Bidcorp has delivered a solid trading performance for the financial year considering the devastating economic and social impacts of the continuing COVID-19 pandemic (COVID) on the hospitality, tourism, and leisure industries globally. Excellent free cash flows driven by good asset management, some asset realisations, and exceptionally nimble trading underpinned the pandemic-affected results. Bidcorp’s performance is attributable to the unwavering commitment of our management and staff, our entrepreneurial and decentralised operating model, and our loyal customer and supplier base.

Operating conditions in our hospitality markets have fluctuated depending on the extent and severity of government interventions to control the pandemic. Our primary focus has been on keeping our businesses agile, ensuring their sustainability and preparedness for the bounce back when lockdown restrictions are eased. This has encompassed the protection of our employees in respect of their health, wellbeing and where possible, maintaining their livelihoods through accessing job retention schemes, and other innovative interventions.

Demand in the discretionary spend hospitality sectors has reflected pandemic-restrictive measures, recovering robustly when conditions have allowed, however, activity aligned to business travel and catering remain depressed. Our national customers with exposure to major institutions located in large inner capital cities, continue to experience reduced activity levels as work-from-home requirements remain. With reduced international travel and tourism, most businesses have seen some benefit from staycations and increased suburban and rural activity. Non-discretionary demand from our institutional customers including hospitals, aged care, prisons, military, and government departments has remained stable but at or below pre-COVID levels.

Performance for the financial year started relatively well, with most economies emerging from the worst of the COVID first wave in July and August 2020. This resulted in a good financial performance in the first financial quarter, particularly in Europe and UK.

Our performance deteriorated progressively into the second and third quarters as the harsh second wave took hold in Europe and UK. Fortunately, Australia, New Zealand, and Asia have performed exceptionally well throughout the year with our other Emerging Market constituents contributing more into the second half of the year. Performance improved significantly as the fourth quarter progressed.

Headline earnings per share (HEPS) from continuing operations increased by 21,8% to 868,4 cents per share (F2020 restated: 712,7 cents), with basic earnings per share (EPS) from continuing operations increasing by 112,6% to 924,6 cents per share (F2020 restated: 434,9 cents). Currency volatility has positively impacted the rand-translated HEPS by 8,2%.

In June 2021, we uncovered a significant and sophisticated fraud that was being perpetuated in the Miumi division of our Angliss Greater China business. This fraud has been going on since about 2016 and has involved the manipulation of accounts receivables and prepayments, the misappropriation of inventories and unrecorded liabilities, the result of which these balances have been progressively misstated over the past six (6) years. Notwithstanding the ongoing forensic investigation, the group has taken the prudent view by reversing the full overstated amounts, although we remain confident of some future recoveries from insurance, the perpetrators and other third parties involved, none of which has been accounted for. The quantum of the loss effected as a result of this six-year fraud is HK$374 million (R694 million), with losses attributable to the 2021 financial year of HK$60,9 million (R121 million), in relation to the 2020 financial year HK$47,5 million (R95 million), and the balance to the financial years prior to this. Accordingly, the 2020 financial results have been restated. The tax deductibility of these reversals is uncertain so no provision for any tax relief has been accounted for.


The board has declared a final cash dividend of 400,0 cents per share, a 21,2% increase on the F2020 dividends for the year ended June 30  2021, representing approximately 2,2 times HEPS cover. This final dividend is paid in respect of Bidcorp’s full year’s earnings.

Financial overview

Net revenue of R114,8 billion (F2020 restated: R120,6 billion) fell by 4,8% (constant currency decline of 9,2%). The impact of the COVID pandemic on our hospitality markets has been prevalent to a greater or lesser extent throughout the financial year. Group sales (in constant currency) declined to a low of 65% versus the corresponding week of February 21  2020, reflecting the harsh second wave in Europe and the UK, however, into the fourth financial quarter, started to improve as the European and UK markets opened up. Sales for July 2021 were at 98% of July 2019 levels, and 120% of July  2020 sales. This trend continued in August to 98% (versus August 2019), and in September to 98% (versus September 2019), notwithstanding some restricted activity in Australia, New Zealand, and parts of Asia due to further COVID lockdowns, as well as subdued activity in South Africa following the recent civil unrest.

