June 30 2004 for the twelve months ended Audited Results BID Vest.

June 30 2004

for the twelve months ended

Audited ResultsBIDVest

Agenda

Introduction

Financial Results

Divisional Results

Strategy & Outlook

IntroductionIntroduction

Results Summary Results Summary

Revenue +8.9% to R51.3bn

Trading income +13.9% to R2.6bn

Headline earnings +14.8% to R1.6bn

HEPS +17.7% to 546.7c

DPS +13.7% to 250.2c

Group HighlightsGroup HighlightsAttributable income impacted by:

R63m negative exchange rate impact on foreign operations

R13m negative impact of STC accounting changes

R120m (40cps) positive impact from McCarthy in H2 after funding costs

HEPS growth excl. McCarthy:

6.6% on old accounting basis

Improved last quarter

Separation of Chairman / CE roles

Successful offers for Bidvest plc / Bidcorp plc minorities

Minority offers

Minorities: 19% of Bidvest plc and 41% of Bidcorp plc

Rationale

Buy-out in line with philosophy to “own the cashflows”

81% holding in Bidvest plc limited free float

Reorganisation of Bidcorp plc and alignment with SA interests best achieved as a private company

Valuation

Minority offer for Bidvest plc equated to an EV/EBITDA multiple of 6.5x and headline P/E ratio 13.7x

Minority offer for loss-making Bidcorp plc valued entire business at £50m, a slight premium to book value

Historic Performance

HEPS

153.6 181.6215.9 243.2 248.0

152.8180.2

220.3221.3

298.7

0

100

200

300

400

500

600

2000 2001 2002 2003 2004

cps

1H 2H

18% CAGR over 5 years

Annualised Returns

42 44

5749

54

3034 32

25 28

0

10

20

30

40

50

60

2000 2001 2002 2003 2004

%

ROFE ROE

15% CAGR over 5 years

DPS

72.0 81.0 90.0108.0 113.4

78.388.2

100.0112.0

136.8

0

50

100

150

200

250

300

2000 2001 2002 2003 2004

cps

1H 2H

Trading profit & margins

0

500

1000

1500

2000

2500

3000

2000 2001 2002 2003 2004

Rm

1H 2H

4.6%

4.9%

4.7%4.4% 4.9%

5.0%4.9%

4.8%4.8% 5.1%

Financial ResultsFinancial Results

Consolidated Income Statement

R000’s 2004 % ch vs

2003

2003 2004 & ch vs

2003

Revenue 51 262 213 +8.9 47 073 375 55 481 013 +17.9

Constant currency: Avg R/£ 14.29

Actual: Avg R/£ 11.94

Actual: Avg R/£ 14.29Year ended June 30

Foreign businesses

Negative rand translation impact of R4.2bn

Local businesses

Pressure on foreign currency-denominated revenues (eg. Safcor Panalpina)

Local volumes increased, but deflationary pressure on selling prices (eg. SA Food Service deflation averaged +/-5%)

McCarthy added R5.9bn in H2


R000’s 2004 % ch vs

2003

2003 2004 & ch vs

2003

Revenue 51 262 213 +8.9 47 073 375 55 481 013 +17.9

Trading Income 2 555 652 +13.9 2 244 121 2 665 490 +18.8

Trading income before translation gains 2 553 201 +13.0 2 259 197 2 663 039 +18.1

Translation gains (losses) 2 451 (15 076) 2 451

Amortisation of goodwill (77 622) +19.6 (64 887) (77 622) +19.6

Net capital items (40 157) -34.8 (61 548) (40 157) -34.8

Net Operating income 2 437 873 +15.1 2 117 686 2 665 490 +18.8




Gross margins up slightly, but rand value of gross profit on imports declinedNo material AC133 impact

* Offshore margins include a R21.8m loss from Bidcorp plc and a R17.0m loss from Lithotech France

4.8%5.0%Group

Improved operating efficiencies, comparative base affected by McCarthy

6.7%6.6%Local

Bidvest plc margins 3.1% in 2004 vs 2.9% in 2003

2.7%2.7%*Offshore

20032004Trading Margins


R000’s 2004 % ch vs

2003

2003 2004 & ch vs

2003

Revenue 51 262 213 +8.9 47 073 375 55 481 013 +17.9

Trading Income 2 555 652 +13.9 2 244 121 2 665 490 +18.8









Translation gains: R100m swing from R102.6m in 2002 to R2.5m in 2004


R000’s 2004 % ch vs

2003

2003 2004 & ch vs

2003

Revenue 51 262 213 +8.9 47 073 375 55 481 013 +17.9

Trading Income 2 555 652 +13.9 2 244 121 2 665 490 +18.8









Capital items: includes R38.6m loss on discontinuance of businesses + R1.6m loss on disposal of assets


