Bidvest Namibia Limited Is a Publicly Owned Company Listed on the Namibian Stock Exchange Since 26 October 2009

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Bidvest Namibia Limited Is a Publicly Owned Company Listed on the Namibian Stock Exchange Since 26 October 2009 Namibia Annual Integrated Report 2017 YROWH[ NAMIBIAN SEA PRODUCTS (PTY) LTD About this report Bidvest Namibia Limited is a publicly owned company listed on the Namibian Stock Exchange since 26 October 2009. This report covers the year under review 1 July 2016 to 30 June 2017 and includes material issues up to board approval on 19 August 2017. The report covers all operations. It provides a holistic but concise view of social, environmental and economic factors affecting the ability of the business to create value over the short, medium and long term. The report is aimed at a wide range of stakeholders, including, inter alia, shareholders, suppliers, employees, government and providers of funding. The integrated reporting approach and structure allows for comparability of financial and non-financial data. Any restatement of comparable information has been noted as such. Materiality was applied to information gathered during the data collection, as well as board and management interviews. The following frameworks and reporting requirements were considered: – Corporate Governance Code for Namibia (NamCode), based on Third Report of the King Commission on Corporate Governance in South Africa (King III); Namibia – Namibia Companies Act, No 28 of 2004; – Namibian Stock Exchange Listings Requirements; and – International Financial Reporting Standards. Further information is available on our website www.bidvestnamibia.com.na What’s inside GROUP OVERVIEW CONSOLIDATED AND SEPARATE FINANCIAL STATEMENTS 1 Who we are 59 Statement of directors’ responsibilities and approval 3 Corporate social investment 59 Declaration by company secretary 4 – 5 Abridged group structure 60 – 62 Independent auditor’s report 6 – 7 Operational highlights 63 – 67 Directors’ report 8 – 9 Directorate 68 – 77 Accounting policies 78 Statements of financial position PERFORMANCE OVERVIEW 79 Statements of profit or loss and other 10 – 11 Chairman’s statement comprehensive income 12 – 15 Chief executive’s review 80 – 81 Statements of changes in equity 16 – 18 Corporate governance report 82 Statements of cash flows 19 – 20 Risk committee report 83 – 114 Notes to the financial statements 21 – 22 Audit committee report 115 Shareholders’ diary 23 – 26 Remuneration committee report 116 Administration 27 – 29 Sustainability report 30 – 47 Operational reviews 48 – 50 Financial director’s review 51 Value added statement 52 – 53 Nine-year review 54 – 55 Segmental report For access on your mobile to the Bidvest Namibia website, scan the QR code above. GROUP PERFORMANCE CONSOLIDATED AND OVERVIEW OVERVIEW SEPARATE FINANCIAL STATEMENTS Who we are Bidvest Namibia is a group We have a diverse portfolio Our automotive, fishing, of companies listed on the of businesses ranging from freight and logistics, Namibian Stock automotive, fishing, freight services, trading and Exchange. and logistics, services, distribution divisions employ trading and distribution, which comprises well recognised 3 481 brands within the Namibian people, creating shareholder market. value we report on. We believe in creating Our focus areas for our In a big business opportunities and growing people are employment environment we run our