Gross profit percentage held up well at 24,0% (F2020 restated: 24,2%), a combination of the necessity to liquidate inventories in volatile trading conditions as well as some price discounting to gain market share.

The group achieved cost efficiencies as there was a 13,4% decline in constant currency operating costs against a decline in constant currency revenues of 9,2%. The overall cost of doing business decreased to 19,8% (F2020 restated: 20,8%). No further significant COVID-related costs were incurred in the year, and losses in respect of the Miumi fraud were absorbed.

Group trading profit increased by 17,7% to R4,8 billion (F2020 restated: R4,1 billion) and the trading profit margin was 4,2% (F2020 restated: 3,4%).

Net finance charges (excluding IFRS 16 charges) were lower by 10,3% at R305,8 million (F2020: R340,8 million), positively benefiting from better asset management, lower capex, and end-of-life property realisations. Bidcorp remains
well-capitalised and retains adequate headroom for further organic and acquisitive growth. Non-IFRS 16 EBITDA interest cover is still at a healthy 19,3 times (F2020: 15,5 times), reflecting the positive free cash flow generated in the year.

Our problematic businesses in Spain, UK Fresh, and Germany have stabilised following restructuring and, although the financial numbers don’t yet reflect the efforts undertaken, the businesses are all well on track to recovery. All generated small profits in July and August 2021.

Net investments in property, plant and equipment and intangible assets of R72,9 million (F2020: R2,5 billion) reflects maintenance capex and some new investment necessary for organic growth of R2,0 billion, offset by proceeds of R1,9 billion in relation to sale and leaseback transactions. These were undertaken as part of our property maximisation strategy in terms of end-of-useful-life properties. The pre-tax non-headline capital profit realised on the sale and leaseback transactions was R740,5 million.

Non-IFRS 16 net debt at R0,5 billion (F2020: R5,6 billion) has declined significantly, benefiting from good operating cash flows, a much-improved working capital position, slightly lower than normal capex, and the proceeds arising out of the sale and leaseback transactions. Free cash flow from continuing operations for the year was excellent at R4,7 billion (F2020: R2,7 billion).

Cash generated by operations before working capital was R7,0 billion, similar to that generated in F2020. Monthly average net working capital days decreased significantly to seven days (F2020: 14 days) with a further working capital generation of R0,6 billion, off the back of R1,3 billion achieved in F2020. Receivables increased off higher revenue levels and payables grew as credit terms normalised following the tightening experienced in late F2020. Receivables provisioning levels were largely maintained as risks of further economic stress haven’t yet abated. Credit insurance availability in most markets remains limited because of the hospitality industry exposure which requires heightened vigilance in our customer base.


Bidcorp’s strategy of focus on growth opportunities in the wholesaling of food and allied products to the eating-out-of-home market remains fit for purpose despite the severe impacts on the global hospitality industry arising out of the COVID impact of the past 18 months. Growth continues organically through focusing on the appropriate customer mix between independent and national; via in-territory bolt-on acquisitions to expand our geographic reach and our product ranges; and via strategic acquisitions to enter new markets. There has not been any fundamental shift of consumer behaviour in eating-away-from-home, and the increased incidence of home delivery represents growth in our addressable market. Socialisation remains an important component of the consumer’s experience.

Most businesses have bounced back strongly as demand has rapidly returned when economies have opened up, particularly in the Northern Hemisphere. Despite our best efforts, the hospitality industry is not immune to challenges such as staff shortages and supply chain disruptions, currently evident across all our markets. The likely ‘new normal’ is that there will be a return of inflation, both through the cost push of wage and utility cost increases, as well as food price inflation caused by supply chain dislocations. Our customers are facing these same staff shortages, which is deskilling their kitchens and constraining their ability to grow, presenting an opportunity for further investment into vertical integration of our services into value-add product preparation. Customers are seeking further cost-conscious solutions presenting further opportunity to grow our Own Brand products.

No significant acquisition opportunities in the foodservice space have become evident and exploring these in the current environment remains difficult with international travel restrictions. Several in-country bolt-on opportunities are being pursued, more so in developing economies at the moment. Organic market share gains are being made in all markets despite large segments of the hospitality industry still operating well below pre-pandemic levels.