R000’s 2004 % ch vs

2003

2003 2004 & ch vs

2003

Revenue 51 262 213 +8.9 47 073 375 55 481 013 +17.9


Net finance expense (168 902) +52.2 (110 982) (175 126) +57.8




Net interest:

R475m net debt offshore

R198m net debt in SA

Low interest earned on cash balances and high interest paid on debt in F2004; higher net debt position intra-month; unable to offset cash in foreign minorities until now

R1bn debt for McCarthy acquisition added R41m to the interest bill

Interest cover = 15x


R000’s 2004 % ch vs

2003

2003 2004 & ch vs

2003

Revenue 51 262 213 +8.9 47 073 375 55 481 013 +17.9



Income before taxation 2 268 971 +13.1 2 006 704 2 372 585 +18.2

Taxation (678 079) +12.7 (601 658) (723 226) +15.7




27.8%31.5%

Tax rates 20032004

29.5%28.1%Local

29.0%28.9%Group

Note: Rates exclude goodwill amortisation

STC included as a charge in the Income Statement

Offshore Offshore rate to decline slightly due to tax relief as a consequence of

minority acquisitions of Bidvest and Bidcorp plc


R000’s 2004 % ch vs

2003

2003 2004 & ch vs

2003

Revenue 51 262 213 +8.9 47 073 375 55 481 013 +17.9




Taxation (678 079) +12.7 (601 658) (723 226) +15.7

Income after taxation 1 590 892 +13.2 1 405 046 1 649 359 +19.3

Income from associates 24 691 -18.6 30 328 25 092 -20.5

Outside shareholders’ interest (74 759) -23.5 (97 701) (86 131) -20.5

Income attributable to shareholders 1 540 824 +15.2 1 337 673 1 588 320 +21.7




Minority interests declined due to the buy-out of Bidvest plc minorities effective April 2004

This will impact the full F2005 year


R000’s 2004 % ch vs

2003

2003 2004 & ch vs

2003

Revenue 51 262 213 +8.9 47 073 375 55 481 013 +17.9




Taxation (678 079) +12.7 (601 658) (723 226) +15.7

Income after taxation 1 590 892 +13.2 1 405 046 1649 359 +19.3

Income from associates 24 691 -18.6 30 328 25 092 -20.5

Outside shareholders’ interest (74 759) -23.5 (97 701) (86 131) -20.5

Income attributable to shareholders 1 540 824 +15.2 1 337 673 1 588 320 +21.7

Number of shares in issue (weighted 000) 300 643 -2.4 308 116 300 643 -2.4

Headline earnings (Rm) 1 643 526 +14.8 1 431 221 1 706 098 +19.2

HEPS without restatement (cents) 551.2 +15.1 479.0 572.0 +19.4

HEPS (cents) 546.7 +17.7 464.5 567.5 +22.2

DPS (cents) 250.2 +13.7 220.0




Earnings

Total foreign earnings from Bidvest plc, Bidcorp plc, Lithotech France & Namsov = 20% of Group (R329m)

21.8% increase in HEPS to 565.9c if McCarthy, Bidvest plc & Bidcorp plc were wholly owned for F2004

21.8% increase in HEPS on constant currency basis

Dividend

17% enhancement in DPS due to Dinatla transaction

Dividend cover will remain around 2x

Consolidated Balance Sheet

R000’s 2004 2003

Assets

Non-current assets 6 406 635 4 904 544

Current assets 11 542 389 9 666 838

Total assets 17 949 024 14 571 382

Equity & Liabilities

Capital & reserves 6 426 618 6 103 451

Non-current liabilities 1 299 340 1 007 749

Current liabilities 10 223 066 7 460 182

Total equity & Liabilities 17 949 024 14 571 382

Year ended June 30


R000’s 2004 2003

Assets

Non-current assets 6 406 635 4 904 544

Current assets 11 542 389 9 666 838

Total assets 17 949 024 14 571 382

Equity & Liabilities

Capital & reserves 6 426 618 6 103 451

Non-current liabilities 1 299 340 1 007 749

Current liabilities 10 223 066 7 460 182

Total equity & Liabilities 17 949 024 14 571 382

Year ended June 30

Working capital cycle influenced by the inclusion of McCarthy Numbers influenced by currency fluctuations:

