Financials

Summary consolidated statement of profit or loss

for the year ended June 30

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R’000 2021
Audited		     Restated
2020
Audited		   %
change
CONTINUING OPERATIONS            
Revenue 114 803 442     120 574 182   (4,8)
Cost of revenue (87 296 234)     (91 455 371)   4,5
Gross profit 27 507 208     29 118 811   (5,5)
Operating expenses (22 719 556)     (25 051 650)   9,3
Trading profit 4 787 652     4 067 161   17,7
   Share-based payment expense (107 452)     (100 774)    
   Acquisition costs (6 151)     (1 968)    
   Capital items 242 750     (923 687)    
Operating profit 4 916 799     3 040 732   61,7
Net finance costs (693 400)     (710 263)    
   Finance income 51 383     85 647    
   Finance charges (744 783)     (795 910)    
Share of profit of associates and jointly controlled entities 29 904     6 448    
Profit before taxation 4 253 303     2 336 917   82,0
Taxation (1 134 694)     (868 614)   (30,6)
Profit for the year from continuing operations 3 118 609     1 468 303   112,4
DISCONTINUED OPERATIONS            
Loss after taxation from discontinued operations –     (331 578)    
Profit for the year 3 118 609     1 136 725    
Attributable to            
Shareholders of the company 3 088 860     1 121 428    
   From continuing operations 3 088 860     1 453 006    
   From discontinued operations –     (331 578)    
Non-controlling interests from continuing operations 29 749     15 297    
  3 118 609     1 136 725   174,4
Shares in issue            
   Total ('000) 335 404     335 404    
   Weighted ('000) 334 058     334 041    
   Diluted weighted ('000) 334 564     334 735    
Continuing operations            
   Basic earnings per share (cents) 924,6     434,9   112,6
   Diluted basic earnings per share (cents) 923,2     434,1   112,7
   Headline earnings per share (cents) 868,4     712,7   21,8
   Diluted headline earnings per share (cents) 867,1     711,2   21,9
Discontinued operations            
   Basic loss per share (cents) –     (99,3)    
   Diluted basic loss per share (cents) –     (99,1)    
   Headline loss per share (cents) –     (47,3)    
   Diluted headline loss per share (cents) –     (47,2)    
Total operations            
   Basic earnings per share (cents) 924,6     335,6   175,5
   Diluted basic earnings per share (cents) 923,2     335,0   175,6
   Headline earnings per share (cents) 868,4     665,4   30,5
   Diluted headline earnings per share (cents) 867,1     664,0   30,6
Dividends per share (cents) 400,0     330,0   21,2

 

Summary consolidated statement of other comprehensive income

for the year ended June 30

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R’000     2021
Audited		         Restated
2020
Audited		      
Profit for the year     3 118 609         1 136 725      
Other comprehensive income     (2 298 355)         4 207 807      
   Items that may be reclassified subsequently to profit or loss     (2 333 289)         4 203 943      
   (Decrease) increase in foreign currency translation reserve     (2 334 345)         4 258 082      
   Movement in investment held at fair value through other comprehensive income                      
      Fair value loss     –         (54 139)      
   Movement in fair value of cash flow hedges     1 056         –      
      Fair value gain     1 393         –      
      Deferred taxation charge     (337)         –      
   Items that will not be reclassified subsequently to profit or loss                      
   Defined benefit obligations     34 934         3 864      
      Remeasurement of defined benefit obligations     36 067         2 035      
      Deferred taxation (charge) relief     (1 133)         1 829      
Total comprehensive income for the year     820 254         5 344 532      
Attributable to                      
Shareholders of the company     827 877         5 287 448      
Non-controlling interest     (7 623)         57 084      
      820 254         5 344 532      

Headline earnings

for the year ended June 30

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R’000 2021
Audited		     Restated
2020
Audited		   %
change
The following adjustments to profit attributable to shareholders were taken into account in the calculation of continuing headline earnings:            
Profit attributable to shareholders of the company from continuing operations 3 088 860     1 453 006    
Impairments 473 005     939 836    
   Property, plant and equipment 360 938     116 572    
   Intangible assets 226 592     25 638    
   Goodwill –     797 899    
   Associate –     11 738    
   Taxation relief (114 525)     (12 011)    
Capital profit on disposal of property, plant and equipment (631 681)     (29 058)    
   Property, plant and equipment (794 835)     (43 335)    
   Taxation charge 163 154     14 277    
Insurance proceeds in relation to an impairment of property, plant and equipment (26 170)     –    
   Insurance proceeds (32 309)     –    
   Taxation charge 6 139     –    
Gain from bargain purchase (3 136)     –    
Loss on disposal of interests in subsidiary –     16 920    
   Disposal of subsidiary –     15 175    
   Taxation charge –     1 745    
Headline earnings from continuing operations 2 900 878     2 380 704   21,8

