2018 
R’000 		       2017 
R’000 		   
12.  EQUITY, DISTRIBUTIONS AND GROUP INFORMATION               
12.1  Capital and reserves attributable to shareholders of the company                
   Stated capital                
   Issued stated capital  5 428 016        5 428 016    
   Treasury shares held by subsidiary  (601 908)       (795 187)   
      Balance at beginning of the year  (795 187)       (949 731)   
      Shares disposed of in terms of share incentive scheme  193 279        154 544    
   Reserves                
   Foreign currency translation reserve  5 497 156        4 318 272    
   Hedging reserve  (450)       1 338    
   Equity-settled share-based payment reserve  325 383        20 914    
   Retained earnings  15 896 255        14 574 861    
   Total capital reserves comprise                
   Amounts attributable to shareholders of the company  26 544 452        23 548 214    
   Amounts attributable to non-controlling interests  244 452        123 306    
      26 788 904        23 671 520    
 

Stated capital

No par value ordinary shares are classified as equity. Incremental costs directly attributable to the issuance of new no par value ordinary shares are deducted against the stated capital account.

Treasury shares

Shares in the company, held by its subsidiary, are classified as the group’s shareholders’ interest as treasury shares. These shares are treated as a deduction from the issued and weighted average number of shares. The fair value of the treasury shares is presented as a deduction from total equity.

Foreign currency translation reserve

The translation reserve comprises foreign exchange differences arising from the translation of the financial statements of foreign operations.

Equity-settled share-based payment reserve

The equity-settled share-based payment reserve includes the fair value of the share appreciation right awards granted and conditional share awards made to executive directors and staff, which have been recognised over the vesting period at fair value with a corresponding expense recognised in the statement of profit or loss.
      2018 
R’000 		       2017 
R’000 		   
   Stated capital                
   Authorised                
   540 000 000 ordinary shares of no par value                
   (2017: 540 000 000 ordinary shares of no par value)               
   Issued                
   335 404 212 ordinary shares of no par value                
   (2017: 335 404 212 ordinary shares of no par value) 335 404        335 404    
   Less: Treasury shares held by subsidiary  (2 291)       (2 968)   
      Balance at beginning of the year  (2 968)       (3 566)   
      Shares disposed in terms of share incentive scheme  677        598    
      333 113        332 436    
  16 750 000 unissued no par value ordinary shares are under the control of the directors until the next annual general meeting.
      2018 
R’000 		       2017 
R’000 		   
12.2  Dividends paid                
   2017 final dividend paid of 250,0 cents per share (2016 final dividend paid: – 241,0 cents per share) (838 511)       (808 324)   
   2018 interim dividend paid of 280,0 cents per share (2017 interim dividend paid: – 250,0 cents per share) (939 132)       (838 511)   
   Amounts paid per the consolidated statement of cash flows  (1 777 643)       (1 646 835)   
12.3 Group composition
  A list of the group’s significant subsidiaries, their country of incorporation and principal place of business, the group’s percentage shareholding and an indication of their nature of business is included below:
 