Sales at avg rates; assets at spot rates

8 5

No

. o

f D

ay

s

34 38

27 21

5454

2004 2003

Stock

Debtors

Creditors


Bidvest is not averse to leveraging the balance sheet Gearing = 10% at balance sheet date, but higher intra-month

(includes R624m McCarthy floorplan lease creditors) Maximum gearing = 40%

£103m (R1.3bn) debt used to acquire Bidvest plc minorities £25m facility agreed for Bidcorp plc minority takeout Competitive funding rates achieved

Net Debt Position (R000’s)

2004 2003

Liquid funds 2 305 161 2 360 561

Long term interest-bearing liabilities

923 083 665 583

Short term interest-bearing liabilities

2 056 149 666 105

Net (debt)/cash (674 071) 1 028 873

Consolidated Cash Flow Statement

Strong cash generated by operations: R764m positive swing in working capital

R000’s 2004 % ch 2003

Cash flow from operating activities 2 757 086 +83.0 1 506 715

Year ended June 30


Investments R1bn for McCarthy R1.3bn for minorities in Bidvest plc Capex: R910m in 2004 v s R991m in 2003

R000’s 2004 % ch 2003


Cash effect of investment activities (2 933 185) +151.2 (1 167 628)

Year ended June 30


R000’s 2004 % ch 2003


Cash effect of investment activities (2 933 185) +151.2 (1 167 628)

Cash effects of financing activities 152 400 (70 234)

Net cash and cash equivalents 2 100 982 -4.5 2 200 344

Year ended June 30

Divisional ResultsDivisional Results

Services – Bidfreight

Exchange rate impact on trading patterns

Terminals up strongly

RDS & SACD performed ahead of budget

IVS showed real growth

BMA & SABT flat due to derived price pressure from customers and operational difficulties

Strong Rand negatively impacted Safcor Panalpina, Marine & Manica

150

200

250

300

350

400

450

2003 20046000

7000

8000

9000

10000

11000

12000

13000

14000

Trading income Revenue

…% Trading margin

3.4%2.9%

Rm RevenueRm Trading Income

Heavy lifting

Services - Bidfreight

STRATEGIC IMPERATIVES and PROSPECTS

NPA negotiations in process

PPP opportunities with NPA & Transnet

Exploiting synergistic opportunities between businesses (eg. Marine & Terminals on bulk products)

Acquisitive opportunities (eg. terminals, agencies)

R1 change in R/$ exchange rate affects operating income by R40m (avg rate for F2004: $6.88)

International trade growth well ahead of GDP

Current contr. to Group Trading Income

16%

Services – Bidcorp plc

Trading loss of £1.8m vs. £58 000 profit in 2003

Tough trading conditions but almost breakeven in 2H2004

Main problem: heavy costs in Shipping on excess capacity

Automotive rationalised into one brand “Ontime”

Volume: decreased margins & unbalanced loads

Specialist: contracts retained

France: making recovery

Property: no deals in period

£ 000’s Trading Income £m Revenue

Recovery overdue

-1700

-1200

-700

-200

300

800

1H03 2H03 1H04 2H04

0

10

20

30

40

50

60

70

80


Services – Bidcorp plc


Realisable net asset value well exceeds book value (ships & property)

Short term strategy: 3 autonomous business units reporting to BidvestHead office closed in July 2004, management changes at Volume

Transport and ShippingProperty transactions to be realisedAutomotive - profitability now improvingShipping - achieving reasonable profit, could improve

Medium term strategy - Automotive:Expanding group automotive activities locally & internationallyExamining synergies between regional automotive operations

Long term strategy - Freight: Expand freight service offering to UKComplexities of UK market are stymieing short term progress

Services – Bidserv

6% real organic growth in revenue – at the expense of competitors

Move to tenders creating margin pressure – countered by expense control and annuity income

Laundry: strongest performer; secured additional market share; benefits of timely capex; market leader

Security, whilst profitable, was a disappointment (industry in disarray)

Service expansion through acquisitions (Greens)

BidAviation created to leverage off Fedex / EAS / AHS and extract synergies

020406080

100120140160180200

2003 2004

400

600

800

1000

1200

1400

1600

1800

2000

2200


…% Trading margin

9.5%9.6%

Rm Trading Income Rm Revenue

Soft service successes

Services - Bidserv


Development of the newly acquired Greens businesses into national foot print

New contract wins will benefit Laundry and Security businesses

Annuity income

Benefits of R55m acquisition of SA operation of IPS (effective 1 April 2004) for full year in 2005

Benefits of transferred-in businesses (Fedex & Express Air Services) for full year in 2005