Summary consolidated statement of cash flows

for the year ended June 30

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R’000 2021
Audited		     Restated
2020
Audited		  
Cash flows from operating activities 5 823 001     3 928 340  
   Operating profit 4 916 799     3 040 732  
   Dividends received from jointly controlled entity 6 151     1 968  
   Acquisition costs 40 000     20 000  
   Depreciation and amortisation 1 422 824     1 534 354  
   Depreciation on right-of-use lease assets 826 954     771 412  
   Nowaco share incentive scheme (16 699)     (299 496)  
   Non-cash items (168 154)     2 025 355  
   Cash generated by operations before changes in working capital 7 027 875     7 094 325  
   Changes in working capital 632 312     1 279 812  
   Cash generated by operations 7 660 187     8 374 137  
   Finance income received 48 018     80 683  
   Finance charges paid (654 585)     (677 897)  
   Taxation paid (1 230 619)     (1 354 174)  
   Dividends paid –     (2 213 668)  
   Net operating cash flows from discontinued operations –     (280 741)  
Cash effects of investment activities (307 870)     (3 153 212)  
   Additions to property, plant and equipment (1 831 140)     (2 724 587)  
   Additions to intangible assets (138 286)     (191 576)  
   Proceeds on disposal of property, plant and equipment 1 895 733     370 328  
   Proceeds on disposal of intangible assets 819     9 148  
   Acquisition of subsidiaries (86 669)     (171 604)  
   Proceeds on disposal of interests in subsidiary –     34 659  
   Investment in jointly controlled entity (14 968)     –  
   Payments to associates (4 314)     (8 048)  
   Proceeds on disposal of investments (19 540)     (42 832)  
   Investments acquired 32 986     72 167  
   Payments made to puttable non-controlling interests (82 606)     (12 828)  
   Payments made to vendors for acquisition (59 885)     (58 553)  
   Net investing activities from discontinued operations –     (429 486)  
Cash effects from financing activities (3 761 408)     (912 235)  
   Borrowings raised 4 473 408     6 476 215  
   Borrowings repaid (7 274 843)     (6 408 623)  
   Right-of-use lease liability payments from continuing operations (820 362)     (720 512)  
   Right-of-use lease liability payments from discontinued operations –     (230 994)  
   Payments to non-controlling interests (25 535)     (28 321)  
   Treasury shares purchased during the year (114 076)     –  
Net increase (decrease) in cash and cash equivalents 1 753 723     (137 107)  
Cash and cash equivalents at beginning of the year 7 024 426     6 058 269  
Exchange rate adjustment (657 510)     1 103 264  
Cash and cash equivalents at end of the year 8 120 639     7 024 426  

Summary consolidated statement of financial position

as at June 30

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R’000 2021
Audited		     Restated
2020
Audited		     Restated
July 1  2019
Audited		  
ASSETS                
Non-current assets 37 513 404     42 088 766     31 294 178  
   Property, plant and equipment 15 505 841     17 618 435     14 025 113  
   Intangible assets 649 722     838 223     667 572  
   Right-of-use lease assets 3 924 117     4 934 213     –  
   Goodwill 15 292 841     16 676 574     14 784 154  
   Deferred taxation assets 1 381 263     1 202 709     944 212  
   Defined benefit pension surplus 151 652     193 364     177 978  
   Interest in associates 92 928     117 307     192 246  
   Investment in jointly controlled entity 493 011     489 933     481 975  
   Investments and loans 22 029     18 008     20 928  
Current assets 31 696 619     28 841 167     33 183 290  
   Inventories 10 145 738     10 097 193     9 578 561  
   Trade and other receivables 13 430 242     11 719 548     14 884 406  
   Assets classified as held-for-sale –     –     2 944 460  
   Cash and cash equivalents 8 120 639     7 024 426     5 775 863  
Total assets 69 210 023     70 929 933     64 477 468  
EQUITY AND LIABILITIES                
Capital and reserves 28 088 174     27 241 767     28 261 187  
   Attributable to shareholders of the company 27 855 302     26 975 737     28 023 920  
   Non-controlling interests 232 872     266 030     237 267  
Non-current liabilities 11 512 934     16 000 901     6 524 604  
   Deferred taxation liabilities 751 678     686 554     686 849  
   Long-term borrowings 1 479 252     4 565 025     4 659 325  
   Long-term right-of-use lease liabilities 4 597 519     5 363 091     –  
   Post-retirement obligations 25 985     67 478     59 117  
   Long-term vendors for acquisition 23 779     73 150     275 144  
   Long-term puttable non-controlling interest liabilities 3 983 808     4 632 682     336 620  
   Long-term provisions 650 913     612 921     430 462  
   Long-term lease liabilities –     –     77 087  
Current liabilities 29 608 915     27 687 265     29 691 677  
   Trade and other payables 20 729 001     17 630 591     18 718 765  
   Short-term provisions 303 978     632 950     313 892  
   Short-term vendors for acquisition 175 395     204 188     103 882  
   Short-term puttable non-controlling interest liabilities 74 753     55 262     1 126 128  
   Liabilities classified as held-for-sale –     –     3 116 633  
   Taxation 286 537     246 077     470 753  
   Short-term right-of-use lease liabilities 894 376     872 229     –  
   Short-term borrowings 7 144 875     8 045 968     5 841 624  
Total equity and liabilities 69 210 023     70 929 933     64 477 468  
Net tangible asset value per share (cents) 3 552     2 821     3 748  
Net asset value per share (cents) 8 305     8 043     8 355  

