Basis of presentation of summary consolidated financial statements

The summary consolidated financial statements are prepared in accordance with the JSE Limited Listings Requirements for provisional reports, and the requirement of the Companies Act of South Africa applicable to summary financial statements. The Listings Requirements require provisional reports to be prepared in accordance with the framework concepts and the measurement and recognition requirements of International Financial Reporting Standards (IFRS) and the SAICA Financial Reporting Guides as issued by the Accounting Practices Committee and Financial Reporting Pronouncements as issued by Financial Reporting Standards Council, and to also, as a minimum, contain the information required by IAS 34 Interim Financial Reporting.

The accounting policies applied in the preparation of the consolidated financial statements from which the summary financial statements were derived are in terms of IFRS and are consistent with those accounting policies applied in the preparation of the previous consolidated annual financial statements.

A number of new pronouncements and/or interpretations were effective from July 1  2021. These had no material effect on the group's financial statements.

The financial statements have been prepared on the historical cost basis adjusted for the effects of inflation where entities operate in hyperinflationary economies and for certain financial instruments that have been measured at fair value, where applicable. For the year ended June 30  2022, the Turkish lira is considered to be hyperinflationary. Accordingly, the statement of profit or loss, statement of cash flows and statement of financial position for our Turkish subsidiaries using the Turkish lira as their functional currency have been expressed in terms of the Turkish lira at the reporting date (June 30  2022). Refer below for the impact of hyperinflationary accounting on the group's statement of profit or loss, statement of cash flows and statement of financial position.

Audit report

These summary consolidated financial statements for the year ended June 30  2022 have been audited by PricewaterhouseCoopers Inc. (PwC), who expressed an unmodified opinion thereon. The auditor expressed an unmodified opinion on the annual consolidated financial statements from which these summary consolidated financial statements were derived.

A copy of the auditor's report on the summary consolidated financial statements and of the auditor's report on the annual consolidated financial statements are available for inspection on the company's website and at the company's registered office, together with the financial statements identified in the respective auditor's reports.

The auditor's report does not necessarily report on all of the information contained in this announcement. Shareholders are therefore advised that in order to obtain a full understanding of the nature of the auditor's engagement, they should obtain a copy of the auditor's report together with the accompanying financial information from the issuer's registered office.

Preparation and results

These summary consolidated financial statements have been prepared by CAM Bishop CA(SA), under the supervision of DE Cleasby CA(SA) and were approved by the board of directors on August 23  2022.

The directors are responsible for the preparation of the preliminary report and the correct extraction of the financial information from the financial statements.

Exchange rates

The following exchange rates were used in the conversion of foreign interests and foreign transactions for the year ended:

	June 30
	2022	2021
Rand/Sterling
Closing rate	19,79	19,79
Average rate	20,24	20,72
Rand/Euro
Closing rate	17,02	16,99
Average rate	17,14	18,35
Rand/Australian dollar
Closing rate	11,23	10,74
Average rate	11,03	11,49

Supplementary pro forma information regarding the currency effects of the translation of foreign operations on the group

for the year ended June 30

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, PricewaterhouseCoopers Inc. The ISAE 3420 Assurance Engagements to Report on the Compilation of the Pro Forma Information in a Prospectus 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 illustrative information, detailed below, has been prepared on the basis of applying the 2021 average rand exchange rates to the 2022 foreign subsidiary income statements and recalculating the reported revenue, trading profit, headline earnings and headline earnings per share of the group for the year ended June 30  2022.

						Illustrative 2022 at 2021 average exchange rates
R’000	2022 Audited	2021 Audited	% change			2022 Pro forma	% change
Trading performance
Revenue	147 138 311	114 803 442	28,2			152 840 520	33,1
Trading profit	7 590 775	4 787 652	58,5			7 850 542	64,0
Headline earnings	5 138 811	2 900 878	77,1			5 307 919	83,0
Headline earnings per share (cents)	1 538,3	868,4	77,1			1 588,9	83,0
Constant currency per segment
Revenue
Australasia	33 343 369	33 010 216	1,0			34 624 845	4,9
United Kingdom	37 818 927	24 955 373	51,5			38 703 225	55,1
Europe	50 077 127	35 706 221	40,2			53 189 073	49,0
Emerging Markets	25 898 888	21 131 632	22,6			26 323 377	24,6
	147 138 311	114 803 442	28,2			152 840 520	33,1
Trading profit
Australasia	2 330 923	2 489 692	(6,4)			2 421 714	(2,7)
United Kingdom	1 533 213	394 303	288,8			1 569 064	297,9
Europe	2 382 215	1 086 046	119,3			2 504 046	130,6
Emerging Markets	1 441 136	923 551	56,0			1 453 926	57,4
Corporate office	(96 712)	(105 940)				(98 208)
	7 590 775	4 787 652	58,5			7 850 542	64,0