Effective holdings %
Principal place of business Natureof business   2018   2017  
Subsidiaries
Aktaes Efe Daĝitim ve Pazarlama A.S,. Turkey 1   55   –  
Aktaes Holdings AS Turkey 1   85   51  
Al Diyafa Company for Catering Services LLC Saudi Arabia 1   53   49  
Angliss Beijing Food Service Limited China 1   70   70  
Angliss Guangzhou Food Service Co Limited China 1   90   90  
Angliss Hong Kong Foodservice Limited Hong Kong 1   100   100  
Angliss International Investment Limited Hong Kong 1   100   100  
Angliss Macau Food Service Limited Macau 1   100   100  
Angliss Shanghai Food Service Limited China 1   97   97  
Angliss Shenzen Food Service Limited China 1   99   99  
Angliss Singapore Pte Limited Singapore 1   100   100  
Applied Logic Systems Limited New Zealand 1   100   100  
Bestfood N.V. Belgium 1   100   100  
BFS Botany Pty Limited Australia 1   100   100  
BFS Byron Bay Limited Australia 1   100   100  
BFS Group Limited (trading as 3663) England 1   100   100  
BFS Port Macquarie Pty Limited Australia 1   100   100  
Bidcorp (UK) Limited England 1   100   100  
Bidcorp Finance Limited Isle of Man 1   100   100  
Bidcorp Food Africa Pty Limited South Africa 1   100   100  
Bidcorp Food Property Pty Limited South Africa 1   100   100  
Bidcorp Foodservice International Limited Isle of Man 2   100   100  
Bidcorp Foodservice (Europe) Limited England 1   100   100  
Bidcorp International Limited Isle of Man 2   100   100  
Bidcorp Properties International Limited Isle of Man 2   100   100  
Bidfood (NSW) Pty Limited Australia 1   100   100  
Bidfood (Victoria) Pty Limited Australia 1   100   100  
Bidfood (WA) Pty Limited Australia 1   100   100  
Bidfood Australia Limited Australia 1   100   100  
Bidfood Belgium NV Belgium 1   100   100  
Bidfood Czech Republic s.r.o. Czech Republic 1   94   94  
Bidfood De Clerq NV Belgium 1   100   100  
Bidfood Horeca Langens NV Belgium 1   100   100  
Bidfood Iberia S.L. Spain 1   90   90  
Bidfood Limited Botswana 1   100   100  
Bidfood Limited New Zealand 1   100   100  
Bidfood Pty Limited South Africa 1   100   100  
Bidfood SA Belgium 1   100   100  
Bidfresh Pty Limited South Africa 1   70   –  
Bidvest Chile S.A. Chile 1   90   90  
Bidvest China Limited China 1   100   100  
Bidfood Deli XL B.V. Netherlands 1   100   100  
Bidfood Farutex sp. z.o.o. Poland 1   91   91  
Bidfood Malaysia Sdn. Bhd. Malaysia 1   85   –  
Bidvest SA Chile 1   100   100  
BTW Investments Pty Limited South Africa 2   100   100  
Burleigh Marr Distributions Pty Limited Australia 1   100   100  
Campbell Brothers Limited England 1   100   100  
Cárnicas Saenz, S.L. Spain 1   68   –  
Cater Plus Pty Limited Australia 1   100   100  
Caterfood Holdings Limited England 1   100   88  
Cimandis Limited Jersey 1   100   100  
Clayton Cold Store Pty Limited Australia 1   100   100  
Cold Seas Pty Limited Australia 1   100   100  
Crown Food Group Pty Ltd South Africa 1   100   100  
D&D S.p.A.* Italy 1   42   –  
Distribuidora E Importadora Irmaos Avelino Ltda Brazil 1   60   60  
Distrubuzione Alimentari Convivenze S.p.A. Italy 1   60   60  
Food & Wine Sp.z o.o Poland 1   91   91  
Frustock Foodservice, S.A. Portugal 1   72   –  
Goldline Distributors Pty Limited Australia 1   100   –  
Guzmán Gastromania S.L. Spain 1   90   90  
Henson Foods Limited England 1   100   100  
Him Kee Food Distribution Co. Limited Hong Kong 1   100   100  
Horeca Trade LLC United Arab Emirates 1   100   100  
Jilin Bidcorp Food Service Limited China 1   60   –  
John Lewis Foodservice Pty Limited Australia 1   100   100  
Linson Global Seafood Trading Limited Hong Kong 1   70   –  
Mariusso Comércio De Alimentos E Representação Ltda* Brazil 1   48   48  
Oliver Kay Limited England 1   100   100  
Pastry Global Foodservice Limited Hong Kong 1   100   100  
PCL Transport 24/7 Limited England 1   100   100  
Pier 7 Holding GmbH Germany 1   70   –  
Quartiglia Food Service S.p.A.* Italy 1   36   36  
R Noone & Son Limited England 1   80   80  
Seafood Holdings Limited England 1   100   100  
South Lincs Food Service Limited England 1   100   100  
Tekoo SPOL SRO Czech Republic 1   100   100  
The London Fine Meat Company Limited England 1   100   100  
UAB Bidfood Lietuva Lithuania 1   100   100  
United Imports & Exports Co. Pty Limited Australia 1   100   100  
Van de Mheen Foodservices B.V. Netherlands 1   100   –  
Wyn Lee Holdings Limited England 1   100   100  
Wynne-Williams (Flint) Limited England 1   100   100  
* These subsidiaries are effectively more than 50% held by Bid Corporation Limited.
Associates
ATL Seafood Holding BV Netherlands 1   50   50  
ATL Seafood Ijmuiden BV Netherlands 1   30   30  
COAR S.p.A. Italy 1   50   50  
Griffith Crown Foods Pty Limited South Africa 1   49   –  
Farm Fresh Holding BV Netherlands 1   20   20  
Maxxam BV Netherlands 1   17   17  
Maxxam CV Netherlands 1   17   17  
Van Gelder Ridderkerk BV Netherlands 1   20   20  
Jointly controlled entity
Chipkins Puratos Pty Limited South Africa 1   50   50  
Nature of business
1. Catering supplies, food and allied products
2. Group services, investments and property holding		              
12.4 Related parties
 

