appendix 1: divisional results

Appendix 1:Divisional Results

2Introduction SegmentalsFinancials Group Outlook

Bidfreight

100

150

200

250

300

350

400

H1 2006 H1 2007

5000

6000

7000

8000

9000

10000

11000

12000

Trading profit Revenue

…% Trading margin

2.9%3.3%

Rm RevenueRm Trading Profit

+12%

Appendix 1

ResultsResults

Positive SA fundamentals support top-line

Working capital impacted by changed credit terms in Safcor

Good overall revenue gains but notably reduced agricultural, steel, coal, and forest product export volumes

Profits match budgeted projections

Safcor Panalpina: Record billings, up 29%.

Marine: Profits up 22% on higher container & vehicle traffic. Freightbulk strategy under review

Manica: profits up 26%, with Namibia & Naval excelling. Regional instability a constant challenge.

Volume Vicissitude


Bidfreight Current contr. to

Group Trading Profit

Appendix 1

13.4%

Terminals:

IVS: profits up 36%; capex will enhance profits.

RDS: customer difficulties resulted in profits declining 12%. Review underway.

Bulk Connections: profits static; reduced coal exports offset by rise in other product exports as benefits of capex spend create multiple product handling capability; Spoornet reliability remains a challenge; Negotiations with NPA for increased lease terms and additional handling rights ongoing.

SABT: profits down 29% on substantially lower agricultural exports; cumulative capex of >R100m yet to yield return.

SACD: profits up 12%; discussions with NPA in Durban to explore potential for extended lease terms & larger facilities.

BPO: profits down 13% due to a substantial decline in steel and forest product exports by major clients. Cost cuts have been completed.

Strategic imperatives & prospects

Majority of one-off cash outflows through the system; management to secure a positive re-alignment of working capital

Cost control is being complemented by the securing of new revenue

Bidfreight confident of achieving real profit growth for the full year

Volume Vicissitude


Bidserv

150

200

250

300

350

400

H1 2006 H1 2007

1000

1500

2000

2500

3000

Trading Profit Revenue

…% Trading margin

11.8%11.5%


+17%

Appendix 1

Nurturing the small acorns Results

BidAir profits up 94% (5% of total); integrated aviation offering complemented by the acquisition of 60% of Comair’s ground handling business; ground handling license being sought

Rennies Bank: recovery continues, with profits up 61%

Top Turf profits up 48%, new contract wins

Cleaning: Prestige profits flat, net new business good; TMS profits up 95%.

Laundries: revenue up 13% but profits flat; further volume required but pricing constrained by influence of large customers

Steiner revenue up 19%, profits up 13%

Bid Risk: at break even after strikes; further restructuring required

IPS profits down but above budget; point-of-sale services being re-evaluated

Industrial Products (Janitorial): profits up 25% despite abnormal costs


Bidserv

Appendix 1

14.7%

Current contr. to Group Trading

Profit

Office Automation (Minolta & Ocè): revenue & profits flat off high base, improvement in next period

Travel: profits up 36%; addressing poor margin divisions, debtors management and technology.

Hotel Amenities (transferred from BidFood): profits up a very creditable 19% on new contract wins

Mymarket: at break-even, gaining market share


Mymarket spearheads lucrative group and external client procurement deals, achieving substantial savings

Prestige has a number of promising new contracts in the pipeline and TMS seeking expansion opportunities

BidAir has a particularly exciting future and likely to grow its share of profits

New facilities for G Fox and Commercial Sundries

Legislated wage increases difficult to recover (security/cleaning)

Travel and Rennies Bank have further upside

Nurturing the small acorns


Bidvest Europe

150

200

250

300

350

H1 2006 H1 2007

5000600070008000900010000110001200013000140001500016000


…% Trading margin

2.3%2.8%


+19%

Appendix 1

Going Dutch

Results

Trading profits (pre-IFRS) up 6.5% at £26.3m

Outstanding cooperation and sharing of best practice between UK and Dutch teams

Deli XL Deli XL: €6.7m (£4.6m) “clean” profit, cash

generated from operations €11m Netherlands: margin of 1.8% versus 1%; real

growth in hospitality but institutional market remains challenging; excellent staff morale

Deli XL Belgium: reorganisation paying off; sales growth good but margins pressured

3663 3663 profits flat at £22m on an 11% rise in

sales to £790m; cash flow sound; MOD revenues & profits being replaced

A new phenomenon is bad debts – may be isolated and non-recurring but management has resolved to insure against this risk


Bidvest Europe

Appendix 1


Profit

16.4%

Upward pressure on product prices and operating costs.

Lower-margin CD sales up 31% (KFC, Pizza Hut) – higher unit values but higher costs due to volumes.