Ability to add on similar businesses

8%


Services – Renfin

0

50

100

150

2003 2004

400

450

500

550

600

650


…% Trading margin

19.4%

24.3%


Travel beats Banking

Modest rise in Travel trading income (+6%)

Despite declines in volumes/pricesFavourable economic conditions did

not assist outboundTravel acquisitions assisted profitsIntensified competition and structural

changes in the travel industry

Sharp fall in banking trading income (-59%)

Excessive costsCurrency strengthNarrower dealer marginsSlowdown in tourist encashmentsLower outbound forex

Services - Renfin

5%


Management proactive in preparing for change to agency remuneration

Bank to :

Focus on reducing cost base

Growing asset book, corporate FX, trade services

Regaining lost business in retail operations

Benefits to be derived from investments in banking systems, infrastructure and training

IT infrastructure upgrades enable Rennies Bank to expand activities


Foodservice Products – International

UNITED KINGDOM:

Trading income up 25% to £40m

3663 gained market share, increased margins and profitability in all businesses

Economy more robust with low inflation

Strong performance from Multi-temp, Frozen, MOD (Kuwait)£28m capex spent

Depot renewal & alleviation of inefficiencies

Acquisitions which extended customer service offering:

Barton Meat (51%)Wilson Watson

100

150

200

250

300

350

400

450

500

2003 2004

3000

5000

7000

9000

11000

13000

15000

17000


…% Trading margin

3.4%3.0%


Sterling stuff

Foodservice Products - International

AUSTRALASIA:

Trading income up 37.8% to £11.5m

AUS EBIT up 19% in AUD

NZ EBIT up 48% in NZD

Australian & New Zealand dollars strengthen by approximately 10% against sterling

5 small acquisitions

Oceanic Foods, R&S, Coolfoods, Macmont, RWA

2 new divisions (hospitality supplies & quick service restaurants)

Sale of the retail focused Alice Springs

40

60

80

100

120

140

2003 2004

2500

3000

3500

4000

4500

5000

5500


…% Trading margin

2.7%

2.7%


Upside down under

Foodservice Products - International


3663

Extension of product range to Fresh & Chilled

Financial turnaround at Swithenbank & Barton Meat

Increasing capacity

Australia

Filling in the gaps on the Eastern Seaboard

Enhanced performance from Melbourne

Improved purchasing

Crean (New Zealand)

Benefits from customer gains & infrastructure investment

23%


020406080

100120140160180200

2003 2004

300

500

700

900

1100

1300

1500

1700

1900

2100


…% Trading margin

8.7%9.1%


Foodservice Products – Caterplus (SA):

Food price deflation only tempered in H2

Overseas visitors not as free spending

Catering Supplies: tough market

Frozen division priced aggressively, maintaining profitability & volumes

Patleys increased margins despite reduced rand profit on imports

Vulcan-Caars assisted by exports in H2

Defeating deflation

Foodservice Products – Caterplus (SA)


Adapted to deflationary environment

Well positioned to take up buoyancy in the market

Inflation good for businesses

Key: selling customers expanded basket of products

Adaptation of focus:Move to multi temperature conceptQuietly leading the market in a new direction

7%


40

50

60

70

80

90

100

110

120

130

2003 2004

10020030040050060070080090010001100


…% Trading margin

12.6%

11.0%


Foodservice Products – Combined Foods (SA)

Competitive challenges met in Bidbake, enabling improved results

Crown sales to major customer segments up substantially; export sales & non-meat flat

New spice factory enabled production rationalisation / double shift to meet demand

Spiced results

Foodservice Products – Combined Foods (SA)


Bidbake to : Offer new products to enhance service offering Leverage customers over scope of product range

Crown well poised to continue growth; new products

5%


100

150

200

250

300

350

400

450

2003 2004

900

1400

1900

2400

2900

3400

3900

4400

4900

5400


…% Trading margin

8.1%8.3%

Commercial Products – Bidoffice


Margin pressure in stationery due to currency effect on imported product & pressure on paper prices, but volumes up

Acquisition of OCE Printing Systems benefited Automation

Minolta produced strong result, particularly 4th Qtr

Kolok impacted by grey products but results acceptable

Cecil Nurse star of Furniture

Lithotech strong, exceeded budget

Lithotech France - poor result but volumes improving (profitable for last 2 months)

Stout effort

Commercial Products - Bidoffice


Weakening currency will benefit businesses

Waltons Gauteng restructured for more focus

Minolta to enhance brand to leverage growth

Kolok seeking enhanced product offering

Continued migration to value add services for Lithotech

Lithotech France to seek critical mass (improve factory throughput and efficiencies) 15%