Identification of related parties

The group has a related-party relationship with its subsidiaries and associates. Key management personnel has been defined as the executive and non-executive directors of the company. The definition of key management includes the close members of family of key management personnel and any other entity over which key management exercise control. Close members of family are those family members who may be expected to influence, or be influenced by that individual in their dealings with the group. They may include the individual’s domestic partner and children, the children of the individual’s domestic partner, and dependants of the individual or the individual’s domestic partner.

Transactions with key management personnel

Directors’ remuneration in total, paid by a subsidiary, is included in note 4.2. Details pertaining to executive and non-executive directors’ compensation are set out in note 11.2.

The group encourages its employees to purchase food products from group companies. These transactions are generally conducted on terms similar to those with third parties, although in some cases nominal discounts are granted. Transactions with key management personnel are conducted on similar terms. No abnormal or non-commercial credit terms are allowed, and no impairments were recognised in relation to any transactions with key management personnel during the year, nor have they resulted in any non-performing debts at the year-end.

Similar policies are applied to key management personnel at subsidiary level who are not defined as key management personnel at the group level.
2018
R’000		 2017
R’000		  
  Transactions with related parties
  Outstanding advances due at year-end by associates (note 9.1) 100 758 101 098  
  Total value of revenue received from associates 33 440 11 462  
  Amounts due by associates included in trade receivables 6 145 804  
  Total value of inventory purchased from associates 1 238 949 911 657  
  Total value of services purchased from associates 15 995 661  
  Amounts due to associates included in trade payables 108 975 96 724  
  Total value of revenue received from jointly controlled entity 20 831 555  
  Property rental income from jointly controlled entity 11 759 2 526  
  Details of effective interest, investments and loans to associates are disclosed in note 9.1.
12.5 Commitments and capital management
  The board of directors' policy is to maintain a strong capital base so as to sustain future development of the businesses so that it can continue to generate benefits to its shareholders.
  Capital expenditure approved:
     Contracted for 831 471 675 164  
     Not contracted for 1 015 846 873 494  
1 847 317 1 548 658  
  Capital expenditure split
     Property, plant and equipment 1 794 724 1 515 614  
     Computer software 52 593 33 044  
1 847 317 1 548 658  
  It is anticipated that capital expenditure will be financed out of existing cash resources.
12.6 Contingent liabilities
  The group has outstanding legal and other claims arising out of its normal ongoing operating activities which have to be resolved. None of these claims are significant.
12.7 Subsequent events
  There have been no material subsequent events from the reporting date.
12.8 Going concern
  The directors have made an assessment of the group’s ability to continue as a going concern and there is no reason to believe that the group will not be a going concern in the year ahead.