We have started to ramp up our investment in capex, principally into strategic distribution facilities, as a sign of our confidence in the long-term sustainability of the foodservice industry. Our near-term objective is to meet anticipated future demand as well as the necessity to continually reduce our environmental impact. New technologies in refrigeration, energy efficiency, and distribution optimisation are at the forefront of our planned investments.

Our ecommerce platform remains a source of competitive advantage and further low-cost but high-impact investment continues in meeting customer requirements. Harnessing the power of data analytics enables our businesses to further improve our customer relationships while also driving further efficiencies across all areas of the group. With the heightened risk of information security globally, continuous and increased vigilance is at the heart of our risk management programme.

Despite the volatility and uncertainty of the trading environment arising from the ongoing COVID pandemic, we remain extremely optimistic about the long-term prospects of both Bidcorp and the foodservice industry.

Divisional review


Revenue growth of 13,9% to R33,0 billion (F2020: R29,0 billion) and trading profit increase of 29,4% to R2,5 billion (F2020: R1,9 billion) were extremely pleasing. Both businesses were able to trade through most of F2021, with COVID restrictions mostly impacting international travel and intermittent regional shutdowns. Management’s commitment to supporting customers and ensuring ongoing high service levels were rewarded with market share gains.

Australia has performed well despite the numerous regional lockdowns. Revenue for F2021 is approximately 102% of prior year levels and 90% of F2019 levels, with trading margins much in line with the prior year. Focused management of gross margin and overhead expenses, contributed to a great F2021 finish. July has seen Australia plunged into strict lockdowns in many regions and a bumpy time is expected into the start of F2022.

Significant capex investment has positioned the business well once markets are fully reopened, with circa 12 properties under substantial development in the next few years, will ensure that the business is adequately equipped to meet its current growth forecast.

Foodservice achieved a great result, navigating the sporadic lockdowns throughout the year with a strong, resilient team, remaining positive and focused on growth despite the disruptions. An acquisition in Bunbury, Western Australia was concluded in a region where previously there was no presence. Focus remains on growing the liquor category, although timelines for national distribution have been delayed. All branches delivered positive EBIT growth.

Supply Solutions has outperformed expectations, with still excellent growth opportunities as our product offering is expanded. New light manufacturing opportunities are being pursued, such as our Brisbane-based nut packaging facility. Our Meat processing facilities have been consolidated and profits are now being delivered.

Efforts to support the COVID vaccination rollout nationally are a priority, and an internal rewards programme has been established, incentivising our teams to get vaccinated.

New Zealand (NZ) recorded excellent results with full year sales near F2019 levels, despite regional lockdowns impacting activity levels. Trading margins surpassed those of F2019, which resulted in a great result.

Expense management has been challenging with utility cost and food inflation increases and global supply chain disruptions restricting key commodity imports. Difficulties in staff resourcing, especially in warehouse and driver roles, have significantly driven up our wage bill. Customers are placing increased pressure on product pricing with food input cost containment a focus area across all areas of the business.

The brief opening of the trans-Tasman bubble evidenced the speed and significance of the potential activity levels to come. Core market growth is evident in all areas including our centre-of-plate-protein offering, where consistent supply and product quality at minimal price variability, has been very well received by our customers. Light manufacturing of value-add product is being actively pursued across the region.

The exceptional growth of the business has driven the need for many of the branches to exit older sites and reinvest into new purpose-built environmentally friendly Bidfood-owned distribution centres. In addition, investment into electric vehicles, large-scale recycling initiatives, and expansion of the solar panel energy projects across branches is evidence of management’s commitment to limiting the impact of Bidfood NZ on climate change.

Foodservice finished the year ahead of F2019 results, a fantastic achievement benefiting from converting customers to our imported Own Brand range. Significant service and labour efficiencies were implemented to offset the increased employment costs. Inter-branch management of sales was a key cost management technique that delivered good results across the business. Navigating the staff shortages remain top of mind.

Fresh results were down in the year as customers were cautious in the purchase of perishable product, with menu simplifications also reducing demand for high-end produce. Some green shoots have started to appear as a more focused approach is adopted by branches.

Prepared Produce had a very tough year, with the lack of international tourism resulting in the loss of its biggest customer. Meat processing has shown positive results in the sous-vide channel.

