Appendix 1

1
Appendix 1

• Geographic and Segmental Revenue and Trading
  Profit

2
Geographic Revenue and Trading Profit splits
Appendix 1
H1 2009
H1 2008
SA
Revenue
Asia Pacific
UK Europe
Trading Profit
Africa
Contribution Foreign operations SA
operations
Revenue Revenue Trading Profit Trading Profit
H1 2009 H1 2008 H1 2009 H1 2008
47 43 30 27
53 57 70 73
3
Segmental contributions to results
Appendix 1
Contribution to Revenue
17.5
5.9
45.8
4.3
8.1
1.9
14.4
2.1
Contribution to Trading Profit
14.0
18.7
26.1
8.3
12.4
5.0
8.2
7.3
Segment
4
Appendix 2

• Divisional Results

5
Bidfreight Abating activity
Appendix 2
6
Bidfreight Abating activity
Appendix 2

• Results
• IVS returned a particularly strong result
  together with a good contribution from Marine,
  Bulk, and Manica
• Debtors being carefully monitored
• Mixed progress with NPA lease negotiations
• Safcor Panalpina profits up 7 Airfreight
  volumes fall 15, Seafreight flat customer base
  under pressure
• Marine profits up 12 driven by higher vehicle
  export and improved port volumes
• RDS profits reduced by 12, volumes weak across
  all categories
• SACD profits up 3, export volumes weaken
• IVS profits up 7 increased capacity
  utilisation replacement tanks coming on stream
• Bulk Connections profits up 15 satisfactory
  trading but manganese exports reduced in Q2.
  Durban lease being negotiated

Revenue 1.4
Trading Profit 10.5
Rm Trading Profit
Trading Margin
3.4
3.1
7
Bidfreight Abating activity
Appendix 2

• SABT profits up 2 maize and wheat exports down
  in Q2 wheat imports delayed as purchasers delay
  to take advantage of significantly lower freight
  rates a positive H2 expected
• BPO profits down 27 as exports of steel, forest
  products, and ferrochrome and imports of cement
  and rice decline.
• Naval profits down 36 as key business areas
  come under pressure
• Manica four fold rise in profits new business
  obtained regionally mineral volumes out of DRC
  and Zambia fall trade in the region remains
  variable and unpredictable
• Strategic imperatives prospects
• Trade volume reductions likely to get worse
  before getting better
• Break bulk cargos have slumped, but recent
  improvement
• Sharply reduced freight rates are positive for
  customers
• Container vessels reducing size and frequency of
  calls
• Ongoing selective capex on the back of major
  contracts
• There is tentative evidence of protectionism in
  certain countries this is negative for trade
  flows and accentuates downturn
• Competitive position is without parallel

8
Bidserv Cleaning up
Appendix 2
9
Bidserv Cleaning up
Appendix 2

• Results
• Profitability at an all time high
• Bank and Industrial achieve exceptional results
• Prestige profits up 7 despite double digit wage
  increases across the industry
• TMS profits up 17 but petroleum industry under
  pressure. Saudi business, which opened for
  business in December, audited and accredited as a
  preferred supplier
• Laundries profits up 4 hospitality industry
  experiencing major declines in occupancy motor
  industry redundancies will affect garment rental
  results in future competitor stress
• Steiner result flat management restructuring
  undertaken
• Security Provicom made a loss, significant
  projects put on hold by customers both Magnum
  and Vericon did very well
• Global Payment Technologies profits more than
  doubled and the outlook is promising
  international distribution agreement with Talaris
  (previously known as De la Rue) provides
  diversification
• Top Turf profits down 15 but within budget as
  business consolidated and stabilised at a time
  when project activity is declining

Revenue 23.3
Trading Profit 27.2
Rm Trading Profit
Trading Margin
13.4
13
10
Bidserv Cleaning up
Appendix 2

• Industrial profits up 49 facilities underpin
  competitive strengths G Fox roll-out successful
  consideration being given to expanding national
  footprint
• Office Konica Minolta Oce underlying profits
  flat unit sales slow weak rand vs. yen a
  challenge price increases on government
  contracts implemented office automation offering
  highly competitive
• BidAir profits 74 new management team in
  place
• BidTravel Solutions (including BidTravel,
  MyMarket, Procurement) profits down 18 due to
  a decision to smooth overrides through the year
  however, economic slowdown impacting travel and
  override income under threat new automated
  travel engine well received and this, together
  with right-sizing measures underway, will cushion
  blow of severe economic pressures procurement
  savings for the group
• Bidvest Bank profits double, assisted by new
  forex products, new branches, and a volatile
  exchange rate an exceptional result expected in
  F2009
• Hotel Amenities profits down as SA hotel
  occupancies decline but export sales into Africa
  via the SAA strategic amenities alliance will
  offset this in H2
• Strategic Imperatives and Prospects
• Flexible to take corrective action if trading
  turns for the worse
• Number of contracts secured for 2010 World Cup
• Travel overrides under threat cost
  rationalisation underway
• Relative stability in a number of areas with good
  divisional competitive advantages in a tough
  economy
• BidAir continues to offer good upside
• Bidvest Bank expected to be exceptional
• Profits will be well up on 2009 hard times
  notwithstanding