people. We understand that equity, industrial company with determination people create wealth, and relations, employee health and commitment evident that companies only report it. and safety, developing in a small business heart. Namibians and attracting and retaining skilled Namibians. Our philosophy we subscribe to in all business dealings: T E r a x n c s el pa len rency ce I n A n c o c v o ati un o ta n I b n ility te gr ity Bidvest Namibia Annual Integrated Report 2017 01 02 Bidvest Namibia Annual Integrated Report 2017 GROUP PERFORMANCE CONSOLIDATED AND OVERVIEW OVERVIEW SEPARATE FINANCIAL STATEMENTS Corporate social investment “To be able to help those who cannot help themselves creates a greater purpose to our being” – Sebby Kankondi, CEO Bidvest Namibia Bidvest Namibia supports various local pillars of the society, from education over health to sports and other ad hoc projects. Pandula Trust Fill this boot with hope The Pandula Trust is a voluntary Bidvest Namibia employee The Land Rover “Fill this boot with hope” initiative whereby our people have the opportunity to initiative was very successful. The community donate directly from their salaries to a central pool. was requested to donate tinned foods, Volunteers of the staff have formed a committee that clothes, blankets, toys and toiletries. All items finds and allocates these funds to so-called “Angel were then distributed by Land Rover to the deeds” which are aimed at helping those in need in outlying regions. our communities. Graduation at Promise Land Over 50 children of “Promise Land”, a pre-school for underprivileged children, graduated from the pre-school and received school uniforms, school bags, stationery, lunch A box of necessities boxes and other school Pandula Trust Angels delivered accessories to aid them in this boxes to coastal rural areas new phase of their lives. during Christmas to those who have nothing containing food and toiletries to the value of N$1 500. Over 150 boxes were delivered. Bidvest Namibia Annual Integrated Report 2017 03 Bidvest Namibia Limited abridged Group structure BIDVEST NAMIBIA LIMITED BIDVEST NAMIBIA BIDVEST NAMIBIA BIDVEST NAMIBIA FISHERIES INFORMATION PROPERTY HOLDINGS HOLDINGS (BIDFISH) TECHNOLOGY 100% 100% 100% FISHING PROPERTY AUTOMOTIVE DIVISION DIVISION DIVISION NAMSOV FISHING BIDVEST NAMIBIA ENTERPRISES AUTOMOTIVE 69,55% (trading as Novel Motor Company) 100% ELZET DEVELOPMENT 100% TWAFIKA FISHING DIROYAL ENTERPRISES MOTORS 75,10% 100% T&C PROPERTIES NAMIBIA 100% NAMSOV INDUSTRIAL CARHEIM PROPERTIES INVESTMENTS 100% 100% LENKOW 100% TETELESTAI MARICULTURE 100% CARAPAU FISHING 25% COMET INVESTMENTS CAPITAL 100% PESCA FRESCA LDA 47% NAMIBIAN SEA UNITED FISHING PRODUCTS ENTERPRISES 100% 100% INDUSTRIA ALIMENTAR CARNES DE MOZAMBIQUE ATLANTIC HARVESTERS LIMITADA OF NAMIBIA 40% 100% GLENRYCK SOUTH AFRICA 51% 04 Bidvest Namibia Annual Integrated Report 2017 GROUP PERFORMANCE CONSOLIDATED AND OVERVIEW OVERVIEW SEPARATE FINANCIAL STATEMENTS We remain alert to acquisitive growth opportunities to diversify our commercial interests. BIDVEST NAMIBIA BIDVEST NAMIBIA COMMERCIAL MANAGEMENT SERVICES HOLDINGS (BIDCOM) 100% 100% FREIGHT AND LOGISTICS, COMMERCIAL AND FINANCIAL SERVICES MATERIAL HANDLING AND FOOD AND INDUSTRIAL SERVICES DIVISION MARINE SERVICES DIVISION DISTRIBUTION DIVISION AND PRODUCTS DIVISION NAMIBIA TAEUBER & CORSSEN BIDVEST NAMIBIA MANICA COMMERCIAL AND BUREAU DE CHANGE GROUP NAMIBIA (SWA) 49% 100% INDUSTRIAL