Logistics has delivered a solid, but unspectacular result. New routes and additional QSR business are being sought to grow this offering.

United Kingdom (UK)

The UK hospitality market suffered with the COVID lockdown implemented by the government in our second financial quarter which lasted well into the third quarter. Recovery was immediate as restrictions were eased in the UK springtime and activity levels into schools and some dining resumed. By the onset of summer (largely post the financial year), most market segments were back at pre-COVID levels of activity, other than tourist and business travel activities and large-scale catering, mostly allied to inner-city activity. Revenue declined 20,7% to R25,0 billion (F2020: R31,5 billion) pushing trading profit down to R394,3 million (F2020: R666,8 million), a decline of 40,9%.

Foodservice achieved sales of near F2019 levels, an impressive achievement after a very difficult year that presented unique and significantly different challenges in each quarter.

In June, net sales were just 1% below F2019 levels, with most sectors trading above at least 70% of F2019 levels, the exceptions being workplace catering and travel industry. The speed of the recovery has challenged our operations as well as those of our customers and suppliers. National resource scarcity in the market remains the largest short-term risk, especially in roles of drivers and warehouse pickers. Significant effort is being directed to ensure these resource challenges are overcome.

Slightly higher inventory levels were retained in order to maintain service levels to our customers, as we navigate supply chain disruptions and reduced delivery runs. Working capital was a key area of focus and was overall very well managed throughout the year.

Specialist businesses Caterfood and Cimandis both finished well ahead of expectations, and South Lincs and Elite both bettered their prior year performance.

Adhering to strict COVID workplace protocols, including using lateral flow tests for detecting asymptomatic staff within the workplace, allowed our staff and depots to operate throughout the year. The government furlough programme contributed to job retention. Staff motivation levels and commitment remains high, as reflected in internal survey results.

Sustainability initiatives continue to be a key area of focus, with carbon reduction plans, living wage foundation alignment, social value, and visibility of upstream supplier sustainability credentials all growing in prominence.

New business wins and strengthening of key account relationships have been positive, and substantial new business has been secured in the municipal, education, and health sectors. Contract extensions and growing existing accounts indicate that market share growth has been achieved.

Fresh UK, although buoyed by the positive summer activity, was drastically impacted by the severity of the government lockdown through quarters 2 and 3. Timeous restructuring and scaling back in late F2020 proved fortuitous. About 18% of the Fresh customer base have not made it through the pandemic. An aggressive programme has been put in place to win new customers. Our regional business is beginning to perform well, however, the inner cities have been slower to recover. This is especially evident in hotels where the cities are missing tourists, but the regional towns are benefiting from the staycation boom.

Fresh has invested in training of butchers and filleters in the meat and seafood divisions to overcome the acute staff shortages of these skillsets. The admin and back-office functions have now been fully integrated into the Bidfood UK environment, presenting significant cost reductions and efficiency gains. Management’s focus is now on profitable growth as the Fresh UK recovery takes hold.


Europe was also severely impacted by restrictive COVID lockdowns implemented by the respective governments during the autumn, winter, and into spring. Recovery in the hospitality markets materialised as restrictions were eased as the summer approached. Revenue for the year was down 11,2% to R35,7 billion (F2020: R40,2 billion). Trading profit results were pleasing with a 13,4% increase to R1,1 billion (F2020: R1,0 billion).

Netherlands saw a quick recovery in the market in quarter 4 as infection rates decreased and the vaccination coverage increased, resulting in the market reopening earlier than originally anticipated. Government support has been effective in limiting the negative effects on the labour market, securing the economy against permanent long-term damage. Staffing shortages and supply chain disruptions continue to impact service levels. Tender wins in the institution and national accounts sectors have assisted results to near F2019 levels. Free-trade segment is showing strong signs of recovery, however, Catering is still lagging. Discretionary capex programmes have been postponed until demand increases. An end-of-useful-life property, located in Ede, was sold in February.

