Bidcorp Unaudited results for the half year ended December 31 2021

Condensed interim consolidated statement of profit or loss

for the

	Half year ended December 31			Year ended June 30
R’000	2021 Unaudited	2020 Unaudited Restated¹	% change	2021 Audited
Revenue	71 627 600	60 638 116	18,1	114 803 442
Cost of revenue	(54 499 729)	(46 427 840)	(17,4)	(87 296 234)
Gross profit	17 127 871	14 210 276	20,5	27 507 208
Operating expenses	(13 756 246)	(12 005 816)	(14,6)	(22 719 556)
Trading profit	3 371 625	2 204 460	52,9	4 787 652
Share-based payment expense	(69 146)	(50 132)		(107 452)
Acquisition costs	(8 046)	(2 033)		(6 151)
Capital items	(42 109)	190 195		242 750
Operating profit	3 252 324	2 342 490	38,8	4 916 799
Net finance charges	(324 606)	(364 260)	10,9	(693 400)
Finance income	24 805	29 428		51 383
Finance charges	(349 411)	(393 688)		(744 783)
Share of profit of associates and jointly controlled entities	31 230	19 304	61,8	29 904
Profit before taxation	2 958 948	1 997 534	48,1	4 253 303
Taxation	(733 417)	(515 322)	(42,3)	(1 134 694)
Profit for the period	2 225 531	1 482 212	50,1	3 118 609
Attributable to:
Shareholders of the company	2 192 840	1 465 646		3 088 860
Non-controlling interest	32 691	16 566		29 749
	2 225 531	1 482 212		3 118 609
Shares in issue (’000)
Total	335 404	335 404		335 404
Weighted	334 113	334 125		334 058
Diluted weighted	334 552	334 503		334 564
Total operations (cents)
Basic earnings per share	656,3	438,6	49,6	924,6
Diluted basic earnings per share	655,5	438,2	49,6	923,2
Headline earnings per share	668,0	381,0	75,3	868,4
Diluted headline earnings per share	667,2	380,6	75,3	867,1
Distributions per share (cents)	300,0	–		400,0

¹	Refer here for the impact on profit or loss due to the restatement of condensed interim consolidated financial statements.

Condensed interim consolidated statement of other comprehensive income

for the

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	Half year ended December 31		Year ended June 30
R’000	2021 Unaudited	2020 Unaudited Restated¹	2021 Audited
Profit for the period	2 225 531	1 482 212	3 118 609
Other comprehensive income	2 165 620	(1 542 981)	(2 298 355)
Items that may be classified subsequently to profit or loss	2 165 620	(1 542 981)	(2 333 289)
Foreign currency translation reserve
Increase (decrease) in foreign currency translation reserve	2 165 620	(1 542 951)	(2 334 345)
Cash flow hedges	–	(30)	1 056
Fair value (loss) gain arising during the period	–	(37)	1 393
Taxation relief for the period	–	7	(337)
Items that will not be reclassified subsequently to profit or loss
Defined benefit obligations	–	–	34 934
Remeasurement of defined benefit obligations	–	–	36 067
Deferred taxation charge	–	–	(1 133)


Total comprehensive income for the period	4 391 151	(60 769)	820 254
Attributable to
Shareholders of the company	4 327 740	(78 588)	827 877
Non-controlling interest	63 411	17 819	(7 623)
	4 391 151	(60 769)	820 254

¹	Refer here for the impact on other comprehensive income due to the restatement of condensed interim consolidated financial statements.

Headline earnings

for the

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	Half year ended December 31			Year ended June 30
R’000	2021 Unaudited	2020 Unaudited Restated¹	% change	2021 Audited
The following adjustments to profit attributable to shareholders were taken into account in the calculation of headline earnings:
Profit attributable to shareholders of the company	2 192 840	1 465 646	49,6	3 088 860
Impairments	49 116	420 518		473 005
Property, plant and equipment	47 634	319 091		360 938
Intangible assets	7 106	210 678		226 592
Taxation relief	(5 624)	(109 251)		(114 525)
Insurance proceeds in relation to an impairment of property, plant and equipment	(1 102)	(27 542)		(26 170)
Insurance proceeds	(1 530)	(34 003)		32 309)
Taxation charge	428	6 461		6 139
Profit on disposal of subsidiary	(3 314)	(187)		–
Profit on disposal of subsidiary	(3 314)	(259)		–
Taxation charge	–	72		–
Capital profit on disposal of property, plant and equipment	(5 523)	(585 350)		(631 681)
Property, plant and equipment	(7 787)	(685 702)		(794 835)
Taxation charge	2 264	100 352		163 154
Gain from bargain purchase	–	–		(3 136)
Headline earnings	2 232 017	1 273 085	75,3	2 900 878

¹	Refer here for the impact on headline earnings due to the restatement of condensed interim consolidated financial statements.