SERVICES 100% AND PRODUCTS 100% LUBRICATION CATERPLUS NAMIBIA BIDVEST NAMIBIA SPECIALISTS 100% STEINER 100% (division of Bidcom) LÜDERITZ BAY SHIPPING MATADOR CECIL NURSE NAMIBIA & FORWARDING ENTERPRISES (trading as CN Business 100% 100% Furniture) 100% T&C BIDVEST MANICA TRADING TRADING PRESTIGE CLEANING 100% 100% 100% MONJASA KOLOK NAMIBIA NAMIBIA 100% 57% MINOLCO (NAMIBIA) ORCA MARINE (trading as Konica Minolta) SERVICES 100% 60% BIDVEST NAMIBIA WALVIS BAY AIRPORT PLUMBLINK SERVICES 100% 100% RENNIES TRAVEL (NAMIBIA) WALVIS BAY 100% STEVEDORING COMPANY 55% VOLTEX (NAMIBIA) WOKER 100% FREIGHT SERVICES 100% WALTONS NAMIBIA 100% Bidvest Namibia Annual Integrated Report 2017 05 Operational highlights Revenue Trading profit Headline earnings – decline to – decline to N$92,5 million per share N$3 776,4 million – decline to 22,4 cents Revenue (N$’million) Trading profit (N$’million) Headline earnings per share (cents) 4 000 3 858,6 700 160 3 776,5 3 703,5 3 534,8 601,5 3 500 3 294,2 600 140 129,5 3 000 501,3 120 116,0 500 103,2 2 500 409,7 100 400 86,2 2 000 80 294,9 300 1 500 60 200 1 000 40 92,5 22,4 500 100 20 0 0 0 17 16 15 14 13 17 16 15 14 13 17 16 15 14 13 Start-up of Steiner Namibia – 1 February 2010 2012 2009 2011 2013 Bidvest Namibia Acquisition of Acquisition of Protrade listing on Taeuber & into Taeuber & Corssen the Namibian Stock Corssen 100% – 100% – 1 March Exchange – 1 December 26 October Namibia Start-up of Rennies Transport – 1 December 06 Bidvest Namibia Annual Integrated Report 2017 GROUP PERFORMANCE CONSOLIDATED AND OVERVIEW OVERVIEW SEPARATE FINANCIAL STATEMENTS Total assets Net tangible asset value Cash generated by – decline to N$3 086,9 million per share operations – increase to 737 cents – decline to N$185,1 million Total assets (N$’million) Net tangible asset value per share Cash generated by operations (cents) (N$’million) 3 500 900 700 3 086,9 3 160,0 3 024,6 800 769 3 000 737 600 585,6 2 764,5 2 778,6 734 700 688 531,7 638 2 500 500 600 413,8 388,2 2 000 500 400 1 500 400 300 300 1 000 200 185,1 200 500 100 100 0 0 0 17 16 15 14 13 17 16 15 14 13 17 16 15 14 13 Buy-in Namibia Bureau de Change 49% – 30 June Start-up Lubrication Specialists in Botswana – 30 June Start-up of Monjasa Buy-in Industria Alimentar Bunkering Cranes de Mozambique Services – 1 July 40% – 30 June 2014 2016 2015 2017 Start-up of Orca Marine – Acquisition Prestige 1 January Cleaning 100% – 1 June Acquisition of Novel Motor Start-up Glenryck SA Company 100% – 31 July 51% – 1 September Acquisition of the Glenryck Brand 100% – 1 August Start-up of Plumblink Namibia – 1 April Bidvest Namibia Annual Integrated Report 2017 07 Directorate 1. 2. 3. CHIEF EXECUTIVE OFFICER NON-EXECUTIVE CHAIRMAN FINANCIAL DIRECTOR 1. Sebulon Inotila Kankondi 51 2. Lindsay Ralphs 61 3. Theresa Weitz 40 Qualification:Post-graduate degree: Business Qualification: CA(SA) Financial director Administration (Unisa) Appointed: 3 March 2014 Qualification: CA(Nam), B Accounting (Hons) Appointed: 10 August 2007 Board committee membership: Remuneration (Stellenbosch) Board committee memberships: Nomination, (chairman) Appointed: 18 August 2011 acquisition and risk Lindsay is chief executive of Bidvest South Africa and a Director of several Bidvest Namibia subsidiaries, Sebby director of various Bidvest subsidiaries. Lindsay joined Board committee membership: Acquisition and risk Bidvest as operations director in 1992.
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