Half year ended
December 31		           Year ended
June 30		  
R'000   2023
Unaudited		     2022
Unaudited		     %
change		     2023
Audited		  
Revenue   113 802 770     91 748 567     24,0     196 341 239  
Cost of revenue   (86 878 786)     (70 095 821)     (23,9)     (149 537 909)  
Gross profit   26 923 984     21 652 746     24,3     46 803 330  
Operating expenses   (21 061 257)     (16 800 139)     (25,4)     (36 294 726)  
Trading profit   5 862 727     4 852 607     20,8     10 508 604  
Share-based payment expense   (114 208)     (98 575)           (226 717)  
Acquisition costs   (13 745)     (17 899)           (45 806)  
Capital items   (28 438)     3 136           (77 724)  
Operating profit   5 706 336     4 739 269     20,4     10 158 357  
Net finance charges   (536 408)     (421 250)     (27,3)     (909 802)  
Finance income   150 783     61 347           162 974  
Finance charges   (687 191)     (482 597)           (1 072 776)  
Share of profit of associates and jointly controlled entities   64 172     47 953     33,8     89 242  
Monetary (loss) gain arising from hyperinflation in Türkiye   (2 222)     (9 991)           7 426  
Profit before taxation   5 231 878     4 355 981     20,1     9 345 223  
Taxation   (1 381 141)     (1 064 701)     (29,7)     (2 393 482)  
Profit for the period   3 850 737     3 291 280     17,0     6 951 741  
Attributable to:                        
Shareholders of the company   3 826 308     3 246 776           6 886 260  
Non-controlling interest   24 429     44 504           65 481  
    3 850 737     3 291 280           6 951 741  
Shares in issue (’000)                        
Total   335 404     335 404           335 404  
Weighted   334 521     333 909           333 999  
Diluted weighted   335 576     334 608           334 969  
Total operations (cents)                        
Basic earnings per share   1 143,8     972,4     17,6     2 061,8  
Diluted basic earnings per share   1 140,2     970,3     17,5     2 055,8  
Headline earnings per share   1 152,4     971,7     18,6     2 082,9  
Diluted headline earnings per share   1 148,7     969,7     18,5     2 076,9  
Distributions per share (cents)   525,0     440,0     19,3     940,0  
      Half year ended
December 31		         Year ended
June 30		    
R'000     2023
Unaudited		         2022
Unaudited		         2023
Audited		    
Profit for the period     3 850 737         3 291 280         6 951 741    
Other comprehensive income     (794 556)         1 292 835         5 160 686    
Items that may be classified subsequently to profit or loss     (794 556)         1 292 835         5 161 178    
Foreign currency translation reserve                              
(Decrease) increase in foreign currency translation reserve     (794 556)         1 292 835         5 162 376    
Cash flow hedges     –         –         (1 198)    
Fair value loss     –         –         (1 577)    
Taxation relief     –         –         379    
Items that will not be reclassified subsequently to profit or loss                              
Defined benefit obligations     –         –         (492)    
Remeasurement of defined benefit obligations     –         –         1 349    
Deferred taxation charge     –         –         (1 841)    
Total comprehensive income for the period     3 056 181         4 584 115         12 112 427    
Attributable to:                              
Shareholders of the company     3 044 132         4 524 863         11 991 358    
Non-controlling interest     12 049         59 252         121 069    
      3 056 181         4 584 115         12 112 427    

    Half year ended
December 31		           Year ended
June 30		  
R'000   2023
Unaudited		     2022
Unaudited		     %
change		     2023
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   3 826 308     3 246 776           6 886 260  
Impairments   28 679     324           78 814  
Property, plant and equipment   28 679     400           21 892  
Intangible assets   –     –           8 258  
Goodwill   –     –           56 023  
Taxation relief   –     (76)           (7 359)  
Associates   371     (1 848)           1 010  
Share of associate capital items   371     (2 651)           1 010  
Taxation charge   –     803           –  
Capital profit on disposal of property, plant and equipment   (447)     (618)           (5 770)  
Property, plant and equipment   (612)     (884)           (6 057)  
Taxation charge   165     266           287  
Profit on disposal of interests in associates   –     –           (3 402)  
Headline earnings   3 854 911     3 244 634     18,8     6 956 912  
    Half year ended
December 31		     Year ended
June 30		  
R'000   2023
Unaudited		     2022
Unaudited		     2023
Audited		  
Cash flows from operating activities   (161 638)     460 022     7 665 873  
Operating profit   5 706 336     4 739 269     10 158 357  
Dividends from jointly controlled entity   14 408     –     27 786  
Acquisition costs   13 745     17 899     45 806  