Belgium’s divisions reported dampened sales, other than logistics which responded well to the increased QSR activity throughout winter lockdown. Reopening from May meant that the year finished with good activity levels. Belgium’s economy is forecast to return to pre-COVID levels by the end of the calendar year. Inflation and unemployment levels have remained largely static as a result of government support. Our institutional business remains the biggest contributor in Belgium, which recovered once markets reopened. The Horeca depots of Langens and Bestfood have been merged, which, despite some teething challenges, have already provided efficiency gains. Focus in the year has been on debt collection and minimising stock write-offs due to sudden lockdowns. Capex investment was limited to essential maintenance and replacement of end-of-life freezers and trucks. Carbon emissions have been lessened due to decreased levels of activity, mostly in fuel and waste. Solar energy systems continue to deliver efficiencies in electricity usage and proactive maintenance action has prevented refrigerant gas leaks over the past year.

Czech Republic and Slovakia was impacted by harsh COVID lockdowns over the winter and into spring, which significantly subdued the full year trading results. As the vaccine rollout has gained momentum, activity levels have bounced back, boosting confidence for good summer results. May and June delivered excellent results, with manufacturing operations producing at full capacity.

Capex investment into the new fresh fish factory in Kralupy, following the fire in November  2020, continues, as well as further warehouse and manufacturing capacity. Acquisition of a produce distributor has been completed and a new branch has been established in Hungary. IT capacity and cybersecurity capabilities continue to be developed, supporting the remote working and online customer engagement that is becoming part of the normal trading environment.

DAC Italy was significantly impacted by the diminished service sector that was hardest hit by the impact of the pandemic and market shutdowns. However, as infection numbers declined and the vaccine programme took hold, the market has started to recover. Stock levels were intentionally higher in anticipation of the supply chain disruptions, all to protect our customer service levels. Continued investment into new capacity and equipment positions the business to meet anticipated growth demands.

In March 2021, the group acquired the remaining 50% of associated Alborghetti SPA, bringing it fully into the group. Focus remains on the independent freetrade customers.

Poland achieved record trading profit results, despite it being an incredibly difficult year. New customers were onboarded in the QSR and takeaway market during the lockdown period, and when markets reopened and hospitality customers returned, resulted in an overall pleasing performance. Cost restructuring and embracing technology solutions improved overall expense management. Government support assisted in job retention. Staff resourcing, especially drivers and warehouse staff, is particularly challenging due to the low unemployment levels. Working capital was particularly well managed. Large capex investment was suspended during COVID but is now getting management attention for F2022. The outlook for the summer months is very positive as the staycation trend takes hold. Development and marketing of the ecommerce offering remains a key focus area.

Germany has been stabilised and has a solid platform from which to rebuild. Hospitality has been heavily impacted by the lack of international tourism, business travel, conferences, and trade fairs. Activity levels have shown an uptick with the vaccine rollout. As markets reopen, the demand increase is resulting in labour and stock availability challenges. Investment in route planning and product master data software should deliver further efficiencies, both in cost management and environmental impact. Germany remains an important market for growth, both organic and acquisitive.

Baltics’ sales were down as the impact of the pandemic was more severe and longer than anticipated. The hospitality market reopening, although delayed, does promise a quick and full bounce back. In spite of the difficulties experienced, trading profits recorded were the highest to date, buoyed by a 10% increase in retail sales, serving in excess of 13% more customers, and increasing the product offering to existing customers. ‘myBidfood’ now accounts for nearly 20% of sales in the business. Foodservice continues to be an area of focus, and through tight management of margins, costs, and labour, customer numbers have increased, and growth is promising.

Spain’s performance continues to improve following the significant restructuring undertaken over the past year. Guzman traded better, despite significant staff changes including new management, creating a new culture of transparency and a hunger for success. Cost containment has contributed significantly to the improved performance. Focus is now on growing the customer base, improving service levels, and continuing stock management improvements. The small meat business has had a difficult year, but progress internally has been achieved in operations, stock, and debtors. Igartza has produced a great result, exceeding F2019 sales levels with improved service levels benefiting margins. Prospects are now much better for Spain and trading profits are budgeted for F2022.

Portugal’s return to normal activity levels has been delayed by the government’s cautious response to opening its economy. Activity levels are showing improvement and an improved summer result is expected. Focus remains on growing the independent free-trade market, growth of the Italian Own Brand range, and ongoing improvement of service levels to existing customers.

