R'000   2023
Audited		     2022
Audited		     %
change
Revenue   196 341 239     147 138 311     33,4
Cost of revenue   (149 537 909)     (111 495 826)     (34,1)
Gross profit   46 803 330     35 642 485     31,3
Operating expenses   (36 294 726)     (28 051 710)     (29,4)
Trading profit   10 508 604     7 590 775     38,4
    Share-based payment expense   (226 717)     (161 258)      
    Acquisition costs   (45 806)     (16 320)      
    Capital items   (77 724)     (333 150)      
Operating profit   10 158 357     7 080 047     43,5
Net finance charges   (909 802)     (689 754)     31,9
    Finance income   162 974     58 244      
    Finance charges   (1 072 776)     (747 998)      
Share of profit from associates and jointly controlled entities   89 242     39 718      
Monetary gain arising from hyperinflation in Türkiye   7 426     69 215      
Profit before taxation   9 345 223     6 499 226     43,8
Taxation   (2 393 482)     (1 584 987)     (51,0)
Profit for the year   6 951 741     4 914 239     41,5
Attributable to:                
Shareholders of the company   6 886 260     4 824 720      
Non-controlling interest   65 481     89 519      
    6 951 741     4 914 239     41,5
Shares in issue                
    Total (’000)   335 404     335 404      
    Weighted (’000)   333 999     334 062      
    Diluted weighted (’000)   334 969     334 970      
Basic earnings per share (cents)   2 061,8     1 444,3     42,8
Diluted basic earnings per share (cents)   2 055,8     1 440,3     42,7
Headline earnings per share (cents)   2 082,9     1 538,3     35,4
Diluted headline earnings per share (cents)   2 076,9     1 534,1     35,4
Distributions per share (cents)   940,0     700,0     34,3
R'000     2023
Audited		         2022
Audited		    
Profit for the year     6 951 741         4 914 239    
Other comprehensive income     5 160 686         903 551    
  Items that may be reclassified subsequently to profit or loss     5 161 178         910 468    
  Foreign currency translation reserve                    
    Movement in foreign currency translation reserve including hyperinflation effects     5 162 376         909 270    
  Movement in fair value of cash flow hedges     (1 198)         1 198    
  Fair value (loss) gain     (1 577)         1 577    
  Deferred taxation relief (charge)     379         (379)    
  Items that will not be reclassified subsequently to profit or loss                    
  Defined benefit obligations     (492)         (6 917)    
    Gain (loss) on remeasurement of defined benefit obligations     1 349         (6 555)    
    Deferred taxation charge     (1 841)         (362)    
                     
Total comprehensive income for the year     12 112 427         5 817 790    
Attributable to:                    
    Shareholders of the company     11 991 358         5 782 651    
    Non-controlling interest     121 069         35 139    
      12 112 427         5 817 790    

The following adjustments to profit attributable to shareholders were taken into account in the calculation of headline earnings:

R'000   2023
Audited		     2022
Audited		  
Profit attributable to shareholders of the company   6 886 260     4 824 720  
Impairments   79 824     141 475  
    Property, plant and equipment   21 892     99 094  
    Intangible assets   8 258     37 448  
    Goodwill   56 023     25 601  
    Associates   1 010     –  
    Taxation relief   (7 359)     (20 668)  
Capital profit on disposal of property, plant and equipment   (5 770)     (56 218)  
    Property, plant and equipment   (6 057)     (56 513)  
    Taxation charge   287     295  
Insurance proceeds in relation to an impairment of property, plant and equipment   –     (3 378)  
    Insurance proceeds   –     (4 692)  
    Taxation charge   –     1 314  
Profit on disposal of interests in associate (3 402) –
Loss on disposal of interests in subsidiaries   –     232 212  
Headline earnings   6 956 912     5 138 811  
R'000   2023
Audited		     2022
Audited
Re-presented1		  
Cash flows from operating activities   7 665 873     3 483 490  
    Operating profit   10 158 357     7 080 047  
    Dividends received from jointly controlled entity and associates   27 786     20 051  
    Acquisition costs   45 806     16 320  
    Depreciation and amortisation   1 713 907     1 460 901  
    Depreciation on right-of-use lease assets   1 025 470     844 545  
    Nowaco share incentive scheme   –     (16 430)  
    Non-cash items   694 400     534 777  
    Cash generated by operations before changes in working capital   13 665 726     9 940 211  
    Changes in working capital   (453 756)     (1 983 500)  
    Cash generated by operations   13 211 970     7 956 711  
    Finance income received   154 398     53 479  
    Finance charges paid   (870 503)     (653 099)  
    Taxation paid   (2 012 597)     (1 525 772)  
    Dividends paid   (2 817 395)     (2 347 829)  
Cash flows from investment activities1   (5 774 795)     (3 379 734)  
    Additions to property, plant and equipment   (4 284 573)     (2 930 155)  
    Additions to intangible assets   (154 786)     (152 597)  
    Proceeds on disposal of property, plant and equipment   128 319     593 842  
    Proceeds on disposal of intangible assets   1 218     –  
    Acquisition of businesses and subsidiaries   (1 340 143)     (818 114)  
    Proceeds on disposal of interests in subsidiaries   –     3 440  
    Receipts from (payments to) associates   6 160     (17 670)  
    Investments acquired   (39 385)     (66 142)  
    Proceeds on disposal of investments   37 771     30 835  
    Payments made to vendors for acquisition2   (129 376)     (23 173)  
Cash flows from financing activities1   1 735 055     (869 350)  
    Borrowings raised   10 722 066     7 943 760  
    Borrowings repaid   (7 627 594)     (7 736 449)  
    Right-of-use lease liability payments (including lease incentives)   (1 126 037)     (862 451)  
    Payments made to puttable non-controlling interests1   (143 783)     (49 476)  
    Payments to non-controlling interests   (26 587)     (26 559)  
    Treasury shares purchased   (63 010)     (138 175)  
Movement in cash and cash equivalents   3 626 133     (765 594)  
Cash and cash equivalents at the beginning of the year   7 398 250     8 120 639  
Effects of exchange rate fluctuations on cash and cash equivalents   1 187 723     255 095  
Hyperinflation effect on cash and cash equivalents   12 527     (211 890)  
Cash and cash equivalents (including bank overdrafts) at end of the year   12 224 633     7 398 250  
Cash and cash equivalents comprise:            
Cash and cash equivalents   12 397 292     7 398 250  
Bank overdrafts included in short-term portion of borrowings   (172 659)     –  
    12 224 633     7 398 250  

1 Refer to statement of cash flow re-presentation note.
2 Payments made to vendors for acquisition were in line with their acquisition date fair values.