Depreciation and amortisation   995 051     770 944     1 713 907  
Depreciation on right-of-use lease assets   594 741     477 112     1 025 470  
Share incentive schemes   (669 684)     –     –  
Non-cash items   160 701     119 569     694 400  
Cash generated by operations before changes in working capital   6 815 298     6 124 793     13 665 726  
Changes in working capital   (3 473 715)     (3 066 117)     (453 756)  
Cash generated by operations   3 341 583     3 058 676     13 211 970  
Finance charges paid   (403 177)     (352 796)     (716 105)  
Taxation paid   (1 423 023)     (904 241)     (2 012 597)  
Dividends paid   (1 677 021)     (1 341 617)     (2 817 395)  
Cash effects of investment activities   (3 225 871)     (2 419 969)     (5 774 795)  
Additions to property, plant and equipment   (2 916 535)     (2 011 370)     (4 284 573)  
Acquisition of subsidiaries   (206 929)     (375 791)     (1 340 143)  
Additions to intangible assets   (109 202)     (66 967)     (154 786)  
Proceeds on disposal of property, plant and equipment   102 748     38 513     128 319  
Proceeds on disposal of investments   14 555     22 928     37 771  
Receipts from associates   8 517     13 836     6 160  
Proceeds on disposal of intangible assets   2 104     6 186     1 218  
Payments made to vendors for acquisition   (113 234)     (33 529)     (129 376)  
Investments acquired   (7 895)     (13 775)     (39 385)  
Cash effects of financing activities   (513 572)     1 690 633     1 735 055  
Borrowings raised   3 461 034     5 276 389     10 722 066  
Borrowings repaid   (3 303 174)     (2 953 938)     (7 627 594)  
Right-of-use liability payments   (615 645)     (535 010)     (1 126 037)  
Payments made to puttable non-controlling interests   (52 717)     (43 605)     (143 783)  
(Payments to) receipts from non-controlling interests   (3 070)     9 807     (26 587)  
Treasury shares purchased   –     (63 010)     (63 010)  
Movement in cash and cash equivalents   (3 901 081)     (269 314)     3 626 133  
Cash and cash equivalents at beginning of period   12 224 633     7 398 250     7 398 250  
Exchange rate adjustment   (257 652)     286 974     1 187 723  
Hyperinflation effect on cash and cash equivalents   146     (10 676)     12 527  
Cash and cash equivalents at end of period   8 066 046     7 405 234     12 224 633  
                   
Cash and cash equivalents comprise:                  
Cash and cash equivalents   8 089 862     7 405 234     12 397 292  
Bank overdrafts included in short-term borrowings   (23 816)     –     (172 659)  
    8 066 046     7 405 234     12 224 633  
    Half year ended
December 31		     Year ended
June 30		  
R'000   2023
Unaudited		     2022
Unaudited		     2023
Audited		  
ASSETS                  
Non-current assets   54 271 879     44 210 030     52 857 592  
    Property, plant and equipment   24 932 016     19 396 176     23 347 364  
    Right-of-use lease assets   5 696 424     4 692 266     5 797 500  
    Intangible assets   959 874     729 927     948 194  
    Goodwill   19 961 532     17 044 945     20 234 696  
    Deferred taxation asset   1 516 380     1 452 850     1 551 652  
    Defined benefit pension surplus   30 653     22 169     30 653  
    Interest in associates   240 056     197 194     254 799  
    Investment in jointly controlled entities   577 950     546 916     542 049  
    Investments and loans   356 994     127 587     150 685  
Current assets   48 681 931     42 175 302     53 782 660  
    Inventories   17 427 517     15 865 182     17 866 396  
    Trade and other receivables   23 164 552     18 904 886     23 518 972  
    Cash and cash equivalents   8 089 862     7 405 234     12 397 292  
Total assets   102 953 810     86 385 332     106 640 252  
EQUITY AND LIABILITIES                  
Capital and reserves   41 198 055     34 362 434     40 194 621  
    Attributable to shareholders of the company   40 805 033     34 006 288     39 810 578  
    Non-controlling interest   393 022     356 146     384 043  
Non-current liabilities   24 070 229     18 071 314     24 773 239  
    Deferred taxation liability   1 126 879     777 908     1 150 000  
    Long-term borrowings   10 640 851     6 824 005     10 974 753  
    Long-term right-of-use lease liabilities   6 125 724     5 213 340     6 316 001  
    Post-retirement obligations   49 306     34 293     50 624  
    Long-term vendors for acquisition   34 749     110 378     88 994  
    Long-term puttable non-controlling interest liabilities   5 320 284     4 389 211     5 408 028  
    Long-term provisions   772 436     722 179     784 839  
Current liabilities   37 685 526     33 951 584     41 672 392  
    Trade and other payables   31 480 668     26 499 243     35 496 521  
    Short-term provisions   349 247     303 894     376 265  
    Short-term vendors for acquisition   304 154     117 106     337 112  
    Short-term puttable non-controlling interest liabilities   210 786     212 694     217 899  
