| For the half year ended December 31 |
For the year ended June 30 Audited |
|||||||
| R’000 | 2024 Unaudited |
2023 Unaudited |
% change |
2024 Audited |
||||
| Revenue | 117 947 889 | 113 802 770 | 3,6 | 225 905 337 | ||||
|---|---|---|---|---|---|---|---|---|
| Cost of revenue | (89 528 703) | (86 878 786) | (3,1) | (171 444 523) | ||||
| Gross profit | 28 419 186 | 26 923 984 | 5,6 | 54 460 814 | ||||
| Operating expenses | (22 155 576) | (21 061 257) | (5,2) | (42 284 017) | ||||
| Trading profit | 6 263 610 | 5 862 727 | 6,8 | 12 176 797 | ||||
| Share-based payment expense | (134 164) | (114 208) | (304 294) | |||||
| Acquisition costs | (20 075) | (13 745) | (24 577) | |||||
| Capital items | (339 241) | (28 438) | (43 710) | |||||
| Operating profit | 5 770 130 | 5 706 336 | 1,1 | 11 804 216 | ||||
| Net finance charges | (550 688) | (536 408) | (2,7) | (1 037 597) | ||||
| Finance income | 159 807 | 150 783 | 324 310 | |||||
| Finance charges | (710 495) | (687 191) | (1 361 907) | |||||
| Share of profit of associates and jointly controlled entities | 59 845 | 64 172 | (6,7) | 128 443 | ||||
| Monetary gain (loss) arising from hyperinflation | 2 942 | (2 222) | 14 622 | |||||
| Profit before taxation | 5 282 229 | 5 231 878 | 1,0 | 10 909 684 | ||||
| Taxation | (1 498 865) | (1 381 141) | (8,5) | (2 850 584) | ||||
| Profit for the period | 3 783 364 | 3 850 737 | (1,7) | 8 059 100 | ||||
| Attributable to: | ||||||||
| Shareholders of the company | 3 759 036 | 3 826 308 | 8 010 072 | |||||
| Non-controlling interest | 24 328 | 24 429 | 49 028 | |||||
| 3 783 364 | 3 850 737 | 8 059 100 | ||||||
| Shares in issue (’000) | ||||||||
| Total | 336 904 | 335 404 | 335 404 | |||||
| Weighted | 335 410 | 334 521 | 334 786 | |||||
| Diluted weighted | 336 464 | 335 576 | 336 078 | |||||
| Total operations (cents) | ||||||||
| Basic earnings per share | 1 120,7 | 1 143,8 | (2,0) | 2 392,6 | ||||
| Diluted basic earnings per share | 1 117,2 | 1 140,2 | (2,0) | 2 383,4 | ||||
| Headline earnings per share | 1 221,6 | 1 152,4 | 6,0 | 2 405,5 | ||||
| Diluted headline earnings per share | 1 217,7 | 1 148,7 | 6,0 | 2 396,3 | ||||
| Distributions per share (cents) | | 525,0 | | 1 090,0 | ||||
| For the half year ended December 31 |
For the year ended June 30 |
|||||||||||
| R’000 | 2024 Unaudited |
2023 Unaudited |
2024 Audited |
|||||||||
| Profit for the period | 3 783 364 | 3 850 737 | 8 059 100 | |||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Other comprehensive income |
(771 901) | (794 556) | (1 879 308) | |||||||||
| Items that may be classified subsequently to profit or loss |
(771 901) | (794 556) | (1 880 006) | |||||||||
| Foreign currency translation reserve |
||||||||||||
| Decrease in foreign currency translation reserve |
(771 901) | (794 556) | (1 880 006) | |||||||||
| Items that will not be reclassified subsequently to profit or loss | ||||||||||||
| Defined benefit obligations | – | – | 698 | |||||||||
| Remeasurement of defined benefit obligations | – | – | 1 593 | |||||||||
| Deferred taxation charge | – | – | (895) | |||||||||
| Total comprehensive income for the period | 3 011 463 | 3 056 181 | 6 179 792 | |||||||||
| Attributable to: | ||||||||||||
| Shareholders of the company | 2 981 573 | 3 044 132 | 6 192 617 | |||||||||
| Non-controlling interest | 29 890 | 12 049 | (12 825) | |||||||||
| 3 011 463 | 3 056 181 | 6 179 792 | ||||||||||
| For the half year ended December 31 |
For the year ended June 30 Audited |
|||||||
| R’000 | 2024 Unaudited |
2023 Unaudited |
% change |
2024 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 | 3 759 036 | 3 826 308 | 8 010 072 | |||||
| Impairments | 5 678 | 29 050 | 42 723 | |||||