102030405060708090

100110120

2003 2004

100

200

300

400

500

600

700

800


…% Trading margin

14.8%14.1%


Commercial Products – Bidpac

Margin maintained despite customers destocking, rand strength & manufacturing recession

Market share grew despite decline in manufacturing volumes – secondary exporters hurt by rand

Buffalo achieved forward momentum by product differentiation

New African markets for exports

Protecting profitability

Commercial Products – Bidpac


Continued strengthening of demand across all products and more favourable trading environment

Substantial capex to enhance product range and quality

African exports will gather pace in year ahead

Benefits of partnership with Esselte will in F2005

Strong last quarter4%


5060708090

100110120130140150

2003 2004

50070090011001300150017001900210023002500


…% Trading margin

6.3%

5.5%


Commercial Products – Voltex

Trading conditions improved in 2nd half

Focus on commercial work yielded substantial success

Copper price gyrations affected stocking

Non-cable products held margins

Lower dependence on large capex projects

Stronger voltage in H2

Commercial Products - Voltex


National footprint, service capability and breadth of products

Voltex to accredit itself as “specifiers” – reducing reliance on contractors

Upgrading skills set to add value

Growth prospects through organic expansion and market gains

Change of focus to commercial customers will continue to provide benefits

6%


10

60

110

160

210

260

2004

500

1500

2500

3500

4500

5500

6500


…% Trading margin

3.7%


McCarthy

R1bn acquisition price at +/- NAV - effective January 2004

Healthy contribution

Yamaha benefiting strongly from Rand strength & increased disposable income

Automotive industry buoyant

New and used car margins under pressure

Financial services achieved significant growth

Pro forma attributable earnings for the full year to June 2004: R191m after funding cost

Magic Motoring

Revenue : R5.9bn

McCarthy


Synergistic benefits in the next 12 months, eg. McCarthy Club

Opportunities in complementary areas, eg.

Financial leasing

Van rentals

Fleet management

FML

Private leasing

Organic and acquisitive growth planned for McCarthy

Product extensions

Dealerships

Distributorships

Sustainable growth supported by lower interest rates and > 10 year average age of the SA car parq

Benefits of twelve months earnings in 2005

9%


10

15

20

25

30

35

40

45

50

55

2003 2004

10

20

30

40

50

60

70

80

90

100


Corporate Services

Rm Trading Income Rm Revenue*

*Revenue = Bidnet & Mymarket.com

(No’s excl Namsov)

Namsov adversely impacted by Rand but grew trading profit by 11.8%

Investment income: mainly share dealing profits

Bidvest Network Services (I-Fusion)

Profitable for the year

State of the art network

Positioned for growth

mymarket.com

Annualised billings R850m

Further growth anticipated

Property rental income from Group companies at arm’s length

Strategy & OutlookStrategy & Outlook

BEE update

Dinatla acquisition of 15% of Bidvest completed

Dinatla partnership has :

4 board seats; assisted in appointment of 7 new HD commercial directors

Assisted with the Bidvest Charter

Facilitated in creating linkages for BEE procurement

Underlying JV’s addressed

Dinatla New Ventures formed to pursue large investment opportunities

–

49% (incl. other

funders)Bidvest

15%BEE partners, incl Dinatla

DNV

51%

Dinatla

Bidvest Corporate Governance

Large Board a result of Group cultureBidvest built by merger with like-minded entrepreneursClear division of power, accountability and responsibility

Separation of roles of Chairman and Chief ExecutiveCyril Ramaphosa appointed non-executive ChairmanBrian Joffe as Chief Executive ensures continuation of proven

Group strategies

Effective committees

Ongoing evaluation of board composition to ensure efficacy

–

Key growth drivers

Cross-selling between businesses not yet fully exploited

Acceleration of outsourcing trend – eg, benefit to Bidserv & Bidoffice

Organic growth through product extension & geographic spread

Exposure to growth areas of the economy, supplemented by acquisitive growth

Potential impact of World Cup 2010

Bidserv:•Hygiene services•Purified water•Laundry•Janitorial & cleaning products

Renfin:•Forex•Travel agencies

Voltex:Electrical product distribution to stadiums, housing, hotels, bulk infrastructure, etc

McCarthy:•Lease and/or purchase •Hire vehicles (Budget Car Hire)

Food Service Products:Catering supplies & equipment

Bidfoffice: •Stationery•Office automation•Furniture

Bidpac: Fasteners for constructionindustry

Prospects for 2005

Cost base more efficient

2005 HEPS will benefit from:

inclusion of McCarthy for full year

owning 100% of Bidvest plc for full year

Bidcorp and Lithotech France should contribute to profits

Price inflation would benefit Rand value of margins

Budgets based on prevailing exchange rates but will benefit from any weakening of the Rand