Acquisition of businesses and subsidiaries

for the year ended June 30

During the year no new country acquisitions have been consummated, however, 10 bolt-on acquisitions were concluded. These bolt-on acquisitions included:

• Salad World, a sauce manufacturer based in Melbourne, Australia (effective July 2021);
• Shantou Longjia Food Company Limited, a business trading and distributing dairy products and imported food products in Shantou, China (effective August 2021);
• Total Repack Limited, a specialist dry ingredients repacker in Christchurch, New Zealand (effective September 2021);
• Foster Fast Food, a wholesaler specialised in fast food concepts located in Mechelen (between Antwerp and Brussels), Belgium (effective September 2021);
• Spice World Kuruman, a distributor of spice, natural casings and butchery equipment in the Northern Cape province of South Africa (effective September 2021);
• Vinhais, a broadline wholesaler and dairy specialist based in São Paulo, Brazil (effective October 2021);
• Insupan Limited, an ambient wholesaler based in La Serena, Chile (effective December 2021);
• Central Foods, a broadline wholesaler and meat specialist based in São Paulo, Brazil (effective January 2022);
• Bayview Seafoods, a manufacturing business that crumbs and batters a range of frozen proteins and vegetables based in Taree, New South Wales, Australia (effective February 2022); and
• Zegro-Centrum B.V., a focused regional HoReCa broadline food wholesaler near Rotterdam, Netherlands (effective March 2022).

Goodwill arose on the acquisitions as the anticipated value of future cash flows that were taken into account in determining the purchase consideration exceeded the net assets or net liabilities acquired at fair value. The acquisitions have enabled the group to expand its range of products and services and, as a consequence, has broadened the group's base in the marketplace. In addition, through these acquisitions the group has acquired managements skill and expertise as a platform from which to further consolidate its position in the foodservice market. There were no significant contingent liabilities identified in the businesses acquired.

The impact of these acquisitions on the group's results can be summarised as follows:

	Zegro- Centrum BV R’000	Foster Fast Food BV R’000	Other acqui- sitions R’000	2022 R’000	2021 R’000
Property, plant and equipment	(352 048)	(55 519)	(50 625)	(458 192)	(40 393)
Intangible assets	(295)	(192)	(71)	(558)	–
Right-of-use leased assets	–	–	–	–	(528)
Deferred taxation	–	11 629	(1 976)	9 653	(6 689)
Investments and advances	(6 448)	–	–	(6 448)	(1 117)
Inventories	(60 398)	(14 819)	(52 185)	(127 402)	(39 189)
Trade and other receivables	(76 459)	(13 816)	(28 995)	(119 270)	(85 332)
Cash and cash equivalents	(14 606)	(12 062)	1 951	(24 717)	(13 064)
Defined pension fund obligations	–	–	–	–	9 247
Borrowings	30 171	11 939	16 978	59 088	28 242
Right-of-use lease liabilities	–	–	–	–	528
Trade and other payables and provisions	97 649	19 175	80 335	197 159	55 363
Taxation	–	1 060	435	1 495	1 076
Total identifiable net assets at fair value	(382 434)	(52 605)	(34 153)	(469 192)	(91 856)
Separately identified intangible assets	–	(39 805)	–	(39 805)	(917)
Non-controlling interest	–	–	5 860	5 860	–
Gain from bargain purchase	–	–	–	–	3 136
Derecognition of previously held investment in associate	–	–	–	–	26 346
Goodwill	(134 148)	(9 951)	(271 931)	(416 030)	(68 657)
Total value of acquisition(s)	(516 582)	(102 361)	(300 224)	(919 167)	(131 948)
Cash and cash equivalents acquired	14 606	12 062	(1 951)	24 717	13 064
Vendors for acquisition recognised	–	–	92 656	92 656	38 366
Costs incurred in respect of acquisitions	(2 740)	(3 556)	(10 024)	(16 320)	(6 151)
Net amount paid	(504 716)	(93 855)	(219 543)	(818 114)	(86 669)
Contribution to results for the year
Revenue	327 228	238 129	948 008	1 513 365
Trading (loss) profit	(9 876)	16 602	19 508	26 234
Contribution to results for the year if the acquisitions had been effective July 1  2021
Revenue	963 401	282 849	1 261 884	2 508 134
Trading profit	0	18 857	25 321	44 178

The purchase price allocations are provisional and may be retrospectively adjusted if the group obtains new information about facts and circumstances that existed at the acquisition date relating to these entities.