Emerging Markets

The Emerging Markets businesses were impacted by economic uncertainty, as each government struggled to find a balance, as they navigated through the COVID pandemic, between saving lives without destroying livelihoods. Notwithstanding this, our businesses delivered a positive result with revenue up 6,1% to R21,1 billion (F2020: R19,9 billion), and trading profit up 56,7% to R923,6 million (F2020: R589,4 million).

Emerging Markets experienced a progressive recovery in the sales activity levels as comparative years’ sales volumes were surpassed by year end. This upward trajectory could be tempered by future COVID waves and resultant government restrictions.

Bidcorp Food Africa (BFA) achieved excellent results despite the exceptionally difficult trading environment. Revenue was tracking at close to F2019 levels through the second half.

All businesses were impacted by the second and third waves of COVID infections, both in January and June 2021, resulting in stricter lockdown restrictions in the months thereafter. Sadly, five COVID fatalities resulted in the months of June to August  2021.

The civil insurrection and looting that occurred in July  2021 did disrupt our KwaZulu-Natal operations’ ability to trade as well as that of many of our customers. The losses will be claimed through the group insurance programme.

Bidfood South Africa reported pleasing market share gains in the independent/street-trade channels, a market severely disrupted by the lockdown restrictions, but one that has also shown a positive bounce back as markets are reopened. Initiatives were launched to support customers and suppliers in building consumer confidence in the eating-out-of-home market. Sales in this channel have shown growth month on month. National accounts revenue has continued to grow, but hotels and airlines are still significantly impacted by weak demand. Industrial caterer’s channel remains under pressure as businesses keep canteens closed. The commercial office segment remains the worst affected and remains largely closed as staff continue to work from home. The competitive landscape has not change substantially during this period with all focused on doing what they need to survive.

Bidfood Durban branch had a workplace fatality in March  2021. Immediate action was taken to reinforce the workplace practices to ensure the safety of all our employees.

Crown Food Group (CFG) achieved excellent results in F2021, leveraging investment in Own Brand manufactured facilities, growing Own Brand offering, and harnessing the internal skills developed. CFG enjoyed strong growth across all customer channels, with almost all product and market segments reporting growth on the prior year. Manufactured Own Brand product was a particularly strong contributor in the additives and spices condiments category, with the strength of the Six Gun Grill brand taking hold of the market across all channels. Expenses were well controlled, particularly distribution costs. CFG operates in competitive markets yet continues to deliver good market share growth.

Chipkins Puratos (CP) had an excellent trading result considering the impact of the severe lockdowns that restricted volumes in the manufacturing and consumer channels. CP achieved good growth in the retail sector, with significant new listings of patisserie products. Volumes increased in the artisanal channel across all product lines. CP’s Bakery School for young graduates is creating exciting new career opportunities.

Bidfood Properties has commenced construction on the Port Elizabeth (Gqeberha) development (completion March  2022) and the new Pretoria-based Bidfood and CFG facility (completion in 18 to 24 months). The development to replace the existing Bidfood Heriotdale facility is expected to begin during F2023.

Greater China delivered a strong result, despite ongoing COVID challenges and regional lockdowns. The food and beverage market throughout China showed a good recovery, and strong growth in the second-tier cities was experienced. The hotel channel was stronger than anticipated, largely due to the increased level of domestic travel. Growth in sales to supermarkets continued due to the increasing demand from household consumption. Supply chain disruptions continued with delayed shipments and rising prices in the imported dairy and beef product ranges.

Hong Kong eased the COVID-related restrictions last quarter which significantly benefitted the foodservice and wholesale business. Development of ready-to-cook and ready-to-eat range products have progressed well. The Macau business has slowly recovered as border controls were lifted. Full recovery of the market is still some way off as cross-border travel is still very limited. The Miumi business has been scaled back following the fraud and is now mainly focused on the Hong Kong market.

Singapore’s foodservice market struggled as the economy remained closed, however, optimism is renewed on the back of the vaccine rollout. Despite low international tourism, local tourist activity levels have been good, especially in restaurants and cafes. Continued brand development and new product additions supports the positive growth trajectory. Malaysia and Vietnam have both experienced market contraction as lockdowns restrict tourism. Operations in this region have focused efforts on the retail sector, which continues to deliver good results while borders remain shuttered.