    Taxation   498 520     587 397     548 319  
    Short-term right-of-use lease liabilities   1 216 296     1 033 349     1 194 672  
    Short-term borrowings   3 625 855     5 197 901     3 501 604  
Total equity and liabilities   102 953 810     86 385 332     106 640 252  
Net tangible asset value per share (cents)   5 928     4 839     5 554  
Net asset value per share (cents)   12 166     10 139     11 869  
      Half year ended
December 31		         Year ended
June 30		    
R'000     2023
Unaudited		         2022
Unaudited		         2023
Audited		    
EQUITY ATTRIBUTABLE TO SHAREHOLDERS OF THE COMPANY                              
    Stated capital     5 428 016         5 428 016         5 428 016    
    Treasury shares     130 819         (273 920)         (134 001)    
        Balance at beginning of period     (134 001)         (284 653)         (284 653)    
        Shares disposed of in terms of share incentive plans     264 820         73 743         213 662    
        Shares purchased during the period     –         (63 010)         (63 010)    
    Foreign currency translation reserve     12 117 948         9 071 423         12 900 124    
        Balance at beginning of period     12 900 124         7 793 336         7 793 336    
        Arising during the period including hyperinflation effects     (782 176)         1 278 087         5 106 788    
    Hedging reserve     –         1 198         –    
        Balance at beginning of period     –         1 198         1 198    
        Fair value gain arising during the period     –         –         (1 577)    
        Deferred taxation recognised directly in reserve     –         –         379    
    Equity-settled share-based payment reserve     389 921         848 863         971 889    
        Balance at beginning of period     971 889         615 554         615 554    
        Arising during the period from operations     109 522         98 575         208 157    
        Deferred tax recognised directly in reserve     –         –         56 337    
        Utilisation during the period from operations     (746 998)         (73 743)         (213 662)    
        Transfer from retained earnings     55 508         208 477         305 503    
    Retained earnings     22 738 329         18 930 708         20 644 550    
        Balance at beginning of period     20 644 550         17 289 705         17 289 705    
        Attributable profit     3 826 308         3 246 776         6 886 260    
        Dividends paid     (1 677 021)         (1 341 617)         (2 817 395)    
        Remeasurement of puttable non-controlling interest     –         13 359         (304 244)    
        Recognition of puttable non-controlling interest liabilities     –         (42 266)         (74 082)    
        Remeasurement of defined benefit obligations     –         –         (492)    
        Deficit as a result of an exchange with non-controlling interest     –         (26 772)         (29 699)    
        Transfer to equity-settled share-based payment reserve     (55 508)         (208 477)         (305 503)    
      40 805 033         34 006 288         39 810 578    
Equity attributable to non-controlling interests of the company                              
      Balance at beginning of period     384 043         260 316         260 316    
      Total comprehensive income     12 049         59 252         121 069    
        Attributable profit     24 429         44 504         65 481    
        Movement in foreign currency translation reserve     (12 380)         14 748         55 588    
     Dividends paid     (2 650)         –         (23 721)    
     Share of movement on reserves     (420)         487         –    
     Transfer to puttable non-controlling interest liabilities     –         (42 266)         (224 981)    
     Changes in shareholding     –         78 357         251 360    
      393 022         356 146         384 043    
Total equity     41 198 055         34 362 434         40 194 621    
    Half year ended
December 31		         Year ended
June 30
R'000   2023
Unaudited		     2022
Unaudited		     %
change		     2023
Audited
REVENUE                      
Bidfood                      
    Australasia   23 704 674     21 752 049     9,0     44 336 732
    United Kingdom   32 253 579     23 120 860     39,5     51 378 872
    Europe   40 748 181     31 580 690     29,0     69 548 732
    Emerging Markets   17 096 336     15 294 968     11,8     31 076 903
    113 802 770     91 748 567     24,0     196 341 239
TRADING PROFIT                      
Bidfood   5 935 878     4 925 845     20,5     10 689 990
    Australasia   1 809 129     1 543 380     17,2     3 541 197
    United Kingdom   888 938     908 828     (2,2)     1 918 805
    Europe   2 308 022     1 579 358     46,1     3 659 132
    Emerging Markets   929 789     894 279     4,0     1 570 856
Corporate   (73 151)     (73 238)           (181 386)
    5 862 727     4 852 607     20,8     10 508 604