• Unaudited results for the half year ended December 31  2022


  Half year ended
December 31		       Year ended
June 30
R'000 2022
Unaudited		     2021
Unaudited		   %
change		   2022
Audited
Revenue 91 748 567     71 627 600   28,1   147 138 311
Cost of revenue (70 095 821)     (54 499 729)   (28,6)   (111 495 826)
Gross profit 21 652 746     17 127 871   26,4   35 642 485
Operating expenses (16 800 139)     (13 756 246)   (22,1)   (28 051 710)
Trading profit 4 852 607     3 371 625   43,9   7 590 775
   Share-based payment expense (98 575)     (69 146)       (161 258)
   Acquisition costs (17 899)     (8 046)       (16 320)
   Capital items 3 136     (42 109)       (333 150)
Operating profit 4 739 269     3 252 324   45,7   7 080 047
Net finance charges (421 250)     (324 606)   (29,8)   (689 754)
   Finance income 61 347     24 805       58 244
   Finance charges (482 597)     (349 411)       (747 998)
Share of profit of associates and jointly controlled entities 47 953     31 230   53,5   39 718
Monetary (loss) gain arising from hyperinflation in Türkiye (9 991)     –       69 215
Profit before taxation 4 355 981     2 958 948   47,2   6 499 226
Taxation (1 064 701)     (733 417)   (45,2)   (1 584 987)
Profit for the period 3 291 280     2 225 531   47,9   4 914 239
Attributable to:                
   Shareholders of the company 3 246 776     2 192 840       4 824 720
   Non-controlling interest 44 504     32 691       89 519
  3 291 280     2 225 531       4 914 239
Shares in issue (’000)                
   Total 335 404     335 404       335 404
   Weighted 333 909     334 113       334 062
   Diluted weighted 334 608     334 552       334 970
Total operations (cents)                
   Basic earnings per share 972,4     656,3   48,2   1 444,3
   Diluted basic earnings per share 970,3     655,5   48,0   1 440,3
   Headline earnings per share 971,7     668,0   45,5   1 538,3
   Diluted headline earnings per share 969,7     667,2   45,3   1 534,1
Distributions per share (cents) 440,0     300,0   46,7   700,0
    Half year ended
December 31		         Year ended
June 30		    
R'000   2022
Unaudited		           2021
Unaudited		         2022
Audited		    
Profit for the period   3 291 280           2 225 531         4 914 239    
Other comprehensive income   1 292 835           2 165 620         903 551    
   Items that may be classified subsequently to profit or loss   1 292 835           2 165 620         910 468    
   Foreign currency translation reserve                              
      Increase in foreign currency translation reserve   1 292 835           2 165 620         909 270    
   Cash flow hedges   –           –         1 198    
      Fair value gain   –           –         1 577    
      Taxation relief   –           –         (379)    
   Items that will not be reclassified subsequentlyto profit or loss                              
   Defined benefit obligations   –           –         (6 917)    
      Remeasurement of defined benefit obligations   –           –         (6 555)    
      Deferred taxation relief   –           –         (362)    
Total comprehensive income for the period   4 584 115           4 391 151         5 817 790    
Attributable to:                              
Shareholders of the company   4 524 863           4 327 740         5 782 651    
Non-controlling interest   59 252           63 411         35 139    
    4 584 115           4 391 151         5 817 790    
  Half year ended
December 31		       Year ended
June 30		  
R'000 2022
Unaudited		     2021
Unaudited		   %
change		   2022
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 3 246 776     2 192 840       4 824 720  
Impairments 324     49 116       141 475  
   Property, plant and equipment 400     47 634       99 094  
   Intangible assets –     7 106       37 448  
   Goodwill –     –       25 601  
   Taxation relief (76)     (5 624)       (20 668)  
Associates (1 848)     –       –  
   Share of associate capital items (2 651)     –       –  
   Taxation charge 803     –       –  
Capital profit on disposal of property, plant and equipment (618)     (5 523)       (56 218)  
   Property, plant and equipment (884)     (7 787)       (56 513)  
   Taxation charge 266     2 264       295  
Insurance proceeds in relation to an impairment of property, plant and equipment –     (1 102)       (3 378)  
   Insurance proceeds –     (1 530)       (4 692)  
   Taxation charge –     428       1 314  
(Profit) loss on disposal of interests in subsidiaries –     (3 314)       232 212  
Headline earnings 3 244 634     2 232 017   45,4   5 138 811  
  Half year ended
December 31		     Year ended
June 30		  
R'000 2022
Unaudited		     2021 
Unaudited 
Re-presented1		     2022 
Audited 
Re-presented1		  
Cash flows from operating activities 460 022   124 947 3 483 490  
   Operating profit 4 739 269     3 252 324   7 080 047  