Brazil has had a difficult year due to the harsh COVID restrictions. Market activities had shown signs of recovery in H1 F2021, but H2 F2021 was severely impacted by the harsh restrictions from February to April. A small bolt-on acquisition positions the business for growth once the markets reopen. Improved system solutions and the ‘myBidfood’ rollout improved customers’ real-time engagement to place orders. Innovative sales and marketing campaigns targeting chefs have delivered good market share gains. Management remains alert to further acquisition opportunities as market pressures force smaller players to close their doors.

Chilean government efforts buoyed the market in the first half, before strict lockdown measures in the second half impacted market activity levels. High vaccination levels boosted foodservice activity and overall consumer confidence. Positive results were recorded from the new protein sales project in Santiago, supplying the retail market. QSR had a strong bounce back as shopping malls were reopened. Supply chain disruptions will increase pressure as most of the QSR products are imported. June  2021 delivered record sales levels for Bidfood Chile, a promising business with a positive outlook.

Argentina (46% equity accounted) has been negatively impacted by the ongoing COVID lockdowns, restricting consumer activity in the market. Significant efforts have been made in cost containment. Management continues to grow the protein product range and has focused efforts on growing the customer base across all channels. As the hyper-inflationary environment takes its toll, management is actively redesigning the operational activities. Good opportunities will evolve with a new depot in Ushuaia.

Middle East (BME) delivered a good result for the year, particularly in the last quarter of the financial year. Saudi delivered a good result behind the increased portfolio of beverages and the strengthening of national accounts through the aggressive sales focus of the team. Margin management improved the UAE results. All BME entities reported positive trading profits. Recently acquired Wet Fish struggled due to the lack of tourism, particularly in fine dining. Management is positive as new brands and products are launched into the region.

Turkey experienced harsh lockdown restrictions for the better part of the year and, as a result, performance was dampened. Lifting of restrictions started in July 2021 and a strong bounce back is anticipated. Focus on institutional customers during lockdown kept the business operating throughout. Local staycations provided some relief to weak tourism, but not enough to replace the volume of international tourists. A new distribution centre is now operative in Ankara. Management is on the lookout for bolt-on acquisition opportunities.


BidOne continues to develop and position the group’s proprietary ecommerce offering as a market leader and key differentiator for our businesses. New projects to meet the demands of home delivery and retail sales continue to be rolled out, as well as ongoing investment into the interrogation and analysis of customer demand and buying trends to proactively meet ingredients, products, and recipe developments.

Bidfood Procurement Community (BPC), despite supply chain constraints and COVID-related border restrictions, has delivered good results. Considerable effort and focus have been in invested in growing the product range. Robust quality control and responsible sourcing assurance procedures are invested by the BPC team, contributing to the group’s commitment to food sustainability.


Sadly, the board reports the untimely passing of Mrs Dolly Mokgatle, on Saturday, January 9  2021. Dolly joined the Bidcorp board as an independent non-executive director on October 4  2016 and was a member of the social and ethics, and nominations committees. The board notes the value Dolly’s dignified manner, wise counsel, and insightful contribution made; Dolly will be sorely missed.

The board welcomes Mrs Keneilwe Moloko to the board, appointed July 5  2021.

BL Berson
Chief executive

DE Cleasby
Chief financial officer

Dividend declaration

In line with the group dividend policy, the directors declared a final gross cash dividend of 400,0 cents (320,0 cents net of dividend withholding tax, where applicable) per ordinary share for the year ended June 30  2021 to those members registered on the record date, being Friday, October 22  2021.

The dividend will be paid out of income reserves. A dividend withholding tax of 20% is applicable to all shareholders who were not exempt.

Share code: BID
ISIN: ZAE000216537
Company registration number: 1995/008615/06
Company tax reference number: 9040946841
Gross cash dividend amount per share: 400,0 cents
Net dividend amount per share: 320,0 cents
Issued shares at declaration date (’000): 335 404
Declaration date: Thursday, September 30  2021
Last day to trade cum-dividend: Tuesday, October 19  2021
Shares trading ex-dividend: Wednesday, October 20  2021
Record date: Friday, October 22  2021
Payment date: Monday, October 25  2021

Share certificates may not be dematerialised or rematerialised between Wednesday, October 20  2021 to Friday, October 22  2021, both days inclusive.

For and on behalf of the board

AK Biggs
Company secretary representative

September 30  2021