| Property, plant and equipment | 4 916 | 28 679 | 46 569 | |||||
| Intangible assets | 1 033 | – | 1 112 | |||||
| Share of associate capital items | 405 | 371 | 835 | |||||
| Taxation relief | (676) | – | (5 793) | |||||
| Capital loss (profit) on disposal of property, plant and equipment | 418 | (447) | 157 | |||||
| Property, plant and equipment | 502 | (612) | 1 893 | |||||
| Taxation relief | (84) | 165 | (1 736) | |||||
| Capital profit on disposal of intangibles | – | – | (3 236) | |||||
| Intangibles | – | – | (4 314) | |||||
| Taxation charge | – | – | 1 078 | |||||
| Loss on disposal of business | 450 530 | – | 3 700 | |||||
| Loss (profit) on disposal of business | 450 810 | – | (2 385) | |||||
| Taxation (relief) charge | (280) | – | 6 085 | |||||
| Profit on deemed disposal of interests in jointly controlled entity | (118 425) | – | – | |||||
| Headline earnings | 4 097 237 | 3 854 911 | 6,3 | 8 053 416 | ||||
| For the half year ended December 31 |
For the year ended June 30 |
|||||||
| R’000 | 2024 Unaudited |
2023 Unaudited |
2024 Audited |
|||||
| Cash flows from operating activities | 1 435 089 | (161 638) | 6 941 221 | |||||
|---|---|---|---|---|---|---|---|---|
| Operating profit | 5 770 130 | 5 706 336 | 11 804 216 | |||||
| Dividends from jointly controlled entity | 3 867 | 14 408 | 64 411 | |||||
| Acquisition costs | 20 075 | 13 745 | 24 577 | |||||
| Depreciation and amortisation | 1 135 334 | 995 051 | 2 042 899 | |||||
| Depreciation on right-of-use lease assets | 647 727 | 594 741 | 1 269 111 | |||||
| Share incentive schemes | (29 211) | (669 684) | (313 637) | |||||
| Loss (profit) on disposal of business and jointly controlled entity | 332 385 | – | (2 384) | |||||
| Non-cash items | 140 790 | 160 701 | 527 942 | |||||
| Cash generated by operations before changes in working capital | 8 021 097 | 6 815 298 | 15 417 135 | |||||
| Changes in working capital | (2 717 067) | (3 473 715) | (1 637 147) | |||||
| Cash generated by operations | 5 304 030 | 3 341 583 | 13 779 988 | |||||
| Finance charges paid | (437 986) | (403 177) | (798 766) | |||||
| Taxation paid | (1 535 921) | (1 423 023) | (2 602 108) | |||||
| Dividends paid | (1 895 034) | (1 677 021) | (3 437 893) | |||||
| Cash effects of investment activities | (5 458 011) | (3 225 871) | (6 457 038) | |||||
| Additions to property, plant and equipment | (3 311 213) | (2 916 535) | (5 752 011) | |||||
| Acquisition of subsidiaries | (2 150 113) | (206 929) | (384 084) | |||||
| Additions to intangible assets | (119 926) | (109 202) | (199 176) | |||||
| Proceeds on disposal of property, plant and equipment | 117 531 | 102 748 | 185 941 | |||||
| Proceeds on disposal of investments | 7 754 | 14 555 | 32 567 | |||||
| Proceeds on disposal of business | – | – | 29 980 | |||||
| Receipts from associates | 10 633 | 8 517 | 9 121 | |||||
| Receipts from (payments to) jointly controlled entities | 11 931 | – | (7 165) | |||||
| Proceeds on disposal of intangible assets | 909 | 2 104 | 7 085 | |||||
| Payments made to vendors for acquisition | (20 600) | (113 234) | (168 961) | |||||
| Investments acquired | (4 917) | (7 895) | (210 335) | |||||
| Cash effects of financing activities | (15 102) | (513 572) | (720 697) | |||||
| Borrowings raised | 5 804 620 | 3 461 034 | 6 818 110 | |||||
| Borrowings repaid | (4 953 107) | (3 303 174) | (5 897 487) | |||||
| Right-of-use liability payments | (756 860) | (615 645) | (1 540 376) | |||||
| Payments made to puttable non-controlling interests | (55 385) | (52 717) | (71 904) | |||||
| Payments to non-controlling interests | (54 370) | (3 070) | (29 040) | |||||
| Movement in cash and cash equivalents | (4 038 024) | (3 901 081) | (236 514) | |||||