Disposals

Cárnicas (Spain) was disposed on January 19  2022, up to disposal, Cárnicas contributed R56,8 million to revenue but had a trading loss of R12,6 million. A loss of R115,8 million was recognised on the disposal. Hamburg (Germany) was disposed on June 26  2022, up to disposal, Hamburg contributed R148,6 million to revenue but had a trading loss of R12,9 million. A loss of R116,4 million was recognised on the disposal.

Subsequent events

There have been no material events subsequent to June 30  2022.

Capital commitments

The board of directors' policy is to maintain a strong capital base so as to sustain future development of the businesses so that it can continue to provide benefits to its stakeholders.

R’000	2022	2021
Capital expenditure approved:
Contracted for	1 901 240	1 060 248
Not contracted for	1 504 346	1 316 229
	3 405 586	2 376 477
Capital expenditure split:
Property, plant and equipment	3 339 081	2 298 915
Computer software	66 505	77 562
	3 405 586	2 376 477

It is anticipated that capital expenditure will be financed out of existing cash resources.

Significant contracted capital expenditures relate to the following:

• Australia – infrastructure investment in two new buildings; facility improvements to five buildings; investment in solar power for these buildings with capacity of between 100 kWh to 200 kWh;
• Bidfood UK – infrastructure investment into two sites in Gateshead and Peterborough and expanding the vehicle fleet;
• Netherlands – infrastructure investment in a new Zierikzee building; freezer for Meppel; a warehouse management system and investment in electric trucks;
• South Africa – infrastructure investment in Johannesburg South (Elands Park); and
• New Zealand – new Taupo distribution centre and investment in the vehicle fleet.

Financial instruments

for the year ended June 30

Fair value hierarchy

When measuring the fair value of an asset or a liability, the group uses market observable data as far as possible. Fair values are categorised into different levels in a fair value hierarchy based on the inputs used in the valuation techniques categorised as follows.

• Level 1: quoted prices (unadjusted) in active markets for identical assets or liabilities.
• Level 2: inputs other than quoted prices included in level 1 that are observable for the asset or liability, either directly (ie as prices) or indirectly (ie derived from prices).
• Level 3: inputs for the asset or liability that are not based on observable market data (unobservable inputs).

The following table shows the carrying amounts and fair values of financial assets and financial liabilities, including their levels in the fair value hierarchy for financial instruments measured at fair value. It does not include fair value information for financial assets and financial liabilities not measured at fair value if the carrying amount is a reasonable approximation of fair value.

	Non-current assets (liabilities)			Current assets (liabilities)
R’000	Investments	Puttable non- controlling interests	Vendors for acquisition	Puttable non- controlling interests	Vendors for acquisition
June 30  2022
Financial assets measured at fair value	28 613	–	–	–	–
Financial liabilities measured at fair value	–	(4 006 503)	(115 477)	(266 658)	(49 128)
June 30  2021
Financial assets measured at fair value	27 281	–	–	–	–
Financial liabilities measured at fair value	–	(3 983 808)	(23 779)	(74 753)	(175 395)

R’000	Total	Level 1	Level 2	Level 3
June 30  2022
Financial assets measured at fair value	28 613	–	–	28 613
Financial liabilities measured at fair value	(4 437 766)	–	–	(4 437 766)
June 30  2021
Financial assets measured at fair value	27 281	–	–	27 281
Financial liabilities measured at fair value	(4 257 735)	–	–	(4 257 735)

Valuation techniques and significant unobservable inputs

Valuation technique	Significant unobservable inputs	Inter-relationship between significant unobservable inputs and fair value measurement
The expected payments are determined by considering the possible scenarios of forecast EBITDAs, the amount to be paid under each scenario and the probability of each scenario. The valuation models consider the present value of expected payment, discounted using a risk-adjusted discount rate.	Average revenue growth rates: 6,5% (2021: 16,0%1) Average EBITDA margin: 7,0% (2021: 7,3%) Contractual EBITDA multiple: 10,5x (2021: 10,5x) Risk-adjusted discount rate: 1,7% (2021: 1,7%)	The estimated fair value would increase (decrease) if: the EBITDA were higher (lower); or the risk-adjusted discount rate were lower (higher).