MANAGEMENT IS BUDGETING FOR A GOOD RESULT

AppendicesAppendices

Appendix 1: Financial Statements

Appendix 1: Financial Statements

Consolidated Income StatementFor the year ended June 30

2004 2003 Percentage 2002Audited Change Audited

R000s Audited Restated Restated

Revenue 51,262,213 47,073,375 8.9 41,950,388

Trading income 2,555,652 2,244,121 13.9 2,012,611 Trading income before translation gains 2,553,201 2,259,197 13.0 1,909,966 Translation gains (losses) 2,451 (15,076) 102,645 Amortisation of goodw ill (77,622) (64,887) (52,646) Net capital items (40,157) (61,548) (11,467)

Net operating income 2,437,873 2,117,686 15.1 1,948,498

Net f inance expense (168,902) (110,982) (80,163)

Income before taxation 2,268,971 2,006,704 13.1 1,868,335

Taxation (678,079) (601,908) (525,472)

Income after taxation 1,590,892 1,404,796 13.2 1,342,863

Income from associates 24,691 30,328 17,735 Trading profits 25,092 31,568 27,788 Impairment of and goodw ill in associates (401) (1,240) (10,053)

Outside shareholders' interest (74,759) (97,451) (129,557)

Income attributable to shareholders 1,540,824 1,337,673 15.2 1,231,041

Number of shares in issue (w eighted 000) 300,643 308,116 299,089

Headline earnings per share ( cents ) 546.7 464.5 17.7 432.8

Earnings per share (cents) 512.5 434.1 18.1 411.6

Distribution per share (cents)* 250.2 220.0 13.7 190.0-interim 113.4 108.0 90.0-final 136.8 112.0 100.0

Consolidated Income StatementFor the year ended June 30

HEADLINE EARNINGS

Income attributable to shareholders 1,540,824 1,337,673 1,231,041 Net amortisation of goodwill 75,009 61,449 49,411

Amortisation of goodwill 77,622 64,887 52,646 Outside shareholders' interest (2,613) (3,438) (3,235)

Net loss on disposal and discontinuance of businesses 26,202 11,626 3,913 Loss on disposal and discontinuance of businesses 38,595 36,130 11,797 Tax relief (12,392) (16,017) (4,363) Outside shareholders' interest (1) (8,487) (3,521)

Net loss on disposal of assets 1,090 19,233 104 Loss (surplus) on disposal of assets 1,562 25,418 (330) Tax relief (472) (7,385) - Outside shareholders' interest - 1,200 434

Impairment of and goodwill in associates 401 1,240 10,053

Headline earnings 1,643,526 1,431,221 14.8 1,294,522

Rand / Sterling exchange rates

Opening rate 12.457 15.905 11.338Closing rate 11.285 12.457 15.905Average rate 11.939 14.288 14.544

The following adjustments to income attributable to shareholders were taken into account in the calculation of headline earnings:

The Group has changed its accounting policies in accordance with recently amended statements of Generally Accepted Accounting Practice, with regard to secondary tax on companies and business combinations. Secondary tax on companies in now treated as part of the tax charge in the income statement as opposed to an appropriation in equity; and the Group no longer provides for amortisation of goodwill arising from business combinations subsequent to March 31 2004. These changes have resulted in an additional charge to income, net of outside shareholders interest, of R13m for the year (2003: R43m) ; and a reduction of goodwill amortisation of R13m in the current year. Had these changes not taken place, the headline earnings per share for the year would have been 551,2 cents per share (2003: 479,0 cents per share) , an increase of 15,1%, and earnings per share would have been 512,8 cents per share (2003: 448,6) an increase of 14,3%.

Consolidated cash flow statementFor the year ended June 30

2004 2003 2002Audited Audited Audited

R000s

Cash flow from operating activities 2,798,728 1,506,715 1,967,371 Operating income net of capital items 2,515,495 2,182,573 2,001,144 Depreciation and other non-cash items 742,849 746,026 543,348 Changes in working capital 502,505 (261,904) 207,183 Cash generated by operations 3,760,849 2,666,695 2,751,675 Net finance expense (102,907) (110,982) (80,163) Taxation paid (645,451) (521,617) (395,737) Dividends paid - Company (168,608) (475,284) (267,763) - subsidiaries (45,155) (52,097) (40,641)