Multi-temp sales up 4%, profits up 1%; bad debt hurt costs; Compass non-food contract (2 Jan 07) incurred extra costs; ex-MOD depot at Basingstoke converted to multi-temp site.

Frozen, Fresh & Chill sales up 8% but margin still a challenge; bad debts hurt costs; two new sites operational Jan 07; roll-out of major contract.

Barton loss making but profitable at the end of the period.

Systems alignments at Horeca, profits ahead of expectation in large part due to Asian Games orders


Compass non-food service contract exceeding expectations

3663 on track to meet budget despite recent hiccups

Expansion into institutional market in Northern Belgium being explored

Joint opportunities between 3663 and DeliXL being successfully pursued

Going Dutch


Bidvest Australasia

50

100

150

200

H1 2006 H1 2007

3000

4000

5000

6000

7000


…% Trading margin

3.8%

3.2%


+44%

Appendix 1

Street cred

Results

Australia (A$)

“Street” trade showing organic growth of 10%, at good margin

Record 3.6% margin - profits up 25% to $21.9m off an 8% rise in sales to $611m (largely organic)

Foodservice: Sydney & Melbourne both profitable and improving; decreased cost of doing business; 25% of sales transacted electronically

Hospitality: profits up 34%; acquisitions in Melbourne and Geelong to assist with national roll-out and critical mass

QSR: profits up 28% on an 11% rise in sales; a key link in the total foodservice supply chain


New Zealand (NZ$)

Sales up 20% to $158m, profits up 29% to $7.3m; Fresh profits up 163% - taking shape as a national wholesale produce business; Logistics set for annual $30m in sales –national roll-out

Finding suitable staff remains a challenge


Australia

Expanded branch network unparalleled, broadline national offering

Suitable acquisitions + organic growth to access additional market space – Bidvest market share 20%

Sydney & Melbourne remain below potential

New Zealand

Business tracking well and strategic objectives unfolding

Top three finalist in “Most Improved Business” category of Top 200 Companies

Bidvest Australasia

Appendix 1

7.5%


Profit

Street cred


Bidfood

020406080

100120140160180200

H1 2006 H1 2007

500

1500


…% Trading margin

9.2%

8.1%


+4%

Appendix 1

Mixed bag

Results

A 37% decline in Bidbake profits masks a good result with tangible underlying improvements

Caterplus: 16% rise in profit off a 23% rise in sales; significant market share gains, broadening of choice; energetic focus on customers needs, with the independent trade a top priority; fresh fruit & vegetables introduced

BidBake: ferocious competition has resulted in a rightsizing of the business in line with realities

Crown: 25% rise in profits off a 19% rise in sales because of astute procurement and equipment sales; installation of a steam steriliser underscores food safety focus for competitive advantage


Bidfood

Appendix 1

8.0%Current contr. to

Group Trading Profit

Speciality: 25% rise in profits and a 29% rise in sales off an already high base as range and mix optimisation pays off.

Vulcan: 12% rise in profits off a 10% rise in sales; obsolete equipment being replaced to improve product quality; upgraded factory; export focus;

Catering and Frozen have been merged under a single management team


Strategic initiatives will continue to be reflected in on-the-ground execution

Capex and new facilities to yield efficiencies

BidBake very challenging but change in emphasis will result in an improved performance during F2008

Mixed bag


Bid Industrial and Commercial Products

100

150

200

250

300

350

H1 2006 H1 2007

3000

4000

5000

6000


…% Trading margin

7.7%

5.7%


+76%

Appendix 1

A bright spark

Results:

Profits up 76% off a 30% rise in revenue

EWD

Versalec Cables (75%) has settled in well, performing strongly

Infrastructure markets strong & growing

Copper price surge has reversed and management has adopted a more conservative stocking policy;

New distributorship of LS products Nov 06

Stationery & furniture:

Profits rise 51% off a 16% rise in revenue

Waltons profits up 18%; Gauteng shows materially improved performance

Kolok: revenue up 14% in a tough market, profits up 58% as gross margins expand

CN Business Furniture: 35% rise in profits off an 18% rise in revenue; strong order books


Bid Industrial and Commercial Products

Appendix 1

15.4%

Current contr. to Group Trading Profit

Fasteners & Tape

Afcom revenues up 4%, profits up 25%, with better balance between imports and local production achieved

Buffalo: 22% rise in profits off a 9% rise in revenue; launch of new DIY range a success


Exchange rate variability a challenge

Continuing strong performance off a higher base

Focus on optimising stock levels

A bright spark


Bidpaper Plus

50

70

90

110

130

150

170

190

H1 2006 H1 2007

400

500

600

700

800

900

1000


…% Trading margin

11.8%11.9%


+11%

Appendix 1

Congo Fever

Results

Profits up 11% off a 12% rise in revenue; Printing & Conversion a notable performer; integration of ex-office business complete.