R'000   2023
Audited		     2022
Audited		  
ASSETS            
Non-current assets   52 857 592     40 493 131  
    Property, plant and equipment   23 347 364     17 298 876  
    Intangible assets   948 194     694 435  
    Right-of-use lease assets   5 797 500     4 501 704  
    Goodwill   20 234 696     15 755 681  
    Deferred taxation assets   1 551 652     1 394 294  
    Interest in associates   254 799     178 703  
    Investments and loans   150 685     130 353  
    Investment in jointly controlled entities   542 049     516 916  
    Defined benefit pension assets   30 653     22 169  
Current assets   53 782 660     39 074 357  
    Inventories   17 866 396     13 757 645  
    Trade and other receivables   23 518 972     17 918 462  
    Cash and cash equivalents   12 397 292     7 398 250  
Total assets   106 640 252     79 567 488  
EQUITY AND LIABILITIES            
Capital and reserves   40 194 621     31 103 472  
    Attributable to shareholders of the company   39 810 578     30 843 156  
    Non-controlling interest   384 043     260 316  
Non-current liabilities   24 773 239     16 726 268  
    Deferred taxation liabilities   1 150 000     758 336  
    Long-term borrowings   10 974 753     5 978 502  
    Long-term right-of-use lease liabilities   6 316 001     5 129 946  
    Post-retirement obligations   50 624     32 543  
    Long-term vendors for acquisition   88 994     115 477  
    Long-term puttable non-controlling interest liabilities   5 408 028     4 006 503  
    Long-term provisions   784 839     704 961  
Current liabilities   41 672 392     31 737 748  
    Trade and other payables   35 496 521     26 653 020  
    Short-term provisions   376 265     287 719  
    Short-term vendors for acquisition   217 899     49 128  
    Short-term puttable non-controlling interest liabilities 337 112 266 658
    Taxation   548 319     396 843  
    Short-term right-of-use lease liabilities   1 194 672     947 331  
    Short-term borrowings   3 501 604     3 137 049  
Total equity and liabilities   106 640 252     79 567 488  
Net tangible asset value per share (cents)   5 554     4 291  
Net asset value per share (cents)   11 869     9 196  
R'000     2023
Audited		         2022
Audited		    
Equity attributable to shareholders of the company     39 810 578         30 843 156    
  Stated capital     5 428 016         5 428 016    
  Treasury shares     (134 001)         (284 653)    
      Balance at beginning of the year     (284 653)         (272 679)    
      Shares disposed of in terms of share incentive plans     213 662         126 201    
      Shares purchased during the year     (63 010)         (138 175)    
  Foreign currency translation reserve     12 900 124         7 793 336    
      Balance at beginning of the year     7 793 336         7 206 888    
      Opening reserve adjustment for hyperinflation effects     –         (320 329)    
      Arising during the year including hyperinflation effects     5 106 788         906 762    
      Realisation of reserve on foreign subsidiaries     –         15    
  Hedging reserve     –         1 198    
      Balance at beginning of the year     1 198         –    
      Fair value gain arising during the year     (1 577)         1 577    
      Deferred taxation recognised directly in reserve     379         (379)    
  Equity-settled share-based payment reserve     971 889         615 554    
      Balance at beginning of year     615 554         346 364    
      Arising during the year     208 157         165 560    
      Deferred tax recognised directly in reserve     56 337         3 697    
      Utilisation during the year     (213 662)         (126 201)    
      Transfer from retained earnings     305 503         226 134    
  Movement in retained earnings     20 644 550         17 289 705    
      Balance at beginning of the year     17 289 705         15 146 713    
      Attributable profit     6 886 260         4 824 720    
      Remeasurement of defined benefit obligations during the year     (492)         (6 917)    
      Recognition of puttable non-controlling interest liabilities     (74 082)         (86 138)    
      Remeasurement of puttable non-controlling interest     (304 244)         (2 038)    
      Dividends paid     (2 817 395)         (2 347 829)    
      Change in shareholding with non-controlling interests     (29 699)         (12 657)    
      Transfer from foreign currency translation reserve     –         (15)    
      Transfer to equity-settled share-based payment reserve     (305 503)         (226 134)    
Equity attributable to non-controlling interests of the company     384 043         260 316    
   Balance at beginning of the year     260 316         232 872    
   Other comprehensive income     121 069         35 139    
      Attributable profit     65 481         89 519    
      Opening reserve adjustment for hyperinflation effects     –         (56 888)    
      Movement in foreign currency translation reserve     55 588         2 508    
   Dividends paid     (23 721)         (28 239)    
   Changes in shareholding     251 360         214 654    
   Transfer to puttable non-controlling interest liability     (224 981)         (194 110)    
Total equity     40 194 621         31 103 472    
R'000   2023
Audited		     2022
Audited		     %
change
REVENUE                
Bidfood                
   Australasia   44 336 732     33 343 369     33,0
   United Kingdom   51 378 872     37 818 927     35,9
   Europe   69 548 732     50 077 127     38,9
   Emerging Markets   31 076 903     25 898 888     20,0
    196 341 239     147 138 311     33,4
TRADING PROFIT                
Bidfood   10 689 990     7 687 487     39,1
   Australasia   3 541 197     2 330 923     51,9
   United Kingdom   1 918 805     1 533 213     25,1
   Europe   3 659 132     2 382 215     53,6
   Emerging Markets   1 570 856     1 441 136     9,0
Corporate   (181 386)     (96 712)      
    10 508 604     7 590 775     38,4