   Dividends from jointly controlled entity –     –   20 051  
   Acquisition costs 17 899     8 046   16 320  
   Depreciation and amortisation 770 944     706 201   1 460 901  
   Depreciation on right-of-use lease assets 477 112     393 203   844 545  
   Nowaco share incentive scheme –     (16 622)   (16 430)  
   Non-cash items 119 569     139 526   534 777  
   Cash generated by operations before changes in working capital  6 124 793      4 482 678    9 940 211  
     Changes in working capital (3 066 117)     (1 776 281)   (1 983 500)  
   Cash generated by operations 3 058 676     2 706 397   7 956 711  
   Finance charges paid (352 796)     (281 707)   (599 620)  
   Taxation paid (904 241)     (958 126)   (1 525 772)  
   Dividends paid (1 341 617)     (1 341 617)   (2 347 829)  
Cash effects of investment activities (2 419 969)   (1 378 335)1 (3 379 734)1  
   Additions to property, plant and equipment (2 011 370)     (1 132 648)   (2 930 155)  
   Acquisition of subsidiaries (375 791)     (215 659)   (818 114)  
   Additions to intangible assets (66 967)     (69 283)   (152 597)  
   Proceeds on disposal of property, plant and equipment 38 513     103 579   593 842  
   Proceeds on disposal of investments 22 928     12 382   30 835  
   Proceeds on disposal of interests in subsidiaries –     –   3 440  
   Receipts (payments to) from associates 13 836     1 744   (17 670)  
   Proceeds on disposal of intangible assets 6 186     –   –  
   Payments made to vendors for acquisition (33 529)     (15 572)   (23 173)  
   Investments acquired (13 775)     (62 878)   (66 142)  
Cash effects of financing activities 1 690 633   147 3491 (869 350)1  
   Borrowings raised 5 276 389     2 460 065   7 943 760  
   Borrowings repaid (2 953 938)     (1 856 612)   (7 736 449)  
   Right-of-use liability payments (535 010)     (447 275)   (862 451)  
   Payments made to puttable non-controlling interests (43 605)     (1 226)1   (49 476)1  
   Receipts from (payments to) non-controlling interests 9 807     (7 603)   (26 559)  
   Treasury shares purchased (63 010)     –   (138 175)  
Net decrease in cash and cash equivalents (269 314)   (1 106 039) (765 594)  
Cash and cash equivalents at beginning of period 7 398 250   8 120 639 8 120 639
Exchange rate adjustment 286 974   463 191 255 095  
Hyperinflation effect on cash and cash equivalents (10 676)     –     (211 890)  
Cash and cash equivalents at end of period 7 405 234     7 477 791     7 398 250  

1 Refer to statement of cash flow re-presentation note.

  December 31   June 30  
R'000 2022
Unaudited		     2021
Unaudited		     2022
Audited		  
ASSETS                
Non-current assets 44 210 030     40 816 340     40 493 131  
   Property, plant and equipment 19 396 176     17 075 991     17 298 876  
   Right-of-use lease assets 4 692 266     4 055 061     4 501 704  
   Intangible assets 729 927     723 432     694 435  
   Goodwill 17 044 945     16 668 290     15 755 681  
   Deferred taxation asset 1 452 850     1 440 178     1 394 294  
   Defined benefit pension surplus 22 169     22 029     22 169  
   Interest in associates 197 194     156 808     178 703  
   Investment in jointly controlled entities 546 916     531 121     516 916  
   Investments and loans 127 587     143 430     130 353  
Current assets 42 175 302     34 251 105     39 074 357  
   Inventories 15 865 182     12 038 317     13 757 645  
   Trade and other receivables 18 904 886     14 734 997     17 918 462  
   Cash and cash equivalents 7 405 234     7 477 791     7 398 250  
Total assets 86 385 332     75 067 445     79 567 488  
EQUITY AND LIABILITIES          
Capital and reserves  34 362 434     31 194 085     31 103 472  
   Attributable to shareholders of the company 34 006 288     30 880 266     30 843 156  
   Non-controlling interest 356 146     313 819     260 316  
Non-current liabilities 18 071 314     12 108 494     16 726 268  
   Deferred taxation liability 777 908     740 537     758 336  
   Long-term borrowings 6 824 005     1 566 476     5 978 502  
   Long-term right-of-use lease liabilities 5 213 340     4 756 489     5 129 946  
   Post-retirement obligations 34 293     28 282     32 543  
   Long-term vendors for acquisition 110 378     47 803     115 477  
   Long-term puttable non-controlling interest liabilities 4 389 211     4 266 826     4 006 503  
   Long-term provisions 722 179     702 081     704 961  
Current liabilities 33 951 584     31 764 866     31 737 748  
   Trade and other payables 26 499 243     21 889 728     26 653 020  
   Short-term provisions 303 894     297 456     287 719  
   Short-term vendors for acquisition 117 106     178 125     49 128  
   Short-term puttable non-controlling interest liabilities 212 694     71 689     266 658  
   Taxation 587 397     81 583     396 843  
   Short-term right-of-use lease liabilities 1 033 349     928 122     947 331  