Summary consolidated statement of changes in equity

for the year ended June 30

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R’000   2021
Audited		         Restated
2020
Audited		    
Equity attributable to shareholders of the company   27 855 302         26 975 737    
   Stated capital   5 428 016         5 428 016    
   Treasury shares   (272 679)         (247 824)    
      Balance at beginning of the year   (247 824)         (435 584)    
      Shares disposed of in terms of share incentive plans   89 221         187 760    
      Shares purchased during the year   (114 076)         –    
   Foreign currency translation reserve   7 206 888         9 485 974    
      Balance at beginning previously reported             5 263 176    
      Prior year restatement             2 921    
      Balance at beginning of the year (2020: restated)   9 485 974         5 266 097    
      Arising during the year (2020: restated)   (2 296 973)         4 213 374    
      Realisation of reserve on foreign subsidiaries   17 887         6 503    
   Hedging reserve   –         (1 056)    
      Balance at beginning of the year   (1 056)         (1 056)    
      Fair value gain arising during the year   1 393         –    
      Deferred tax recognised directly in reserve   (337)         –    
   Equity-settled share-based payment reserve   346 364         290 007    
      Balance at beginning of the year   290 007         341 798    
      Arising during the year from operations   124 139         102 408    
      Deferred tax recognised directly in reserve   29 188         (22 560)    
      Utilisation during the year from total operations   (89 221)         (487 256)    
      Transfer (from) to retained earnings   (7 749)         355 617    
   Movement in retained earnings   15 146 713         12 020 620    
      Balance at beginning previously reported             17 902 350    
      Prior year restatement             (477 701)    
      Balance at beginning of the year (2020: restated)   12 020 620         17 424 649    
      IFRS 16 transition adjustment to retained earnings at beginning of the year   –         (1 035 469)    
      Attributable profit (2020: restated)   3 088 860         1 121 428    
      Remeasurement of defined benefit obligations during the year   34 934         3 864    
      Recognition of puttable non-controlling interest liabilities   –         (2 673 442)    
      Remeasurement of puttable non-controlling interest   12 082         131 537    
      Fair value adjustments held at fair value through other comprehensive income   –         (54 139)    
      Dividends paid   –         (2 213 668)    
      Reclassification of Nowaco equity-incentive scheme to cash-settled scheme   –         (322 020)    
      Surplus as a result of an exchange with non-controlling interest   355         –    
      Transfer from foreign currency translation reserve   (17 887)         (6 503)    
      Transfer to (from) equity-settled share-based payment reserve   7 749         (355 617)    
Equity attributable to non-controlling interests of the company   232 872         266 030    
   Balance at beginning of the year   266 030         237 267    
   Other comprehensive income   (7 623)         57 084    
      Attributable profit   29 749         15 297    
      Movement in foreign currency translation reserve   (37 372)         41 787    
   Dividends paid   (29 673)         (28 321)    
   Changes in shareholding   4 138         2 673 442    
   Transfer to puttable non-controlling interest liability   –         (2 673 442)    
Total equity   28 088 174         27 241 767    

Summary consolidated segmental analysis

for the year ended June 30

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R’000 2021
Audited		     Restated
2020
Audited		   %
change		  
REVENUE              
Bidfood              
   Australasia 33 010 216     28 986 744   13,9  
   United Kingdom 24 955 373     31 462 683   (20,7)  
   Europe 35 706 221     40 199 177   (11,2)  
   Emerging Markets 21 131 632     19 925 578   6,1  
  114 803 442     120 574 182   (4,8)  
TRADING PROFIT              
Bidfood 4 893 592     4 138 045   18,3  
   Australasia 2 489 692     1 923 857   29,4  
   United Kingdom 394 303     666 755   (40,9)  
   Europe 1 086 046     958 081   13,4  
   Emerging Markets 923 551     589 352   56,7  
Corporate (105 940)     (70 884)      
  4 787 652     4 067 161   17,7