Annual Integrated Report 2019

External audit change A significant event over the year, has been the change in external auditor to PricewaterhouseCoopers Inc. (PwC). This, in conjunction with the proactive monitoring review process performed by the JSE on Bidcorp’s 2018 AFS in the year, resulted in a detailed examination of Bidcorp through new eyes. It is pleasing that the group has emerged from this with a “clean bill of health” and has given us great comfort that we are well structured in terms of our governance, processes and systems to ensure ongoing compliance, as well as effective financial accountability. I wish to extend a warm Bidcorp welcome to the PwC team and pass on my thanks to everybody involved in ensuring this year’s audit was successfully concluded. My sincere appreciation is directed toward KPMG Inc. for the significant input that it has delivered to our group over many years, specifically through the unbundling and becoming a separately listed company. Accolades, appreciation, anticipation A tremendous accolade for Bidcorp, was winning last year’s investor communication award for the Industrial-Services sector at the 34th Annual South African Investment Analysts Society Awards. This is awarded to companies that have demonstrated effective investor communication across the various channels. The award is gratifying as we regard communication, in the few short years since listing, as an important component in building investor trust and an indication that we are delivering effective, transparent and relevant information to our shareholders. I also wish to extend my appreciation to the finance teams across the globe, our audit and risk committee members and everyone else involved in ensuring the final approval of this year’s financial statements. Considering the challenges of the new IFRS standards, ongoing regulatory and policy change, as well as the transition to a new audit firm, it has been an enormous task. The Bidcorp characteristic of accountability has been well demonstrated through this process. The group’s financial base is supportive of the Bidcorp business to deliver continued real growth in home currencies. Our objective to generate above-average returns in each of our businesses, notwithstanding macro-considerations and short-term volatility in various markets, remains firmly intact. We are in a favourable position, with sufficient headroom to be able to fund organic and acquisitive growth. The strength of the group’s financial position provides a cushion for the vagaries of markets and unanticipated events throughout the 35 different countries, which trade in 20 different currencies, in which we operate. The fundamental demographics and industry drivers of our global foodservice markets remain positive, which is the key reason we anticipate real earnings growth for the 2020 financial year. David Cleasby Chief financial officer Slough truck, Buckingham Palace, Bidfood UK. Leadership review Bid Corporation Limited Annual integrated report 2019 / 27