THE BIDVEST GROUP LIMITED – Unaudited monetary outcomes and declaration of money dividend for the six-month interval ended December 31, 2020 – SENS

                            

Unaudited Monetary Outcomes and Money Dividend Declaration for the six months ended 31 December 2020

The Bidvest Group Restricted
(Included within the Republic of South Africa)
(Registration quantity 1946/021180/06)
Share code: BVT
ISIN ZAE000117321
(‘Bidvest’ or ‘the Firm’)

UNAUDITED FINANCIAL RESULTS AND CASH DIVIDEND DECLARATION FOR THE SIX MONTHS ENDED 31 DECEMBER 2020

SALIENT FEATURES

– R4.1bn buying and selling revenue from persevering with operations, +3.5%
– Normalised HEPS(1) from persevering with operations 651.6 cents, +6.1%
– HEPS from persevering with operations 601.7 cents, +6.3%
– Fundamental EPS from persevering with operations 562.3 cents, +17.2%
– R6.2bn money generated from operations, +86.2%
– ROFE as much as 31.3%
– Internet debt / EBITDA improved to 1.7x from 2.1x as at June 2020
– Interim dividend 290 cents, +2.8%
– Commissioned R1 billion LPG terminal in Richards Bay
– Government management staff 45% girls and 45% black

Introduction

Throughout the six months to December 2020, Bidvest pulled collectively like by no means earlier than, strengthening
our resolve to emerge stronger. Our entrepreneurial philosophy, agility, self-discipline, buyer
centricity enabled us to ship set of outcomes. Stable revenue and HEPS development transformed into
distinctive money circulation which enhanced our stability sheet.

Our individuals, lots of whom are frontline employees, have been key enablers in delivering this final result. We
are notably happy that in the present day 95% of our staff have been capable of return to work, a
huge shift from the roughly 75% of staff that have been unable to work throughout the peak
of the lockdown in 2020.

We sadly misplaced an extra 44 staff to COVID-19 throughout the interval as infections peaked over the
previous few months. We prolong our honest condolences to their households, associates and colleagues. The
Bidvest COVID-19 Fund continued to help South African staff throughout the previous six months.
Within the UK and Eire, staff continued to obtain help from their respective authorities
worker aid schemes. Governments of South Africa, Eire and the UK are counseled for the
help offered to livelihoods by means of TERS and furlough schemes.

With a view to shield the well being, security and wellbeing of the Bidvest household, we'll cowl the price of
vaccinations of our staff not on medical assist within the coming months.

Highlights

Buying and selling revenue development of three.5%, off a pre-pandemic base, was enhanced by the consolidation of PHS,
the main hygiene service supplier within the UK. Throughout the six months to December 2020, demand
was disparate throughout industries. There was good demand for hygiene and facility providers, DIY
merchandise and bulk commodity dealing with providers. Journey and associated, in addition to hospitality, sectors
have been onerous hit and stay, largely, closed.

Bidvest’s focus was on expense and stability sheet administration whereas delivering effectively into
market demand. Distinctive value and margin administration throughout the Group restricted the detrimental
revenue influence of decrease demand. This, along with wonderful working capital administration, resulted
in money generated by operations nearly doubling to R6.2 billion (H1 2020: R3.3 billion). Free money
circulation totalled R3.1 billion (H1 2020: R306.9 million). Group money conversion was 124.3%.

Normalised HEPS(1), a measurement utilized by administration to evaluate the underlying enterprise
efficiency, grew by 6.1% to 651.6 cents from persevering with operations.

The stability sheet strengthened over the interval. Return on Funds Employed (ROFE) improved
considerably from 17.8% at yr finish to 31.3%. ROIC of 12.9%, unchanged from 30 June 2020, is
above the Group’s weighted value of capital.

The Group declared an interim dividend of 290 cents per share, up 2.8%.

(1) Normalised HEPS, which excludes acquisition prices, amortisation of acquired buyer contracts
and COVID-19 prices, is a measurement administration makes use of to evaluate the underlying enterprise efficiency

Prospects

Trying forward, it's seemingly that the financial downturn will stick with the tempo of restoration
remaining largely unsure. Cognisant of the constrained working surroundings, we now have
optimised our value base and improved efficiencies. Our companies are future-fit and their working
fashions scalable, effectively positioned for development.

As well as, we now have higher aligned our product and repair combine with evolving market calls for and
we expanded our geographic footprint.

Bidvest’s complete basic-need providers and on a regular basis important merchandise place us favourably
to resist the present headwinds in addition to capitalise on the resumption of commerce. Our companies
will proceed to hunt new income and benefit from the alternatives which might be evident in some
sectors.

While we proceed to pursue our technique of increasing into area of interest areas, we'll preserve our sound
capital allocation disciplines. In so doing, we stay assured in our means to ship sustainable
development and create long-term worth for all stakeholders.

Bidvest is actively collaborating in nationwide workstreams to allow a return to financial exercise as
quickly as doable. This contains working alongside trade friends to make sure the efficient distribution
of COVID-19 vaccines throughout the nation.

Dividend declaration

According to the Group dividend coverage, the administrators have declared a ultimate gross money
dividend of 290 cents (232.0000 cents internet of dividend withholding tax, the place relevant)
per strange share for the six months ended 31 December 2020 to these members
registered on the report date, being Friday, 26 March 2021. The dividend has been
declared from earnings reserves. A dividend withholding tax of 20% might be relevant to all
shareholders who are usually not exempt.

Share code: BVT
ISIN: ZAE000117321
Firm registration quantity: 1946/021180/06
Firm tax reference quantity: 9550162714
Gross money dividend quantity per share: 290.0
Internet dividend quantity per share: 232.0000
Issued shares at declaration date: 340 274 346
Declaration date: Monday, 1 March 2021
Final day to commerce cum dividend: Tuesday, 23 March 2021
First day to commerce ex-dividend: Wednesday, 24 March 2021
File date: Friday, 26 March 2021
Cost date: Monday, 29 March 2021

Share certificates might not be dematerialised or rematerialised between
Wednesday, 24 March 2021, and Friday, 26 March 2021, each days inclusive.

Regulatory necessities

The contents of this short-form announcement are the accountability of the board of
administrators of the Group. These are the summarised outcomes of the total announcement for the
interim interval and don't include full or full particulars of the monetary outcomes. Any
funding choices made by buyers and/or shareholders must be based mostly on
consideration of the total announcement as an entire and shareholders are inspired to
learn the total announcement which is obtainable for viewing on the Firm’s web site
(www.bidvest.co.za) and https://senspdf.jse.co.za/paperwork/2021/jse/isse/BVT/1HFY2021.pdf

The complete announcement is obtainable for inspection on the registered workplace of
Bidvest, Bidvest Home, 18 Crescent Drive, Melrose Arch, Melrose, Johannesburg,
2196, South Africa and on the places of work of Bidvest’s sponsors, Investec Restricted,
100 Grayston Drive, Sandown, Sandton, 2196, South Africa. Inspection of the total
announcement is obtainable to buyers at no cost, throughout regular enterprise hours
from 1 March 2021.

The data on this announcement has been extracted from the Unaudited
Condensed Consolidated Monetary Statements. The Unaudited Condensed
Consolidated Monetary Statements have been ready beneath the supervision of
the Chief Monetary Officer, MJ Steyn, BCom CA(SA).

Date: 1 March 2021
Johannesburg

Sponsor: Investec Financial institution Restricted

Date: 01-03-2021 07:15:00
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