   Short-term borrowings 5 197 901     8 318 163     3 137 049  
Total equity and liabilities 86 385 332     75 067 445     79 567 488  
Net tangible asset value per share (cents) 4 839     4 022     4 291  
Net asset value per share (cents) 10 139     9 207     9 196  
    Half year ended
December 31		         Year ended
June 30		    
R'000   2022
Unaudited		         2021
Unaudited		         2022
Audited		    
EQUITY ATTRIBUTABLE TO SHAREHOLDERS OF THE COMPANY                            
Stated capital   5 428 016         5 428 016         5 428 016    
Treasury shares   (273 920)         (203 871)         (284 653)    
   Balance at beginning of period   (284 653)         (272 679)         (272 679)    
   Shares disposed of in terms of share incentive plans   73 743         68 808         126 201    
   Shares purchased during the period   (63 010)         –         (138 175)    
Foreign currency translation reserve   9 071 423         9 341 788         7 793 336    
   Balance at beginning of period   7 793 336         7 206 888         7 206 888    
   Opening reserve adjustment for hyperinflation effects   –         –         (320 329)    
   Realisation of reserve on foreign subsidiaries   –         –         15    
   Arising during the period including hyperinflation effects   1 278 087         2 134 900         906 762    
Hedging reserve   1 198         –         1 198    
   Balance at beginning of period   1 198         –         –    
   Fair value gain arising during the period   –         –         1 577    
   Deferred taxation recognised directly in reserve   –         –         (379)    
Equity-settled share-based payment reserve   848 863         336 513         615 554    
   Balance at beginning of year   615 554         346 364         346 364    
   Arising during the period from operations   98 575         69 146         165 560    
   Deferred tax recognised directly in reserve   –         –         3 697    
   Utilisation during the period from operations   (73 743)         (85 430)         (126 201)    
   Transfer from retained earnings   208 477         6 433         226 134    
Retained earnings   18 930 708         15 977 820         17 289 705    
   Balance at beginning of period   17 289 705         15 146 713         15 146 713    
   Attributable profit   3 246 776         2 192 840         4 824 720    
   Dividends paid   (1 341 617)         (1 341 617)         (2 347 829)    
   Remeasurement of puttable non-controlling interest   13 359         (3 678)         (2 038)    
   Recognition of puttable non-controlling interest liabilities   (42 266)         –         (86 138)    
   Remeasurement of defined benefit obligations   –         –         (6 917)    
   Deficit as a result of an exchange with non-controlling interest    (26 772)          (10 005)          (12 657)    
   Transfer from foreign currency translation reserve   –         –         (15)    
   Transfer to equity-settled share-based payment reserve   (208 477)         (6 433)         (226 134)    
    34 006 288         30 880 266         30 843 156    
 Equity attributable to non-controlling interests of the company                            
   Balance at beginning of period   260 316         232 872         232 872    
   Total comprehensive income   59 252         63 411         35 139    
      Attributable profit   44 504         32 691         89 519     
      Opening reserve adjustment for hyperinflation effects   –         –          (56 888)    
      Movement in foreign currency translation reserve   14 748         30 720          2 508     
   Dividends paid   –         (8 169)         (28 239)    
   Share of movement on reserves   487         609         –    
   Transfer to puttable non-controlling interest liabilities   (42 266)         –         (194 110)    
   Changes in shareholding   78 357         25 096         214 654    
  356 146         313 819         260 316    
Total equity   34 362 434         31 194 085         31 103 472    
  Half year ended
December 31		         Year ended
June 30
R'000 2022
Unaudited		     2021
Unaudited		   %
change		     2022
Audited
REVENUE                  
Bidfood                  
   Australasia 21 752 049     16 002 910   35,9     33 343 369
   United Kingdom 23 120 860     18 699 205   23,6     37 818 927
   Europe 31 580 690     24 115 197   31,0     50 077 127
   Emerging Markets 15 294 968     12 810 288   19,4     25 898 888
  91 748 567     71 627 600   28,1     147 138 311
TRADING PROFIT                  
Bidfood 4 925 845     3 421 109   44,0     7 687 487
   Australasia 1 543 380     981 495   57,2     2 330 923
   United Kingdom 908 828     583 146   55,8     1 533 213
   Europe 1 579 358     1 113 886   41,8     2 382 215
   Emerging Markets 894 279     742 582   20,4     1 441 136
Corporate (73 238)     (49 484)         (96 712)
  4 852 607     3 371 625   43,9     7 590 775