¹ Average revenue growth rates for 2021 were distorted by the low revenue base as a result of COVID.

Sensitivity analysis on changes in significant variable unobservable inputs for puttable non-controlling interests (liability)

	Increase in assumption %	Increase  (decrease) R’000	Decrease in assumption %	Increase (decrease) R’000
Revenue growth rates	10	80 487	10	(78 773)
Average EBITDA margin	10	427 031	10	(427 031)
Risk-adjusted discount rate	10	(38 621)	10	33 199

The group recognises any changes in the value of the liability as a result of changes in assumptions used to estimate the future purchase price directly in retained earnings in the statement of changes in equity.

Hyperinflation accounting

for the year ended June 30

The International Monetary Fund World Economic Outlook Report determined that subsidiaries of the group with the functional currency of the Turkish lira should apply Financial Reporting in Hyperinflationary Economies (IAS 29) for reporting dates ended June 30  2022. Accordingly, the statement of profit or loss, statement of cash flows and statement of financial position for our Turkish subsidiaries have been expressed in terms of the Turkish lira at the reporting date (June 30  2022).

Hyperinflationary accounting requires transactions and balances of each reporting period to be presented in terms of the measuring unit (Turkish lira (TRY)) at the end of the reporting period in order to account for the effect of loss of purchasing power during the year. The group has used the Turkish consumer price index (as determined by TURKSTAT) as the general price index to restate amounts as it provides an official observable indication of the change in the price of goods and services for our Turkish subsidiaries.

The carrying amounts of non-monetary assets and liabilities carried at historic cost have been stated to reflect the change in the general price index from the date of acquisition to the end of the reporting period. No adjustments have been made for those non-monetary assets and liabilities measured at fair value. An impairment loss is recognised in profit or loss if the remeasured amount of a non-monetary asset exceeds the recoverable amount. All items recognised in the statement of profit or loss and other comprehensive income are restated by applying the change in the average monthly general price index when the items of income and expenses were initially earned or incurred.

Gains or losses on the net monetary position have been recognised as part of profit or loss before tax in the statement of profit or loss and other comprehensive income. All items in the statement of cash flows are expressed in terms of the general price index at the end of the reporting period.

The comparative amounts for the group financial statements have not been restated for changes in the price level as the presentation currency of the group, being the South African rand (ZAR), is that of a non-hyperinflationary economy. Any difference between the adjusted opening balances after applying IAS 29 and the balance previously recorded by the group are recognised in other comprehensive income as part of the foreign currency translation reserve.

The results and financial position of the Turkish operations have been translated at the official inter-bank closing exchange rate of TRY 0.98:ZAR 1 which is in line with the requirements of the provisions of IAS 21 The Effects of Foreign Exchange Rates (IAS 21) for the translation of hyperinflationary economies. The following general price indices and conversion factors were applied to consolidate our Turkish subsidiaries.

Date	General price  index1	Conversion factor
June 30  2022	78,6	1,0
June 30  2021	17,5	4,5
June 30  2020	12,6	6,2

¹ The general price index is measured from July 1  2019. These numbers reflect the year-on-year consumer price index changes at these respective reporting dates. The three-year cumulative inflation rate from July 1  2019 to June 30  2022 is 88,4%.

Inflation and exchange rates (relative to the South African rand) applied to consolidate the Turkish subsidiaries results:

Financial period	Average  exchange rate	Closing exchange rate	Conversion  factor  (average)	Conversion  factor  (closing)
July 1  2020 to June 30  2021	1,99	1,64	1,4	4,5
July 1  2021 to June 30  2022	0,982	0,98	3,1	1,0

² Converted at the closing exchange rate due to the implementation of IAS 29.

Reporting on the Turkish subsidiaries

The Turkish subsidiaries of the group with the functional currency of the Turkish lira have applied IAS 29 Hyperinflation Accounting for the 12 months ended June 30  2022. This has resulted in the group recording in the statement of profit and loss a net monetary gain of R81,9 million for the year ended June 30  2022. While the application of IAS 29 is meant to improve comparability of the group's results, the use of inflation and exchange rates differ from those experienced by the Turkish operations and reflected in the underlying transactions has, to some extent, distorted the comparability of the group's results. The impact of adjusting the group's results for the effects of hyperinflation is set out below:

Hyperinflation increase (decrease) to the statement of profit or loss	2022 R’000
Revenue	630 602
Gross profit	122 338
Operating expenses	(94 326)
Trading profit	28 012
Finance charges	(13 149)
Net IAS 29 monetary gain	69 215
Headline earnings	81 890
Headline earnings per share (cents)	24,5

The group's comparative statement of profit or loss has not been restated for changes in the price level as the presentation currency of the group, being the South African rand, is a non-hyperinflationary economy.

