Bidcorp - Audited results for the year ended June 30 2023

Annual integrated report

For the year ended June 30 2023

Food
Service
Technology

WHY INVEST IN BIDCORP...

GOOD INVESTMENT RETURNS FROM UNBUNDLING IN 2016

Compound annual revenue growth from 2016 of 10,2%, compound total shareholder returns from 2016 of 8,8%
Since listing on the JSE in 2016, Bidcorp has declared R14,5 billion in dividends or 4 311cps
A commendable return on funds employed of 61,5% and return on equity of 19,7% achieved

DEMONSTRABLE COMMITMENT TO ESG

Highest standards of governance
Ethical and effective leadership committed to trust, transparency, accountability, and integrity
Successful delivery against climate change targets, with more to come

INNOVATIVE DIGITISATION STRATEGY

Online real-time bespoke ecommerce platform
AI tools and analysis proactively influence trends and behaviours
Pro-active communications strategy to support healthier and positive eating habits

STRONG BALANCE SHEET WITH CAPACITY FOR GROWTH

Conservative gearing, cash-generative business model
Ample balance sheet capacity to accelerate consolidation in fragmented markets
Ready to engage and embrace acquisition opportunities, both in-country bolt-on, and in new territories

MARKETS HAVE SIGNIFICANT RUNWAY FOR GROWTH

Long-term fundamentals of the foodservice industry are positive in all of our territories
We continue to optimise our customer mix to focus on higher-margin independent business
Fragmented competitive landscape with few able to compete at our scale market leading position

EMPOWERED, ENTREPRENEURIAL MANAGEMENT TEAM

Experienced senior management team
Entrepreneurial culture responsive to change, opportunities and challenges
Decentralised, standalone operations with each management team responsible and accountable for its performance

CHAIRMAN'S STATEMENT

It was particularly pleasing to be able to reward our shareholders for the faith they have put in Bidcorp over the years.

Stephen Koseff

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CHIEF EXECUTIVE OFFICER'S REPORT

Bidcorp's business is better compared to a marathon not a sprint but we clearly sprinted in the year reviewed in this report, breaking all the records set only the year before and, in most geographies, setting a number of personal bests.

Bernard Berson

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CHIEF FINANCIAL OFFICER'S REPORT

The group returned a very pleasing result for the year, growing revenue, gross profit, and headline earnings per share (HEPS) all by well in excess of 30%. In all respects this was a quality result, reflecting a solid on-the-ground performance across the board.

David Cleasby

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A consistently good track record is a result of positive market fundamentals, strong organic and acquisitive growth, the advantages of shared operational best practice and deep local customer and supplier relationships.