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Bidvest Integrated Report 2020

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Bidvest Integrated Report 2020 Integrated Report 2020 #EmergingStronger Contents The Group 1 2020 Highlights 1 Our integrated report 2 Integrated Group overview 4 Business model 6 External operating environment 8 Update on strategy 9 Investment case 10 Shareholder analysis 11 Reflecting on FY2020 12 Chairman’s report 12 CEO’s report 15 CFO’s report 19 Stewardship 22 Committed to good governance 22 Governing structures and committees 24 Combined assurance model 26 Stakeholder relationships 28 Material focus areas, risks and opportunities 30 Sustainability 32 Divisional reports 36 Financial performance 48 Segmental analysis 48 Value-added statement 52 Summarised financial results 55 Shareholder diary 70 Reflecting Divisional Financial Shareholder The Group on FY2020 Stewardship reports performance diary 2020 Highlights Financial Non-financial Mpumi Madisa R9.2bn chief executive effective cash generated from operations, up 38% 1 October 2020 Free cash flow of 132 870 R3.7bn, employees a R1.4bn increase Exceptional asset management during challenging times. Normalised 9 675 ROFE 23% learnerships Robust 50% of businesses achieved level balance sheet 1-2 B-BBEE ratings Cumulative R6.9bn 72 132 employees trading profit from continuing operations, benefited from up 3%, before R1.6bn COVID-19 charges Bidvest COVID-19 fund (April-June) Normalised HEPS from Electricity from continuing operations of renewable resources 1 028.3 cents up 26% HEPS from Recycled continuing operations 200 000 553.2 cents tons of waste Invested R360m in skills development THE BIDVEST GROUP LIMITED Integrated Report 2020 1 Our integrated report This report has been developed to enable Bidvest stakeholders to make an informed assessment about our ability to create value over time. To facilitate such an assessment: We introduce the Group, practices. Our strategy has been developed to ensure that outlining who we are, where we operate, what we do, and we manage the resources and relationships needed to how we create and sustain value; Provide a high-level strategic create value over time. We use a combined assurance model and governance overview incorporating the Chairman’s to provide us with comfort obtained from management in statement and review our leadership team and governance conjuction with internal and external assurance providers. and remuneration practices; Provide an operational summary PricewaterhouseCoopers Inc. (PwC) audited our FY2020 of our performance and strategy in the CEO’s statement; consolidated annual financial statements and provided an Identify the material matters that impact on value creation in unmodified opinion thereon. The extracts from the AFS in this terms of our operating environment, and the principal risks and Integrated report are audited. Our audit and risk committees opportunities facing the company; Reflect on our interaction provide internal assurance to the board annualy on the with the six capitals that enable our business and our key execution of the combined assurance plan. The Group’s stakeholder relationships and review our financial performance financial, operating, compliance and risk management controls and plans in terms of our strategic focus areas across our are assessed by the Group’s internal audit function, which is operations. This report covers the period from 1 July 2019 to overseen by the audit and risk committees. 30 June 2020. The board has applied its collective mind to the preparation Our reporting process has been guided by the principles and and presentation of the information in this report, which requirements contained in the International Financial Reporting has been guided by the IIRC’s International Framework. Standards (IFRS), the IIRC’s International Framework, the The board believes that this report addresses all material GRI’s Sustainability Reporting Standards, the King Code issues and presents a balanced and fair account of the on Corporate Governance 2016 (King IV), the JSE Listings Group’s performance for the reporting period, as well as an Requirements (Listing Requirements) and the South African accurate reflection of our core strategic commitments. On the Companies Act, No 71 of 2008 (Companies Act). We have recommendation of the audit and risk committees, the board derived the summarised financial statements in this report from approved the Bidvest AFS on 11 September 2020 and the the consolidated annual financial statements (AFS). The full set Bidvest Integrated report on 22 October 2020. of AFS, as well as a suite of additional reports, are available Signed on the board’s behalf: online (at www.bidvest.co.za) or can be requested from our company secretary. This report provides information on all those matters that we believe could substantively