Hyperinflation increase (decrease) to the statement of financial position	2022 R’000
Non-current assets	100 131
Property, plant and equipment	61 924
Right-of-use lease assets	31 875
Other non-current assets	6 332
Current assets	8 308
Total assets	108 439
Capital and reserves	108 439
Non-current liabilities	–
Current liabilities	–
Total equity and liabilities	108 439

The hyperinflation increase to the statement of financial position is included in the other comprehensive income movement of the foreign currency translation reserve.

Hyperinflation effect on cash and cash equivalents

As a result of applying hyperinflation accounting for the Turkish subsidiaries of the group, all items in the statement of cash flows are expressed in terms of the general price index at the end of the reporting period. The resultant statement of cash flows is prepared to reflect cash flows during the year measured at the current purchasing power at the end of the reporting period and as such is not reflecting actual cash flows paid during the year ended June 30  2022.

While the statement of cash flows is adjusted to reflect current purchasing power, the cash and cash equivalents balance can only ever represent the actual cash flow (ie not indexed) at the point in time when the transactions occurred. As a result, an adjustment of R211,9 million was required to account for the loss of value between the hyperinflation-adjusted cash flows and the actual cash flows, as well as to account for the loss of value in the opening cash and cash equivalent balances.

Independent auditor's report on the summary consolidated financial statements

To the shareholders of Bid Corporation Limited

Opinion

The summary consolidated financial statements of Bid Corporation Limited, set out on pages 2 to 7, 18 to 19 and 21 to 27 of the accompanying provisional report, which comprise the summary consolidated statement of financial position as at 30 June  2022, the summary consolidated statement of profit or loss, statement of other comprehensive income, changes in equity and cash flows for the year then ended, and related notes, are derived from the audited consolidated financial statements of Bid Corporation Limited for the year ended 30 June  2022.

In our opinion, the accompanying summary consolidated financial statements are consistent, in all material respects, with the audited consolidated financial statements, in accordance with the JSE Limited's (JSE) requirements for summary financial statements, as set out in the Basis of presentation of summary consolidated financial statements note, and the requirements of the Companies Act of South Africa as applicable to summary financial statements.

Summary consolidated financial statements

The summary consolidated financial statements do not contain all the disclosures required by International Financial Reporting Standards and the requirements of the Companies Act of South Africa as applicable to annual financial statements. Reading the summary consolidated financial statements and the auditor's report thereon, therefore, is not a substitute for reading the audited consolidated financial statements and the auditor's report thereon.

The audited consolidated financial statements and our report thereon

We expressed an unmodified audit opinion on the audited consolidated financial statements in our report dated 23 August  2022. That report also includes communication of key audit matters. Key audit matters are those matters that, in our professional judgement, were of most significance in our audit of the consolidated financial statements of the current period.

Director's responsibility for the summary consolidated financial statements

The directors are responsible for the preparation of the summary consolidated financial statements in accordance with the JSE's requirements for summary financial statements, set out in the Basis of presentation of summary consolidated financial statements note, and the requirements of the Companies Act of South Africa as applicable to summary financial statements.

Auditor's responsibility

Our responsibility is to express an opinion on whether the summary consolidated financial statements are consistent, in all material respects, with the audited consolidated financial statements based on our procedures, which were conducted in accordance with International Standard on Auditing (ISA) 810 (Revised), Engagements to Report on Summary Financial Statements.

PricewaterhouseCoopers Inc.
Director: E J Gerryts
Registered Auditor
4 Lisbon Lane, Waterfall City, Jukskei View, 2090
Private Bag X36, Sunninghill, 2157, Johannesburg, South Africa

23 August  2022

Report on the Assurance Engagement on the Compilation of Pro Forma Financial Information included in the Annual Results

To the Directors of Bid Corporation Limited

We have completed our assurance engagement to report on the compilation of the Pro Forma financial information of Bid Corporation Limited (the "Group") by the directors. The Pro Forma financial information, as set out on page 20 of the Provisional Report (the "Annual Results"), consist of Pro Forma financial information which presents the currency effects of foreign operations on the Group as at 30 June  2022. The applicable criteria on the basis of which the directors have compiled the Pro Forma financial information are specified in the JSE Limited (JSE) Listings Requirements and described on page 20 of the Annual Results.

