• Audited results for the year ended June 30  2022


R'000 2022
Audited
    2021
Audited
  %
change
Revenue 147 138 311     114 803 442   28,2
Cost of revenue (111 495 826)     (87 296 234)   (27,7)
Gross profit 35 642 485     27 507 208   29,6
Operating expenses (28 051 710)     (22 719 556)   (23,5)
Trading profit 7 590 775     4 787 652   58,5
   Share-based payment expense (161 258)     (107 452)    
   Acquisition costs (16 320)     (6 151)    
   Capital items (333 150)     242 750    
Operating profit 7 080 047     4 916 799   44,0
Net finance charges (689 754)     (693 400)    
   Finance income 58 244     51 383    
   Finance charges (747 998)     (744 783)    
Share of profit of associates and jointly controlled entities 39 718     29 904    
Monetary gain arising from hyperinflation in Turkey 69 215        
Profit before taxation 6 499 226     4 253 303   52,8
Taxation (1 584 987)     (1 134 694)   (39,7)
Profit for the year 4 914 239     3 118 609   57,6
Attributable to:            
   Shareholders of the company 4 824 720     3 088 860    
   Non-controlling interest 89 519     29 749    
  4 914 239     3 118 609   57,6
Shares in issue            
   Total (’000) 335 404     335 404    
   Weighted (’000) 334 062     334 058    
   Diluted weighted (’000) 334 970     334 564    
Basic earnings per share (cents) 1 444,3     924,6   56,2
Diluted basic earnings per share (cents) 1 440,3     923,2   56,0
Headline earnings per share (cents) 1 538,3     868,4   77,1
Diluted headline earnings per share (cents) 1 534,1     867,1   76,9
Distributions per share (cents) 700,0     400,0   75,0
R'000   2022
Audited
        2021
Audited
   
Profit for the year   4 914 239         3 118 609    
Other comprehensive income   903 551         (2 298 355)    
   Items that may be reclassified subsequently to profit or loss   910 468         (2 333 289)    
   Foreign currency translation reserve                  
      Movement in foreign currency translation reserve including hyperinflation effects   909 270         (2 334 345)    
   Movement in fair value of cash flow hedges   1 198         1 056    
   Fair value gain   1 577         1 393    
   Deferred taxation charge   (379)         (337)    
   Items that will not be reclassified subsequently to profit or loss                  
   Defined benefit obligations   (6 917)         34 934    
      Remeasurement of defined benefit obligations   (6 555)         36 067    
      Deferred taxation charge   (362)         (1 133)    
Total comprehensive income for the year   5 817 790         820 254    
Attributable to                  
   Shareholders of the company   5 782 651         827 877    
   Non-controlling interest   35 139         (7 623)    
    5 817 790         820 254    
R'000 2022
Audited
    2021
Audited
 
Profit attributable to shareholders of the company 4 824 720     3 088 860  
Impairments 141 475     473 005  
   Property, plant and equipment 99 094     360 938  
   Intangible assets 37 448     226 592  
   Goodwill 25 601      
   Taxation relief (20 668)     (114 525)  
Capital profit on disposal of property, plant and equipment (56 218)     (631 681)  
   Property, plant and equipment (56 513)     (794 835)  
   Taxation charge 295     163 154  
Insurance proceeds in relation to an impairment of property, plant and equipment (3 378)     (26 170)  
   Insurance proceeds (4 692)     (32 309)  
   Taxation charge 1 314     6 139  
Gain from bargain purchase     (3 136)  
Loss on disposal of interests in Cárnicas Sáenz S.L. (Cárnicas (Spain)) and Hamburg (Germany) 232 212      
Headline earnings 5 138 811     2 900 878  
R'000 2022
Audited
    2021
Audited
 