Condensed interim consolidated statement of cash flows

for the

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	Half year ended December 31		Year ended June 30
R’000	2021 Unaudited	2020 Unaudited Restated¹	2021 Audited
Cash flows from operating activities	124 947	2 657 881	5 823 001
Operating profit	3 252 324	2 342 490	4 916 799
Dividends from jointly controlled entity	–	–	40 000
Acquisition costs	8 046	2 033	6 151
Depreciation and amortisation	706 201	771 538	1 422 824
Depreciation on right-of-use lease assets	393 203	420 224	826 954
Nowaco share incentive scheme	(16 622)	–	(16 699)
Non-cash items	139 526	(346 114)	(168 154)
Cash generated by operations before changes in working capital	4 482 678	3 190 171	7 027 875
Changes in working capital	(1 776 281)	551 726	632 312
Cash generated by operations	2 706 397	3 741 897	7 660 187
Finance charges paid	(281 707)	(312 080)	(606 567)
Taxation paid	(958 126)	(771 936)	(1 230 619)
Dividends paid	(1 341 617)	–	–
Cash effects of investment activities	(1 379 561)	417 660	(307 870)
Additions to property, plant and equipment	(1 132 648)	(885 666)	(1 831 140)
Acquisition of subsidiaries	(215 659)	(14 277)	(86 669)
Additions to intangible assets	(69 283)	(67 118)	(138 286)
Proceeds on disposal of property, plant and equipment	103 579	1 507 769	1 895 733
Proceeds on disposal of investments	12 382	16 691	32 986
Proceeds on disposal of interests in subsidiaries	–	259	–
Receipts from (payments to) associates	1 744	(480)	(4 314)
Proceeds on disposal of intangible assets	–	48	819
Payments made to vendors for acquisition	(15 572)	(59 074)	(59 885)
Payments made to puttable non-controlling interests	(1 226)	(69 820)	(82 606)
Investments acquired	(62 878)	(2 644)	(19 540)
Advances to jointly controlled entity	–	(8 028)	(14 968)
Cash effects of financing activities	148 575	(2 786 744)	(3 761 408)
Borrowings raised	2 460 065	2 482 864	4 473 408
Borrowings repaid	(1 856 612)	(4 730 611)	(7 274 843)
Right-of-use liability payments	(447 275)	(414 990)	(820 362)
Payments to non-controlling interests	(7 603)	(19 310)	(25 535)
Treasury shares purchased	–	(104 697)	(114 076)

Net (decrease) increase in cash and cash equivalents	(1 106 039)	288 797	1 753 723
Cash and cash equivalents at beginning of period	8 120 639	7 024 426	7 024 426
Exchange rate adjustment	463 191	(347 152)	(657 510)
Cash and cash equivalents at end of period	7 477 791	6 966 071	8 120 639

¹	Refer here for the impact on the statement of cash flows due to the restatement of condensed interim consolidated financial statements.

Condensed interim consolidated statement of financial position

as at

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	December 31		June 30
R’000	2021 Unaudited	2020 Unaudited Restated¹	2021 Audited
ASSETS
Non-current assets	40 816 340	38 855 903	37 513 404
Property, plant and equipment	17 075 991	16 105 265	15 505 841
Right-of-use lease assets	4 055 061	4 364 427	3 924 117
Intangible assets	723 432	610 801	649 722
Goodwill	16 668 290	15 676 529	15 292 841
Deferred taxation asset	1 440 178	1 292 810	1 381 263
Defined benefit pension surplus	22 029	18 008	22 029
Interest in associates	156 808	172 425	151 652
Investment in jointly controlled entities	531 121	518 549	493 011
Investments and loans	143 430	97 089	92 928
Current assets	34 251 105	27 646 231	31 696 619
Inventories	12 038 317	9 309 088	10 145 738
Trade and other receivables	14 734 997	11 371 072	13 430 242
Cash and cash equivalents	7 477 791	6 966 071	8 120 639

Total assets	75 067 445	66 502 134	69 210 023
EQUITY AND LIABILITIES
Capital and reserves	31 194 085	27 116 027	28 088 174
Attributable to shareholders of the company	30 880 266	26 885 444	27 855 302
Non-controlling interest	313 819	230 583	232 872
Non-current liabilities	12 108 494	14 851 993	11 512 934
Deferred taxation liability	740 537	602 576	751 678
Long-term borrowings	1 566 476	4 243 240	1 479 252
Long-term right-of-use lease liabilities	4 756 489	5 137 103	4 597 519
Post-retirement obligations	28 282	56 642	25 985
Long-term vendors for acquisition	47 803	27 840	23 779
Long-term puttable non-controlling interest liabilities	4 266 826	4 249 892	3 983 808
Long-term provisions	702 081	534 700	650 913
Current liabilities	31 764 866	24 534 114	29 608 915
Trade and other payables	21 889 728	17 564 249	20 729 001
Short-term provisions	297 456	483 872	303 978
Short-term vendors for acquisition	178 125	154 690	175 395
Short-term puttable non-controlling interest liabilities	71 689	26 972	74 753
Taxation	81 583	204 394	286 537
Short-term right-of-use lease liabilities	928 122	807 760	894 376
Short-term borrowings	8 318 163	5 292 177	7 144 875

Total equity and liabilities	75 067 445	66 502 134	69 210 023
Net tangible asset value per share (cents)	4 022	3 160	3 552
Net asset value per share (cents)	9 207	8 016	8 305

¹	Refer here for the impact on the statement of financial position due to the restatement of condensed interim consolidated financial statements.