Silveray Statmark

Improved results in a fiercely competitive market, with sales up 9%

Lithotech

Profits up 15% off an 18% rise in sales, boosted by DRC project (revenues good even without DRC)


Personalisation & Mail grew revenue 19%, notwithstanding prolonged industrial action

Significant capex assisted printing & conversion

Labels suffered in a tough market

Continued growth from e-solutions

Lufil continues to grow range of paper converted products


Lithotech to continue to reduce capacity in traditional continuous business forms whilst investing in the new growth areas of label, print to post, stationery and e-billing

Renewed growth focus on label products

Laser & mail to remain a substantial contributor, with increased market presence

Further growth in stationery products and “New Croxley” promotions

Bidpaper Plus

Appendix 1

5.5%


Congo Fever


Bid Auto

200

250

300

350

400

450

500

H1 2006 H1 2007

4000

5000

6000

7000

8000

9000

10000


…% Trading margin

3.7%3.5%

Rm Trading Profit Rm Revenue

+22%

Appendix 1

Fleet of foot

Results

Profits up 22% (Motor Holdings up 18%) on a 16% rise in revenue – ahead of budget. Yamaha revenues up 19% amidst stiff competition. Substantial loss at GAZ negatively impacted result.

Financial services profits up 40%, ahead of budget

32 967 new units, up 6% on 31 019, but favourable product mix assists margin; new car pricing remained keen with knock-on effect to used; parts & servicing well up on budget

30 014 used units sold, up 10% on 27 192

Budget performed well, with a sharp rise in rental days; significant increase in fleet size; interest rate hikes, higher insurance costs and higher maintenance costs puts pressure on margins

Seasonal working capital bulge; excess stock and age profile receiving vigorous attention

Fleet Services finance book well ahead of budget; rebalancing mix toward operating leases away from installment sale


Burchmores delivered improved performance on the back of an increase in bank repossessions and units purchased internally from McCarthy dealers

GAZ restructuring to minimise exposure


Projections for a growth slowdown, but no outright contraction foreseen

Competition price based but every effort is being made to preserve margin

Chinese product options being energetically pursued

Acquisition of Shell Autoserv to provide a nationwide presence for servicing out-of-warranty cars and Chinese product

Modest rises in new car prices will have a positive impact on used car values

Growing vehicle parq is beneficial for recurring parts and service income

McCarthy Fleet Services seeking meaningful expansion opportunities

A continued good performance is expected with management alert to competitive challenges and executing on identified opportunities

Bid Auto

Appendix 1

17.0%


Fleet of foot


Corporate Services

0102030405060708090

100110120

H1 2006 H1 2007

100

200

300

400

500

600

700

800

900

1000


…% Trading margin

Rm Trading Income Rm Revenue

-27%

Appendix 1

2.1%


Results

Bidprop up 35% to R36m on back of strategic group development

Namibian fishing operations profits decline by 60% to R17m on poor catches and dominance of small fish

Ontime Automotive contributes R1.3m

Appendix 2: Segmental Outlook

Introduction Financials Group Group Outlook


OVERALL EFFECT: POSITIVEOVERALL EFFECT: POSITIVEOVERALL EFFECT: POSITIVEOVERALL EFFECT: POSITIVE

BidfreightBidfreight- sensitivity to anticipated economic variables

+ effect of rising fixed investment:

Infrastructure investment set to gather momentum, likely to benefit from F2008 onwards. BUT capacity constraints should not be underestimated

+ effect of rising interest rates:Higher interest earnings in Clearing & Forwarding and Marine but this canBe tempered by large customers demanding extended credit termsAlert to easing PCE but recessionary conditions unlikely

+ effect of relative Rand weakness: Trade weighted impact not sufficient to stimulate exports meaningfully Increased unit values in Clearing & Forwarding without substantially

decreased volume (PCE buoyant into F2008 and capital equipment imports set to rise)

+ GDP growth expected to remain robust Trade volumes to grow ahead of GDP but extenuating factors may result in isolated exceptions e.g. agriculture volatility, steel directed to home market

Segmentals Appendix 2


OVERALL EFFECT: MODERATELY POSITIVEOVERALL EFFECT: MODERATELY POSITIVEOVERALL EFFECT: MODERATELY POSITIVEOVERALL EFFECT: MODERATELY POSITIVE

Industry specific factors- Legislated minimum wages are a negative due to labour intensity of Bidserv- effect of HIV/AIDS, again due to relative labour intensity - Competition from SMME contractors is not proving an insurmountable threat

