About this report
- is a complete foodservice offering
- serves multiple customer segments
- is internationally diversified across developed and emerging markets
- people are entrepreneurial and incentivised to be so
- has a proven decentralised business model and best practice learnings are widely shared
- growth is organic, acquisitive-organic through bolt-ons, and acquisitive
- believes that balance sheet strength with low debt is a strong competitive advantage
- proprietary technology enhances customer relationships and efficiencies
We are pleased to present our 2019 annual integrated report. This is our primary report to our shareholders and other stakeholders. This report should be read together with the information available on the Bidcorp website www.bidcorpgroup.com.
Scope and boundary
The Bidcorp annual integrated report for the year ended June 30 2019 reports consolidated information gathered from the global spread of the group’s divisions.
Bidcorp’s geographic reach spans over 35 countries on five continents. Due to the expanse of local geographic regulations, we only include limited material sustainability information in the annual integrated report. Additional information is available on request. In line with the guidelines from the Integrated Reporting Committee of South Africa, we have incorporated the relevant six capitals as a platform to inform this review, while striving for concise, relevant reporting.
There has been no material change in the scope and boundary of this report compared to the prior year.
We have provided a full set of Bidcorp’s audited 2019 annual financial statements (AFS) in this report in accordance with the recognition and measurement criteria of International Financial Reporting Standards.
We have adopted the principles of King IVTM* on corporate governance thereby recognising the board, board committees, management, internal assurance providers and external assurance providers as key assurance role players in ensuring that the business continues to have an effective control environment and a strong ethical climate.
The board is ultimately responsible for combined assurance by setting the direction concerning the arrangements for assurance services and functions.
The Bidcorp board has considered the legitimate interests of all our key stakeholders in determining information that is considered to be material for inclusion in this report. We aim to demonstrate the connectivity between our strategy, business model, stakeholder interests and concerns as well as our risks and opportunities analysis. The material issues are monitored by management on an ongoing basis and have been reported herein.
Forward looking statements
The annual integrated report may contain statements regarding the future financial performance of the group and specific businesses, which may be considered to be forward looking statements. By their nature, forward looking statements involve risk and uncertainty, and although we have taken reasonable care to ensure the accuracy of the information presented, no assurance can be given that such expectations will prove to have been correct.
We are committed to transparent reporting to our stakeholders. The following reporting frameworks were applied in preparing this report:
- The Companies Act, No 71 of 2008, as amended
- The Listings Requirements of the JSE Limited
- The King IV Report on Corporate Governance for South Africa 2016
- Global Reporting Initiative Framework
- International Financial Reporting Standards
- International Integrated Reporting Council Integrated Reporting Framework.
Approval by the board
It is Bidcorp board’s responsibility to ensure the integrity of the annual integrated report. The audit and risk committee and the social and ethics committee acknowledge their responsibility to ensure the integrity of this annual integrated report. The board has accordingly applied its collective mind to the content of the report and in the opinion of the board, believes it addresses all material issues and presents fairly the integrated performance of the organisation and its social and environmental impacts.
The Bidcorp board has authorised the annual integrated report for release on October 15 2019.