affect value creation at Bidvest. Bonang Mohale Mpumi Madisa Chairman Chief executive Integrated thinking is intrinsic to how we manage our business and to our internal strategy development and reporting 22 October 2020 “ The focus of our design speaks to the collaboration of our Bidvest businesses and broader stakeholder community to deliver on our commitment to the rebuilding of our country in the global economy whilst delivering comprehensive, value-adding solutions to customers. We are the sum of our parts and continue to move forward, together and even stronger than before”. #EmergingStronger 2 THE BIDVEST GROUP LIMITED Integrated Report 2020 Reflecting Divisional Financial Shareholder The Group on FY2020 Stewardship reports performance diary What we do A leading business-to-business services, trading and distribution group operating in the areas of consumer, pharmaceutical and industrial products, financial services, freight management, office and print solutions, outsourced hard and soft services, travel services and automotive retailing. Listed on the JSE Limited and with its roots firmly established in South Africa, we consistently broaden our offering. Our philosophy Our values Bidvest operates a diversified, highly entrepreneurial model with teams that are empowered to grow their Accountability respective businesses. Transparency, excellence and innovation underpins all our business dealings. Honesty Integrity How we do it Respect Our vision Our vision is to turn ordinary companies into extraordinary performers, delivering strong and consistent shareholder returns in the process, understanding that people create wealth, companies only report it. Our strategic pillars The six divisions Maximise diverse portfolio Services Branded Products Maintain strong financial position Freight Commercial Products Allocate capital to grow Financial Services Responsible stewardship Automotive THE BIDVEST GROUP LIMITED Integrated Report 2020 3 Integrated Group overview Bidvest is a leading business-to-business services, trading and distribution group, operating through six divisions: Services, Freight, Branded Products, Commercial Products, Financial Services and Automotive. The Group owns a significant and strategic property portfolio largely occupied by Bidvest. Bidvest has a 53.6% stake in Adcock Ingram (Adcock). Effective May 2020, Bidvest executed its biggest transaction ever when it acquired PHS, a leading hygiene service provider in the UK, Ireland and Spain. On an annualised basis, this trebles the Group’s offshore exposure. Bidvest generates 65% of trading profit from services and 35% from trading and distribution activities Bidvest services 300 000 customers through 550 facilities Group B-BBEE level 3 with more than 50% of individual businesses at level 1 and 2 Trading profit Divisional contribution Services 38% Branded Products 25% Freight 21% Commercial Products 7% Financial Services 6% Automotive 3% 4 THE BIDVEST GROUP LIMITED Integrated Report 2020 Reflecting Divisional Financial Shareholder The Group on FY2020 Stewardship reports performance diary Services Branded Products Freight Revenue Trading profit Revenue Trading profit Revenue Trading profit R22 091m R2 134m R17 327m R1 404m R6 308m R1 161m (2019: R20 648m) (2019: R2 201m) (2019: R11 858m) (2019: R941m) (2019: R6 698m) (2019: R1 386m) Operating across multiple sectors, Leading distributor, supplier and Leading private sector freight Services’ comprehensive and diverse manufacturer of a comprehensive management group in sub-Saharan range of soft and hard service suite of office products and services, Africa, drawing on more than capabilities creates a unique platform branded household, pharmaceutical 150 years of portside experience. for customised client solutions. products as well as a provider of Facilitates the storage, handling Operations span SA, UK, Ireland and outsourced customer communication and movement of cargo through its Spain. services. independent terminal operations, international clearing and forwarding, logistics and marine services. Incorporating, amongst others: Incorporating, amongst others: Incorporating, amongst others: Steiner, Prestige, Protea Coin, Waltons, Konica Minolta, Cecil Bidvest Tank Terminals, SABT, Bulk Aquazania, ExecuFlora, Rennies Nurse, Silveray, Kolok, Lithotech, Connections, Bidvest International Travel, Bidvest Lounges, Bidair Bidvest Data, Home of Living Brands, Logistics, Manica, Bidvest SACD, Cargo, First Garment Rental, Boston Masterpack, Adcock Ingram Bidvest Port Operations Laundries, Noonan, PHS Commercial Products Financial Services Automotive Revenue Trading profit Revenue Trading profit Revenue Trading profit R11 943m R393m R2 650m R304m R18 263m R178m (2019: R12 851m) (2019: R736m) (2019: R2 701m) (2019: R585m) (2019: R22 848m) (2019: R532m) Manufacturing,
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