| Cash and cash equivalents at beginning of period | 11 559 188 | 12 224 633 | 12 224 633 | |||||
| Exchange rate adjustment | (37 360) | (257 652) | (443 538) | |||||
| Hyperinflation effect on cash and cash equivalents | (4 815) | 146 | 14 607 | |||||
| Cash and cash equivalents at end of period | 7 478 989 | 8 066 046 | 11 559 188 | |||||
| Cash and cash equivalents comprise: | ||||||||
| Cash and cash equivalents | 7 552 564 | 8 089 862 | 11 722 482 | |||||
| Bank overdrafts included in short-term borrowings | (73 575) | (23 816) | (163 294) | |||||
| 7 478 989 | 8 066 046 | 11 559 188 | ||||||
| As at December 31 |
As at June 30 |
|||||||
| R’000 | 2024 Unaudited |
2023 Unaudited |
2024 Audited |
|||||
| ASSETS | ||||||||
| Non-current assets | 59 274 972 | 54 271 879 | 55 412 934 | |||||
| Property, plant and equipment | 28 290 660 | 24 932 016 | 25 968 336 | |||||
| Right-of-use lease assets | 5 982 087 | 5 696 424 | 6 232 942 | |||||
| Intangible assets | 1 084 778 | 959 874 | 956 226 | |||||
| Goodwill | 21 351 280 | 19 961 532 | 19 473 908 | |||||
| Deferred taxation asset | 1 513 465 | 1 516 380 | 1 619 173 | |||||
| Defined benefit pension surplus | 23 918 | 30 653 | 23 918 | |||||
| Interest in associates | 278 372 | 240 056 | 260 959 | |||||
| Investment in jointly controlled entities | 499 091 | 577 950 | 575 314 | |||||
| Investments and loans | 251 321 | 356 994 | 302 158 | |||||
| Current assets | 49 549 912 | 48 681 931 | 52 254 775 | |||||
| Inventories | 18 406 490 | 17 427 517 | 17 007 694 | |||||
| Trade and other receivables | 23 590 858 | 23 164 552 | 23 524 599 | |||||
| Cash and cash equivalents | 7 552 564 | 8 089 862 | 11 722 482 | |||||
| Total assets | 108 824 884 | 102 953 810 | 107 667 709 | |||||
| EQUITY AND LIABILITIES | ||||||||
| Capital and reserves | 44 409 723 | 41 198 055 | 42 524 366 | |||||
| Attributable to shareholders of the company | 44 009 963 | 40 805 033 | 42 190 148 | |||||
| Non-controlling interest | 399 760 | 393 022 | 334 218 | |||||
| Non-current liabilities | 24 778 302 | 24 070 229 | 22 855 346 | |||||
| Deferred taxation liability | 1 507 342 | 1 126 879 | 1 434 666 | |||||
| Long-term borrowings | 10 737 591 | 10 640 851 | 8 731 219 | |||||
| Long-term right-of-use lease liabilities | 5 974 210 | 6 125 724 | 6 224 757 | |||||
| Post-retirement obligations | 44 072 | 49 306 | 42 272 | |||||
| Long-term vendors for acquisition | 456 637 | 34 749 | 439 386 | |||||
| Long-term puttable non-controlling interest liabilities | 5 237 933 | 5 320 284 | 5 221 784 | |||||
| Long-term provisions | 820 517 | 772 436 | 761 262 | |||||
| Current liabilities | 39 636 859 | 37 685 526 | 42 287 997 | |||||
| Trade and other payables | 31 637 769 | 31 480 668 | 33 261 750 | |||||
| Short-term provisions | 508 838 | 349 247 | 505 607 | |||||
| Short-term vendors for acquisition | 319 316 | 304 154 | 96 529 | |||||
| Short-term puttable non-controlling interest liabilities | 332 128 | 210 786 | 271 718 | |||||
| Taxation | 537 390 | 498 520 | 753 930 | |||||
| Short-term right-of-use lease liabilities | 1 287 353 | 1 216 296 | 1 356 803 | |||||
| Short-term borrowings | 5 014 065 | 3 625 855 | 6 041 660 | |||||
| Total equity and liabilities | 108 824 884 | 102 953 810 | 107 667 709 | |||||
| Net tangible asset value per share (cents) | 6 404 | 5 928 | 6 488 | |||||
| Net asset value per share (cents) | 13 063 | 12 166 | 12 579 | |||||
| For the half year ended December 31 |
For the year ended June 30 |
|||||||||||||
| R’000 | 2024 Unaudited |
2023 Unaudited |
2024 Audited |
|||||||||||
| EQUITY ATTRIBUTABLE TO SHAREHOLDERS OF THE COMPANY | ||||||||||||||
| Stated capital | 6 107 666 | 5 428 016 | 5 428 016 | |||||||||||