Cash flows from operating activities 3 483 490     5 823 001  
   Operating profit 7 080 047     4 916 799  
   Dividends received from jointly controlled entity 20 051     40 000  
   Acquisition costs 16 320     6 151  
   Depreciation and amortisation 1 460 901     1 422 824  
   Depreciation on right-of-use lease assets 844 545     826 954  
   Nowaco share incentive scheme (16 430)     (16 699)  
   Non-cash items 534 777     (168 154)  
   Cash generated by operations before changes in working capital 9 940 211     7 027 875  
   Changes in working capital (1 983 500)     632 312  
   Cash generated by operations 7 956 711     7 660 187  
   Finance income received 53 479     48 018  
   Finance charges paid (653 099)     (654 585)  
   Taxation paid (1 525 772)     (1 230 619)  
   Dividends paid (2 347 829)      
Cash effects of investment activities (3 429 210)     (307 870)  
   Additions to property, plant and equipment (2 930 155)     (1 831 140)  
   Additions to intangible assets (152 597)     (138 286)  
   Proceeds on disposal of property, plant and equipment 593 842     1 895 733  
   Proceeds on disposal of intangible assets     819  
   Acquisition of businesses and subsidiaries (818 114)     (86 669)  
   Proceeds on disposal of businesses 3 440      
   Investment in jointly controlled entity     (14 968)  
   Investment in and advances to associates (17 670)     (4 314)  
   Investments acquired (66 142)     (19 540)  
   Proceeds on disposal of investments 30 835     32 986  
   Payments made to puttable non-controlling interests (49 476)     (82 606)  
   Payments made to vendors for acquisition1 (23 173)     (59 885)  
Cash effects of financing activities (819 874)     (3 761 408)  
   Borrowings raised 7 943 760     4 473 408  
   Borrowings repaid (7 736 449)     (7 274 843)  
   Right-of-use lease liability payments (including lease incentives) (862 451)     (820 362)  
   Payments to non-controlling interests (26 559)     (25 535)  
   Treasury shares purchased (138 175)     (114 076)  
Movement in cash and cash equivalents (765 594)     1 753 723  
Cash and cash equivalents at the beginning of the year 8 120 639     7 024 426  
Effects of exchange rate fluctuations on cash and cash equivalents 255 095     (657 510)  
Hyperinflation effect on cash and cash equivalents (211 890)      
Cash and cash equivalents at end of the year 7 398 250     8 120 639  

1 Payments made to vendors for acquisition were in line with their acquisition date fair values.

R'000 2022
Audited
    2021
Audited
 
ASSETS          
Non-current assets 40 493 131     37 513 404  
   Property, plant and equipment 17 298 876     15 505 841  
   Intangible assets 694 435     649 722  
   Right-of-use lease assets 4 501 704     3 924 117  
   Goodwill 15 755 681     15 292 841  
   Deferred taxation assets 1 394 294     1 381 263  
   Interest in associates 178 703     151 652  
   Investments and loans 130 353     92 928  
   Investment in jointly controlled entities 516 916     493 011  
   Defined benefit pension assets 22 169     22 029  
Current assets 39 074 357     31 696 619  
   Inventories 13 757 645     10 145 738  
   Trade and other receivables 17 918 462     13 430 242  
   Cash and cash equivalents 7 398 250     8 120 639  
Total assets 79 567 488     69 210 023  
EQUITY AND LIABILITIES          
Capital and reserves 31 103 472     28 088 174  
   Attributable to shareholders of the company 30 843 156     27 855 302  
   Non-controlling interest 260 316     232 872  
Non-current liabilities 16 726 268     11 512 934  
   Deferred taxation liabilities 758 336     751 678  
   Long-term borrowings 5 978 502     1 479 252  
   Long-term right-of-use lease liabilities 5 129 946     4 597 519  
   Post-retirement obligations 32 543     25 985  
   Long-term vendors for acquisition 115 477     23 779  
   Long-term puttable non-controlling interest liabilities 4 006 503     3 983 808  
   Long-term provisions 704 961     650 913  
Current liabilities 31 737 748     29 608 915  
   Trade and other payables 26 653 020     20 729 001  
   Short-term provisions 287 719     303 978  
   Short-term vendors for acquisition 49 128     175 395  
   Short-term puttable non-controlling interest liabilities 266 658     74 753  
   Taxation 396 843     286 537  
   Short-term right-of-use lease liabilities 947 331     894 376  
   Short-term borrowings 3 137 049     7 144 875  
Total equity and liabilities 79 567 488     69 210 023  
Net tangible asset value per share (cents) 4 291     3 552  
Net asset value per share (cents) 9 196     8 305  
R'000   2022
Audited
        2021
Audited
   