+ Tertiary and secondary GDP to grow ahead of overall GDP: Growing base of commercial activity, retail/tourism/leisure/non-residential

buildings/travel Stimulates recurring income, business well balanced, but heightened

competition attracted- effect of relative Rand weakness:

No discernable net negative impacts experienced or anticipated + effect of mild inflation:

Mildly positive but competition will restrain pricing power+ effect of rising fixed investment

Multiplier benefits across entire business landscape

BidservBidserv – sensitivity to anticipated economic variables

Segmentals Appendix 2


Bidvest Food InterestsBidvest Food Interests – sensitivity to anticipated economic variables

Segmentals

UK: Wealthy, competitive, flexible and relatively fast growing top-tier economy; predictable environmentEver alert to expansion options; trading skills are continuously tested in a demanding & sophisticated market

Australasia: Growth slower but resources boom underpins prospects; excellent macro economic management Breadth, depth and business mix cushions vulnerability to external shocks

South Africa: + Top line prospects remain promising in a growing economy + Expanding discretionary incomeScope for increased sophistication of offering and business practices

OVERALL EFFECT: POSITIVEOVERALL EFFECT: POSITIVEOVERALL EFFECT: POSITIVEOVERALL EFFECT: POSITIVE

General influencing factors: + food price increases + markets served remain strong but competition is cut-throat and pricing power constrained+ Increased wealth and disposable income spurs out-of- home consumption+ Upward pressure on labour & distribution costs

Benelux: Positive outlook, helped by cyclical upswing in Germany & France, lower corporate taxes in Netherlands

Appendix 2


Modest inflation is good for a trading business but sharp rises in raw material inputs may lead to certain projects being uneconomic

Bid Industrial & Commercial ProductsBid Industrial & Commercial Products – sensitivity to anticipated economic variables

Segmentals

OVERALL EFFECT: BROADLY POSITIVEOVERALL EFFECT: BROADLY POSITIVEOVERALL EFFECT: BROADLY POSITIVEOVERALL EFFECT: BROADLY POSITIVE

Fixed investment set to gain momentum, with emphasis shifting to non-residential

Likely areas identified for capitalising on: public transportation, 2010 facilities, airports, power generation, urbanisation, water, roads, ports & harbours, bulk infrastructure, electrical, telephonic and water reticulation, regional mining, government facilities & socio-economic spend, plus commercial, leisure & residential buildings

Effect of relative Rand weakness: No discernible negative impacts on the whole, if anything stimulatory Accentuates impact of high USD copper prices + stocking levels and trading activities Relief from cheap import competition, division will still selectively import

Interest rates Retail expansion off a low base

Appendix 2


Industry-specific featuresVigorous competition and choice + manufacturers terms pressuring dealer marginsSA car parq expanding appreciably plus appearance of cheap Chinese vehicles

General economy- effect of slower GDP growth:

Business and consumer confidence of greater relevance, consumer slowdown set to bite H2 of F2007

Annuity financial services income will cushion volume sales slowdown Replacement cycle pushed out, but service/after market revenues boosted

- effect of rising interest rates: Undermines affordability, but volume/entry level exposure a quarter of sales and set to

expand – poor public transport in SA Relative shift in favour of used cars evident Financial services income up

- effect of slower growth in PCE: Rate of growth in new to slow but used takes up slack; PDI buyers +/- 30% of total now

+ effect of rising fixed investment: Commercial vehicle sales have soared and set to remain strong

+ effect of relative Rand weakness: Stimulating automotive exports; export credits assist vehicle affordability, modest price

increases have taken affect January

Bid AutoBid Auto – sensitivity to anticipated economic variables

Group Segmentals

OVERALL EFFECT: NEUTRALOVERALL EFFECT: NEUTRAL

Appendix 2


A team of operationally strong owner-managers:

Financial disciplines (working capital, managing sustainable returns)

Corporate office frees up businesses to perform

Financial integrity

Proven ability to correct underperformance (incl organic growth record from acquisitions)

Proven ability to create value in businesses

Management Focus

Control distribution channels:

Implementation

Businesses actively & successfully managed

Decentralised, focused business units

Market leaders in distribution channels: Critical mass for sourcing & funding Reaching common customers Tying the customer in

Strategy

Own the cash flows

Control distribution channels

A balance of mature & growth businesses

Funds allocated across asset base according to proven return criteria

Vigorous capital management - cash used from mature businesses to fund growth businesses and acquisitions

Identifying acquisitive value

The BIDVest Business Model

Market-leading service, trading & distribution businesses

Inside back cover

appendix 1: divisional results

Documents

revenue profits

turf profits

prestige profits flat

required ips profits

group trading profit

forest product exports

rm revenuerm trading

increased lease terms