| Treasury shares | 535 165 | 130 819 | 226 899 | |||||||||||
| Balance at beginning of period | 226 899 | (134 001) | (134 001) | |||||||||||
| Shares disposed of in terms of share incentive plans | 308 266 | 264 820 | 360 900 | |||||||||||
| Foreign currency translation reserve | 10 305 636 | 12 117 948 | 11 083 099 | |||||||||||
| Balance at beginning of period | 11 083 099 | 12 900 124 | 12 900 124 | |||||||||||
| Arising during the period including hyperinflation effects | (777 463) | (782 176) | (1 818 153) | |||||||||||
| Realisation of reserve of foreign subsidiaries | – | – | 1 128 | |||||||||||
| Equity-settled share-based payment reserve | 469 178 | 389 921 | 624 265 | |||||||||||
| Balance at beginning of period | 624 265 | 971 889 | 971 889 | |||||||||||
| Arising during the period from operations | 125 319 | 109 522 | 266 557 | |||||||||||
| Deferred tax recognised directly in reserve | – | – | 12 034 | |||||||||||
| Utilisation during the period from operations | (308 266) | (746 998) | (845 714) | |||||||||||
| Transfer from retained earnings | 27 860 | 55 508 | 219 499 | |||||||||||
| Retained earnings | 26 592 318 | 22 738 329 | 24 827 869 | |||||||||||
| Balance at beginning of period | 24 827 869 | 20 644 550 | 20 644 550 | |||||||||||
| Attributable profit | 3 759 036 | 3 826 308 | 8 010 072 | |||||||||||
| Dividends paid | (1 895 034) | (1 677 021) | (3 437 893) | |||||||||||
| Remeasurement of puttable non-controlling interest | (17 504) | – | (158 921) | |||||||||||
| Remeasurement of defined benefit obligations | – | – | 698 | |||||||||||
| Deficit as a result of an exchange with non-controlling interest | (54 189) | – | (10 010) | |||||||||||
| Transfer from foreign currency translation reserve | – | – | (1 128) | |||||||||||
| Transfer to equity-settled share-based payment reserve | (27 860) | (55 508) | (219 499) | |||||||||||
| 44 009 963 | 40 805 033 | 42 190 148 | ||||||||||||
| Equity attributable to non-controlling interests of the company | ||||||||||||||
| Balance at beginning of period | 334 218 | 384 043 | 384 043 | |||||||||||
| Total comprehensive income | 29 890 | 12 049 | (12 825) | |||||||||||
| Attributable profit | 24 328 | 24 429 | 49 028 | |||||||||||
| Movement in foreign currency translation reserve | 5 562 | (12 380) | (61 853) | |||||||||||
| Dividends paid | – | (2 650) | (25 697) | |||||||||||
| Share of movement on reserves | (180) | (420) | – | |||||||||||
| Transfer to puttable non-controlling interest liabilities | (57 373) | – | – | |||||||||||
| Changes in shareholding | 93 205 | – | (11 303) | |||||||||||
| 399 760 | 393 022 | 334 218 | ||||||||||||
| Total equity | 44 409 723 | 41 198 055 | 42 524 366 | |||||||||||
| For the half year ended December 31 |
For the year ended June 30 |
||||||||||
| R’000 | 2024 Unaudited |
2023 Unaudited |
% change |
2024 Audited |
|||||||
| REVENUE | |||||||||||
| Bidfood | |||||||||||
| Australasia | 23 356 710 | 23 704 674 | (1,5) | 46 755 247 | |||||||
| United Kingdom | 34 173 415 | 32 253 579 | 6,0 | 63 895 204 | |||||||
| Europe | 42 855 366 | 40 748 181 | 5,2 | 82 013 393 | |||||||
| Emerging Markets | 17 562 398 | 17 096 336 | 2,7 | 33 241 493 | |||||||
| 117 947 889 | 113 802 770 | 3,6 | 225 905 337 | ||||||||
| TRADING PROFIT | |||||||||||
| Bidfood | 6 373 394 | 5 935 878 | 7,4 | 12 377 942 | |||||||
| Australasia | 1 809 872 | 1 809 129 | 0,0 | 3 998 629 | |||||||
| United Kingdom | 1 145 452 | 888 938 | 28,9 | 2 102 464 | |||||||
| Europe | 2 412 514 | 2 308 022 | 4,5 | 4 448 371 | |||||||
| Emerging Markets | 1 005 556 | 929 789 | 8,1 | 1 828 478 | |||||||
| Corporate | (109 784) | (73 151) | (201 145) | ||||||||
| 6 263 610 | 5 862 727 | 6,8 | 12 176 797 | ||||||||