The Pro Forma financial information has been compiled by the directors to provide users with relevant information and measures used by the Group to assess performance and to illustrate the impact of foreign currency movements on the Group's reported financial results for the year ended 30 June  2022. As part of this process, information about the Group's financial performance has been extracted by the directors from the Group's financial statements for the year ended 30 June  2022, on which an audit report has been published.

Directors' responsibility

The directors of the Group are responsible for compiling the Pro Forma financial information on the basis of the applicable criteria specified in the JSE Listings Requirements and described in page 20 of the Annual Results.

Our independence and quality control

We have complied with the independence and other ethical requirements of the Code of Professional Conduct for Registered Auditors, issued by the Independent Regulatory Board for Auditors' (IRBA Code), which is founded on fundamental principles of integrity, objectivity, professional competence and due care, confidentiality, and professional behaviour. The IRBA Code is consistent with the corresponding sections of the International Ethics Standards Board for Accountants' International Code of Ethics for Professional Accountants (including International Independence Standards).

The firm applies International Standard on Quality Control 1 and, accordingly, maintains a comprehensive system of quality control including documented policies and procedures regarding compliance with ethical requirements, professional standards and applicable legal and regulatory requirements.

Reporting accountant's responsibility

Our responsibility is to express an opinion about whether the Pro Forma financial information has been compiled, in all material respects, by the directors on the basis of the applicable criteria specified in the JSE Listings Requirements and described in page 20 of the Annual Results based on our procedures performed.

We conducted our engagement in accordance with the International Standard on Assurance Engagements (ISAE) 3420, Assurance Engagements to Report on the Compilation of Pro Forma Financial Information Included in a Prospectus issued by the International Auditing and Assurance Standards Board. This standard requires that we plan and perform our procedures to obtain reasonable assurance about whether the pro forma financial information has been compiled, in all material respects, on the basis specified in the JSE Listings Requirements.

For purposes of this engagement, we are not responsible for updating or reissuing any reports or opinions on any historical financial information used in compiling the pro forma financial information, nor have we, in the course of this engagement, performed an audit or review of the financial information used in compiling the pro forma financial information.

The purpose of pro forma financial information is solely to illustrate the impact of a significant event or transaction on unadjusted financial information of the company as if the event had occurred or the transaction had been undertaken at an earlier date selected for purposes of the illustration. Accordingly, we do not provide any assurance that the actual outcome of the event or transaction would have been as presented.

A reasonable assurance engagement to report on whether the pro forma financial information has been compiled, in all material respects, on the basis of the applicable criteria involves performing procedures to assess whether the applicable criteria used by the directors in the compilation of the pro forma financial information provide a reasonable basis for presenting the significant effects directly attributable to the event or transaction, and to obtain sufficient appropriate evidence about whether:

• The related pro forma adjustments give appropriate effect to those criteria; and
• The pro forma financial information reflects the proper application of those adjustments to the unadjusted financial information.

The procedures selected depend on our judgement, having regard to our understanding of the nature of the Group, the event or transaction in respect of which the pro forma financial information has been compiled, and other relevant engagement circumstances.

Our engagement also involves evaluating the overall presentation of the pro forma financial information.

We believe that the evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Opinion

In our opinion, the Pro Forma financial information has been compiled, in all material respects, on the basis of the applicable criteria specified by the JSE Listings Requirements and described in page 20 of the Annual Results.

PricewaterhouseCoopers Inc.
Director: E J Gerryts
Registered Auditor
4 Lisbon Lane, Waterfall City, Jukskei View, 2090
Private Bag X36, Sunninghill, 2157, Johannesburg, South Africa

23 August 2022

Administration

Directors

Chairman: S Koseff

Lead independent director: NG Payne

Independent non-executive: T Abdool-Samad, PC Baloyi, B Joffe, KR Moloko, CJ Rosenberg*, H Wiseman*

Executive directors: BL Berson* (chief executive officer), DE Cleasby (chief financial officer)

* Australian

Company secretary

Bidcorp Corporate Services (Pty) Ltd

Represented by Ms AK Biggs