Cash effects of investment activities (3,136,445) (1,167,628) (1,596,063) Net additions to fixed assets (909,602) (991,232) (695,118) Net additions to intangible assets (14,817) (8,442) (18,759) Net acquisition of subsidiaries, businesses, associates and investments (2,212,026) (167,954) (882,186)

Cash effects of financing activities 314,018 (70,234) 525,622 Proceeds from shares issued - Company 83,702 31,710 596,462 - subsidiaries 1,009 7,670 506 Purchase of treasury shares (115,417) (401,333) (26,756) Distribution of share premium to shareholders (528,163) (168,797) (159,743) Net borrowings raised 872,887 460,516 115,153

Net increase (decrease) in cash and cash equivalents (23,699) 268,853 896,930

Net cash and cash equivalents at the beginning of the year 2,220,344 2,202,331 1,058,213 Currency adjustments (95,663) (250,840) 247,188

Net cash and cash equivalents at the end of the year 2,100,982 2,220,344 2,202,331

- - - - Net cash equivalents are made up as follows

Cash on hand and in the bank 2,305,161 2,360,561 2,745,492 Bank overdrafts shown as current portion of interest bearing debt (204,179) (140,217) (543,161)

2,100,982 2,220,344 2,202,331

Consolidated Balance SheetAt June 30

2004 2003 2002Audited Audited Audited

R000s

ASSETS

Non-current assets 6,406,635 4,904,544 5,089,552 Fixed assets 3,663,846 3,493,246 3,602,498 Intangible assets 1,959,223 689,218 681,903 Deferred tax 262,727 219,340 262,747 Investments and advances 498,853 384,072 378,997 Banking and other advances 21,986 118,668 163,407

Current assets 11,542,389 9,666,838 10,027,552 Other current assets 9,237,228 7,306,277 7,282,060 Liquid funds 2,305,161 2,360,561 2,745,492

Total assets 17,949,024 14,571,382 15,117,104

EQUITY AND LIABILITIES

Capital and reserves 6,426,618 6,103,451 6,370,033 Shareholders' interest 6,056,612 5,412,659 5,563,617 Outside shareholders' interest 370,006 690,792 806,416

Non- current liabilities 1,242,783 972,050 588,136 Deferred taxation 89,554 115,824 252,048 Post-retirement obligations 225,040 190,179 200,250 Life assurance fund 5,106 - - Long-term portion of interest bearing borrowings 923,083 665,583 135,838 Long- term portion of banking liabilities - 464 -

Current liabilities 10,279,623 7,495,881 8,158,935 Other current liabilities 8,166,917 6,794,077 6,887,622 Current portion of interest bearing borrowings 2,112,706 701,804 1,271,313

Total equity and liabilities 17,949,024 14,571,382 15,117,104

- - - Number of shares in issue 302,169 302,679 311,217

Net tangible asset value per share (cents) 1356 1561 1569

Statement of changes in shareholders’ interestFor the year ended June 30

2004 2003 2002Restated Restated

Audited Audited AuditedR000s

Shareholders' interest at the beginning of the year 5,412,659 5,563,617 3,860,494

Share capital issued (26) (427) 770 - capitalisation issue - - 107 - cash issue - - 623 - in terms of the share incentive scheme 127 62 71 - repurchase of shares by subsidiary (153) (489) (31)

Share premium arising on shares issued (559,852) (537,993) 409,300 - in terms of the share incentive scheme 83,617 31,780 40,067 - cash issue - - 557,377 - refund of share premium to shareholders (528,163) (168,797) (159,743) - repurchase of shares by subsidiary (115,264) (400,844) (26,725) - share issue costs (42) (132) (1,676)

Movement in non-distributable reserves (172,579) (474,927) 329,882 - foreign currency translation reserve (169,698) (474,927) 329,882 - on acquisition of business 1,313 - - - transferred to distributable reserves (4,194) - -

Movement in retained income 1,376,410 862,389 963,171 - income attributable to shareholders 1,540,824 1,337,673 1,231,041 - dividends and capitalisation issues (168,608) (475,284) (267,870) - transfer from non-distributable reserves 4,194 -

Shareholders' interest at the end of the year 6,056,612 5,412,659 5,563,617

Segmental analysisFor the year ended June 30

2004 2003 Percentage 2002R000s Change

REVENUE

The Services Division 16,675,368 18,292,281 (8.8) 16,424,403 Bidfreight 12,105,642 13,676,421 (11.5) 12,984,127 Bidcorp plc 1,463,166 1,956,688 (25.2) 1,078,403 Namsov fishing 282,827 282,107 0.3 320,993 Bidserv 2,165,517 1,735,005 24.8 1,505,982 Renfin 658,216 642,060 2.5 534,898

