59. Slide 59: Consolidated Income Statement

    Consolidated Income Statement December December 2012 31 2012 31 2011 Six months ended December 31 2012 Currency effects @ Avg Avg R/£ 12,13 R/£ 13,52 R/£ 12,13 Revenue 75 375,8 +11,9% 67 344,9 71 971,9 +6,9% Trading profit 3 562,4 +8,3% 3 288,4 3 472,5 +5,6% Net finance expense (352,9) -4,2% (368,5)

  60. Slide 60: Consolidated Income Statement

    Consolidated Income Statement December December 2012 31 2012 31 2011 Six months ended December 31 2012 Currency effects @ Avg Avg R/£ 12,13 R/£ 13,52 R/£ 12,13 Revenue 75 375,8 +11,9% 67 344,9 71 971,9 +6,9% Trading profit 3 562,4 +8,3% 3 288,4 3 472,5 +5,6% Net finance expense (352,9) -4,2% (368,5)

  61. Slide 61: Consolidated Income Statement

    Consolidated Income Statement December December 2012 31 2012 31 2011 Six months ended December 31 2012 Currency effects @ Avg Avg R/£ 12,13 R/£ 13,52 R/£ 12,13 Revenue 75 375,8 +11,9% 67 344,9 71 971,9 +6,9% Trading profit 3 562,4 +8,3% 3 288,4 3 472,5 +5,6% Net finance expense (352,9) -4,2% (368,5)

  62. Slide 62: Consolidated Income Statement

    Consolidated Income Statement December December 2012 31 2012 31 2011 Six months ended December 31 2012 Currency effects @ Avg Avg R/£ 12,13 R/£ 13,52 R/£ 12,13 Revenue 75 375,8 +11,9% 67 344,9 71 971,9 +6,9% Trading profit 3 562,4 +8,3% 3 288,4 3 472,5 +5,6% Net finance expense (352,9) -4,2% (368,5)

  63. Slide 63: Consolidated Income Statement

    Consolidated Income Statement December December 2012 31 2012 31 2011 Six months ended December 31 2012 Currency effects @ Avg Avg R/£ 12,13 R/£ 13,52 R/£ 12,13 Revenue 75 375,8 +11,9% 67 344,9 71 971,9 +6,9% Trading profit 3 562,4 +8,3% 3 288,4 3 472,5 +5,6% Net finance expense (352,9) -4,2% (368,5)

  64. Slide 64: Consolidated Income Statement

    Consolidated Income Statement December December 2012 31 2012 31 2011 Six months ended December 31 2012 Currency effects @ Avg Avg R/£ 12,13 R/£ 13,52 R/£ 12,13 Revenue 75 375,8 +11,9% 67 344,9 71 971,9 +6,9% Trading profit 3 562,4 +8,3% 3 288,4 3 472,5 +5,6% Net finance expense (352,9) -4,2% (368,5)

  65. Slide 65: Consolidated Income Statement

    Consolidated Income Statement December December 2012 31 2012 31 2011 Six months ended December 31 2012 Currency effects @ Avg Avg R/£ 12,13 R/£ 13,52 R/£ 12,13 Revenue 75 375,8 +11,9% 67 344,9 71 971,9 +6,9% Trading profit 3 562,4 +8,3% 3 288,4 3 472,5 +5,6% Net finance expense (352,9) -4,2% (368,5)

  66. Slide 66: Consolidated Income Statement

    Consolidated Income Statement December December 2012 31 2012 31 2011 Six months ended December 31 2012 Currency effects @ Avg Avg R/£ 12,13 R/£ 13,52 R/£ 12,13 Revenue 75 375,8 +11,9% 67 344,9 71 971,9 +6,9% Trading profit 3 562,4 +8,3% 3 288,4 3 472,5 +5,6% Net finance expense (352,9) -4,2% (368,5)

  67. Slide 67: Consolidated cash flow statement – Rm’s

    Consolidated cash flow statement – Rm’s Half year ended December 31 2012 Half year ended December 31 2011 R bn R bn 4.4 Cash generated from ops pre wc 4.0 -2.5 Working capital utilised -1.6 -0.4 Net Finance charges -0.4 -1.0 Taxation -0.7 -1.2 Distributions -0.9 -1.9 Cash effects of investment act’s

  68. Slide 68: Net working capital days

    Net working capital days 9 15 8 14 8 14 Net days 30 30 31 31 32 32 Debtors days 34 33 34 34 35 32 Stock days Creditors days -55 -48 -57 -51 -59 -50 F 2010 H1 2011 F 2011 H1 2012 F 2012 H1 2013 Net working capital days at H1 2013 inline with H1 2012 • Inventory - in line with prior years due to ongoi

  69. Slide 69: Net working capital flows vs cash generated

    Net working capital flows vs cash generated Net working capital Cash generated by operations 6.0 5.0 5.0 4.4 4.2 3.8 3.9 4.0 3.6 3.0 Rbn 2.0 1.8 1.4 1.1 1.0 0.0 -1.0 -1.0 -2.0 -1.6 -3.0 -2.5 F 2010 H1 2011 F 2011 H1 2012 F 2012 H1 2013 • Seasonal absorption of working capital higher, WC cycle follow

  70. Slide 70: Gearing

    Gearing Net interest-bearing debt (Rbn) Interest cover (x) 7.0 12.0 6.0 10.0 10.0 9.2 9.1 9.1 6.2 5.0 8.9 5.0 5.6 8.0 4.0 7.2 3.9 4.6 6.0 Target interest 3.0 3.6 cover range 4.0 2.0 1.0 2.0 0.0 0.0 F 2010 H1 2011 F 2011 H1 2012 F 2012 F 2012 • Net interest cover of 10,0x exceeds Group benchmark of 5

  71. Slide 71: Appendix 6: Bidvest Historical Results

    Appendix 6 Bidvest Historical Results Financial results for the six months ended December 31 2012 www.bidvest.com

  72. Slide 72: Historic Performance – Six months to December

    Historic Performance – Six months to December Trading Profit and Trading Margin Returns (annual) 45 8,000 40 7,000 35 39 6,000 30 34 35 32 Rm % 5,000 25 4,000 5,2% 5,2% 5,1% 5,4% 5,6% 20 24 25 3,000 15 21 21 2,000 10 1,000 4,5% 4,4% 4,4% 4,7% 4,9% 4,7% 5 0 0 2008 2009 2010 2011 2012 2013 2010 2011 2

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