Equity attributable to shareholders of the company   30 843 156         27 855 302    
   Stated capital   5 428 016         5 428 016    
   Treasury shares   (284 653)         (272 679)    
      Balance at beginning of the year   (272 679)         (247 824)    
      Shares disposed of in terms of share incentive plans   126 201         89 221    
      Shares purchased during the year   (138 175)         (114 076)    
   Foreign currency translation reserve   7 793 336         7 206 888    
      Balance at beginning of the year   7 206 888         9 485 974    
      Opening reserve adjustment for hyperinflation effects   (320 329)            
      Arising during the year including hyperinflation effects   906 762         (2 296 973)    
      Realisation of reserve on foreign subsidiaries   15         17 887    
   Hedging reserve   1 198            
      Balance at beginning of the year           (1 056)    
      Fair value gain arising during the year   1 577         1 393    
      Deferred taxation recognised directly in reserve   (379)         (337)    
   Equity-settled share-based payment reserve   615 554         346 364    
      Balance at beginning of the year   346 364         290 007    
      Arising during the year   165 560         124 139    
      Deferred tax recognised directly in reserve   3 697         29 188    
      Utilisation during the year   (126 201)         (89 221)    
      Transfer from (to) retained earnings   226 134         (7 749)    
   Movement in retained earnings   17 289 705         15 146 713    
      Balance at beginning of the year   15 146 713         12 020 620    
      Attributable profit   4 824 720         3 088 860    
      Remeasurement of defined benefit obligations during the year   (6 917)         34 934    
      Recognition of puttable non-controlling interest liabilities   (86 138)            
      Remeasurement of puttable non-controlling interest   (2 038)         12 082    
      Dividends paid   (2 347 829)            
      (Deficit) surplus as a result of an exchange with non-controlling interest   (12 657)         355    
      Transfer from foreign currency translation reserve   (15)         (17 887)    
      Transfer (to) from equity-settled share-based payment reserve   (226 134)         7 749    
Equity attributable to non-controlling interests of the company   260 316         232 872    
   Balance at beginning of the year   232 872         266 030    
   Other comprehensive income   35 139         (7 623)    
      Attributable profit   89 519         29 749    
      Opening reserve adjustment for hyperinflation effects   (56 888)            
      Movement in foreign currency translation reserve   2 508         (37 372)    
   Dividends paid   (28 239)         (29 673)    
   Changes in shareholding   214 654         4 138    
   Transfer to puttable non-controlling interest liability   (194 110)            
Total equity   31 103 472         28 088 174    
R'000 2022
Audited
    2021
Audited
  %
change
REVENUE            
Bidfood            
   Australasia 33 343 369     33 010 216   1,0
   United Kingdom 37 818 927     24 955 373   51,5
   Europe 50 077 127     35 706 221   40,2
   Emerging Markets 25 898 888     21 131 632   22,6
  147 138 311     114 803 442   28,2
TRADING PROFIT            
Bidfood 7 687 487     4 893 592   57,1
   Australasia 2 330 923     2 489 692   (6,4)
   United Kingdom 1 533 213     394 303   288,8
   Europe 2 382 215     1 086 046   119,3
   Emerging Markets 1 441 136     923 551   56,0
Corporate (96 712)     (105 940)    
  7 590 775     4 787 652   58,5