Condensed interim consolidated statement of changes in equity

for the

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	Half year ended December 31		Year ended June 30
R’000	2021 Unaudited	2020 Unaudited Restated¹	2021 Audited
Equity attributable to shareholders of the company
Stated capital	5 428 016	5 428 016	5 428 016
Treasury shares	(203 871)	(299 392)	(272 679)
Balance at beginning of period	(272 679)	(247 824)	(247 824)
Shares disposed of in terms of share schemes	68 808	53 129	89 221
Shares purchased for share schemes	–	(104 697)	(114 076)
Foreign currency translation reserve	9 341 788	7 975 726	7 206 888
Previously reported balance at beginning of period		9 609 715	9 609 715
Prior period restatements		(123 741)	(123 741)
Balance at beginning of period	7 206 888	9 485 974	9 485 974
Realisation of reserve on foreign subsidiaries	–	–	17 887
Arising during the period (December 31 2020: restated)	2 134 900	(1 510 248)	(2 296 973)
Hedging reserve	–	(1 086)	–
Balance at beginning of period	–	(1 056)	(1 056)
Fair value loss	–	(37)	1 393
Deferred taxation recognised directly in reserve	–	7	(337)
Equity-settled share-based payment reserve	336 513	311 195	346 364
Balance at beginning of period	346 364	290 007	290 007
Arising during the period	69 146	50 132	124 139
Deferred tax recognised directly in reserve	–	–	29 188
Utilisation during the period	(85 430)	(53 129)	(89 221)
Transfer from (to) retained earnings	6 433	24 185	(7 749)
Retained earnings	15 977 820	13 470 985	15 146 713
Previously reported balance at beginning of period		12 593 698	12 593 698
Prior period restatements		(573 078)	(573 078)
Balance at beginning of period	15 146 713	12 020 620	12 020 620
Attributable profit (December 31 2020: restated)	2 192 840	1 465 646	3 088 860
Dividends paid	(1 341 617)	–	–
Remeasurement of puttable non-controlling interest	(3 678)	8 904	12 082
Remeasurement of defined benefit obligations	–	–	34 934
(Deficit) surplus as a result of an exchange with non-controlling interest	(10 005)	–	355
Transfer from foreign currency translation reserve	–	–	(17 887)
Transfer (to) from equity-settled share-based payment reserve	(6 433)	(24 185)	7 749


	30 880 266	26 885 444	27 855 302
Equity attributable to non-controlling interests of the company
Balance at beginning of period	232 872	266 030	266 030
Total comprehensive income	63 411	(16 137)	(7 623)
Attributable profit	32 691	16 566	29 749
Movement in foreign currency translation reserve	30 720	(32 703)	(37 372)
Dividends paid	(8 169)	(22 560)	(29 673)
Share of movement on reserves	609	174	–
Changes in shareholding	25 096	3 076	4 138

	313 819	230 583	232 872
Total equity	31 194 085	27 116 027	28 088 174

¹	Refer here for the impact on the statement of changes in equity due to the restatement of condensed interim consolidated financial statements.

Condensed interim segmental analysis

for the

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	Half year ended December 31			Year ended June 30
R’000	2021 Unaudited	2020 Unaudited Restated¹	% change	2021 Audited
Revenue
Bidfood
Australasia	16 002 910	16 659 829	(3,9)	33 010 216
United Kingdom	18 699 205	13 614 818	37,3	24 955 373
Europe	24 115 197	19 539 464	23,4	35 706 221
Emerging Markets	12 810 288	10 824 005¹	18,4	21 131 632
	71 627 600	60 638 116	18,1	114 803 442
Trading profit
Bidfood	3 421 109	2 259 490	51,4	4 893 592
Australasia	981 495	1 119 914	(12,4)	2 489 692
United Kingdom	583 146	295 684	97,2	394 303
Europe	1 113 886	429 643	159,3	1 086 046
Emerging Markets	742 582	414 249¹	79,3	923 551
Corporate	(49 484)	(55 030)		(105 940)
	3 371 625	2 204 460	52,9	4 787 652

¹	Refer here for the restatement impact on the condensed interim segmental analysis.

Financials

Condensed interim consolidated statement of profit or loss

Condensed interim consolidated statement of other comprehensive income

Headline earnings

Condensed interim consolidated statement of cash flows

Condensed interim consolidated statement of financial position

Condensed interim consolidated statement of changes in equity

Condensed interim segmental analysis