ANNUAL INTEGRATED REPORT

FOR THE YEAR ENDED JUNE 30  2024

WHY INVEST IN BIDCORP

GOOD INVESTMENT RETURNS FROM UNBUNDLING IN 2016

— Compound annual revenue growth from 2016 of 9,5%, compound total shareholder returns from 2016 of 8,1%

— Since listing on the JSE in 2016, Bidcorp has declared R17,9 billion in dividends or 4 836 cps

— A commendable return on funds employed of 59,0% and return on equity of 19,1%

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

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

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, positive eating habits

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

LEADERSHIP REVIEWS

Chief executive officer's report

Another year of excellent performance – both financial and non-financial – was made possible by a global team that is focused and determined.

Bernard Berson

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Chairman's Statement

Bidcorp is very well positioned to continue to prosper because of the strength of its entrepreneurial business model, and the strength of the teams we have in place in each of our geographies.

Stephen Koseff

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Chief financial officer's report

The group achieved a strong financial result in F2024, building on an outstanding prior year while successfully navigating significant economic headwinds.

David Cleasby

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A global footprint

with a local offering

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.

Each business is directly responsible for its product range, its buying and sales approach. Businesses retain their local brand, tone of voice, look and feel. Each business operates as an autonomous, local business.

Bidcorp online report sectional downloads

This is Bidcorp

About this report

Scope and boundary

Leadership reviews

Chairman's statement

Why invest in Bidcorp

Chief executive officer's report

Bidcorp's strategy – how we create value

Delivering on our strategy

Chief financial officer's report

Value creation

Materiality and risk appetite assessment

Bidcorp's material issues

Bidcorp's value creation model

Operational reviews

Bidcorp global footprint

Bidfood Australasia

Bidfood United Kingdom

Bidfood Europe

Bidfood Emerging Markets

Bidfood Corporate Services

Sustainability

Bidcorp's 2024 carbon emissions

Bidcorp's sustainability

Governance

Good governance creating value

Good governance framework

Ancillary information

Shareholders' information

Shareholders' diary

Administration