Bidcorp

Supplementary pro forma information

The pro forma financial information has been compiled for illustrative purposes only and is the responsibility of the board. Due to the nature of this information, it may not fairly present the Group’s financial position, changes in equity and results of operations or cash flows. An unmodified reasonable assurance report has been issued by the Group’s auditor, KPMG Inc. In terms of ISAE 3420 Assurance Engagements to Report on the Compilation of the Pro Forma Information in a Prospectus, and is available for inspection at the Company’s registered office. The pro forma information has been compiled in terms of the JSE Listings Requirements and the Revised Guide on Pro Forma Information by SAICA.

The Group underwent an internal restructuring with effect from April 1 2016 in anticipation of the listing and unbundling of Bidcorp on May 30 2016. The illustrative information, detailed in the statement of profit or loss, has been prepared on the basis that the internal restructuring had been effective July 1 2015 and includes pro forma adjustments on a basis consistent with those of the Pre-listing Statement of Bidcorp, dated April 14 2016.

The average rand exchange rate strengthened against the major currencies in which the Group’s foreign operations trade, namely sterling (21,49 in 2016 to 17,29 in 2017), the Australian dollar (10,57 in 2016 to 10,27 in 2017) and the euro (16,11 in 2016 to 14,85 in 2017). The illustrative information, detailed below, has been prepared on the basis of applying the 2016 average rand exchange rates to the 2017 foreign subsidiary income statements and recalculating the reported revenue and trading profit of the Group for the year.