The Foodservice Product Division 22,266,741 22,557,416 (1.3) 21,121,321 Bidvest United Kingdom 14,161,750 15,348,018 (7.7) 14,556,975 Bidvest Australasia 5,176,737 4,385,736 18.0 4,184,514 Caterplus 1,967,570 1,970,925 (0.2) 1,653,732 Combined Foods 960,684 852,737 12.7 726,100

The Commercial Products Division 7,777,656 7,584,909 2.5 5,500,712 Bidoffice 4,766,335 4,743,195 0.5 3,512,837 Bidpac 748,224 730,579 2.4 625,537 Voltex 2,263,097 2,111,135 7.2 1,362,338

The Automotive Producta DivisionMcCarthy 5,904,843 - - -

Corporate Services 58,206 93,920 (38.0) 159,387 Bidvest Network Solutions 50,298 90,665 (44.5) 159,225 MyMarket.com 7,908 3,255 142.9 162

Inter Group eliminations (1,420,601) (1,455,151) - (1,255,435)

51,262,213 47,073,375 8.9 41,950,388

Segmental analysisFor the year ended June 30

TRADING INCOME

The Services Division 763,685 750,502 1.8 718,570 Bidfreight 417,273 395,400 5.5 355,971 Bidcorp plc (21,833) 834 14,034 Namsov fishing 35,201 31,497 11.8 104,509 Bidserv 205,600 166,713 23.3 134,317 Renfin 127,444 156,058 (18.3) 109,739

The Foodservice Product Division 889,581 843,449 5.5 672,927 Bidvest United Kingdom 459,948 449,611 2.3 376,150 Bidvest Australasia 137,954 119,823 15.1 84,725 Caterplus 170,343 179,817 (5.3) 132,493 Combined Foods 121,336 94,198 28.8 79,559

The Commercial Products Division 636,944 613,342 3.8 487,675 Bidoffice 383,910 393,845 (2.5) 313,715 Bidpac 110,878 103,069 7.6 84,142 Voltex 142,156 116,428 22.1 89,818

The Automotive Producta DivisionMcCarthy 217,606

Corporate Services 47,836 36,828 29.9 133,439 Bidvest Netw ork Solutions 578 (5,042) (9,096) MyMarket.com (7,709) (7,242) (2,172) Investment and other income 10,346 8,317 24.4 108,904 Bid Properties 44,621 40,795 9.4 35,803

2,555,652 2,244,121 13.9 2,012,611

Appendix 2: Corporate

Appendix 2: Corporate

Corporate Services

(38.3)(65.0)Other costs

(15.1)2.5Translation (Losses)/Gains on cash

9.97.9Div from associates

51.864.9Share dealing profits

20032004Investment income

Appendix 3:

Dinatla transaction & BEE

Appendix 3:

Dinatla transaction & BEE

Dinatla Transaction

The transaction:

Dinatla consortium owns 15% of Bidvest

A. Dinatla Ownership vested

Price between R42-R60 in Oct 2006

Right of early settlement

Board representation

Unfettered voting rights

No hurdle price – the closer to R42 the better for Dinatla

Dinatla Transaction

The transaction:


B. Bidvest No financial impact

Positive BEE equity scorecard impact (BEE equity ownership increased to approximately 35%)

Retain existing business

New business opportunities

Dinatla Transaction

The transaction:


C. Current Shareholders Bidvest ords + a 17% dividend enhancement for 3 years

Dinatla Transaction

The transaction:


D. Shareholders affected by the transaction sold 15% of their shares to Dinatla.

For every 100 shares:

85 ordinary Bidvest shares with a 17% dividend enhancement 15 BidBEE loan notes with no dividend

• subject to a minimum of R42 and a maximum of R60 per share

• at recommendation of BidBEE board with 1 year extension option (75% vote by loan note holders)

6 Bidvest call options at a R60 strike price

BEE at Bidvest -

–

BEE Scorecard Credits Bidvest progress Equity ownership 20% √ Management & executive positions 10% √ Employment equity 10% √ Skills development 20% √ Procurement 20% √ Enterprise development 10% √ Residual 10% reserved for sector specific issues

******** Good = > 65%

Satisfactory = 40% - 64.9% Limited = < 40%

June 30 2004 for the twelve months ended Audited Results BID Vest.

Documents

ch vs 2003revenue51

trading income2

bntrading income

net operating income2

translation gains2

net capital items40

lossmaking bidcorp plc

translation gains losses2