11
Bidvest Europe Gruelling
Appendix 2
12
Bidvest Europe Gruelling
Appendix 2

• Results
• Total profits down 3 to R396,3m. Sterling
  average exchange rate 1.23 (1.45). Deli XL
  combined is 40 of total profits
• Food prices high in all markets but inflation
  rate now falling and there is a risk of price
  declines
• Deli XL Netherlands 16 (9.3m profit vs.
  8,1m) revenue 383.5m (8) ROS 2.4 (2.3)
  cash generated by operations 17.9m volumes
  diminished in Q2 but margin improvement is
  foreseen focus on receivables Dutch smoking ban
  in public places a negative
• Deli XL Belgium 79 profit (1.95m) on 125.3m
  revenue (8) ROS 1.6 (0.9) Increased
  business with Sodexo sales focus on Flanders for
  Kruibeke site

Revenue 20.8
Trading Profit - 3.4
Rm Trading Profit
Trading Margin
2.6
2.0
12
13
Bidvest Europe Gruelling
Appendix 2

• Horeca 0.2m profit ROS 3.2 vs. 0.5. Sales in
  local currency rise 52 due to mix, pricing
  strategy and currency effect strict credit
  policy improves collections depressed Middle
  Eastern economy presents challenges for future
  growth
• 3663 sales 8 up at 863.7m profits down 25 to
  16,9m ROS 1.9 vs. 2.9, cost control very good
  working capital moves out due to pre-emptive
  buying and inflation but receivables are a
  problem and bad debts are rising total cases
  sold down 5 with wholesale down 9 suddenness
  and magnitude of the severe slump far greater
  than could be predicted
• Wholesale sales flat, profits down 30 focus on
  cash margin, passing through prices and growing
  new business
• Logistics infrastructure being optimised and
  costs cut
• Barton Meat closed and costs expensed
• Strategic imperatives prospects
• Deli XL conditions remain unpredictable
  efficiencies remain under the spotlight
• 3663 will benefit from industry consolidation
  debtors under focus further depot optimisation
  underway profits will be well down on 2008
  business model is robust and we have no intention
  of changing it

13
14
Bidvest Asia Pacific All shoulders at the wheel
Appendix 2
15
Bidvest Asia Pacific All shoulders at the wheel
Appendix 2

• Results
• Highly motivated staff, joined-up team effort as
  conditions deteriorate in all markets
• Australia sales up 16 to A819.8m (real growth
  6), profits up 16 to A31.1m ROS 3.8 vs.
  3.8 expenses maintained on prior and inventory
  well controlled market share gains in a flat
  market debtor provisions increased
• Foodservice sales up 12, profits up 10 some
  customers transferred into QSR cost pressures
  easing branch results vary but overall
  excellent growth opportunities will be tackled
  responsibly
• Hospitality remains in development but although
  small in profits adds to offering market share
  gained in an increasingly bleak trading
  environment
• QSR profits up 5 in line with budget service
  levels high

Revenue 33.7
Trading Profit 13.7
Rm Trading Profit
Trading Margin
3.8
3.3
16
Bidvest Asia Pacific All shoulders at the wheel
Appendix 2

• New Zealand sales up 15 to NZ215.5m (real
  growth 7), profits up 12 to NZ9.9m ROS 4.6
  vs. 4.7 growth from new products and market
  share gains four consecutive quarters of GDP
  decline adequately provisioned against defaults
  
• Fresh sales grow 12, profits up 42 cross
  selling with Foodservice working well
• Foodservice sales up 15, profits up 10 new
  branch planned
• Logistics profits double new Christchurch DC
  underway capacity for growth
• Angliss Asia markets in sharp downturn
• Singapore Sales of S166.46m (up 11) but a
  small loss returned as trading in Q2 worsened
  volumes static high inventory coupled with
  falling meat and poultry prices
• Hong Kong China Sales up 27 to HK866m,
  profits down 13 to HK21.3m, ROS of 2.5 vs.
  3.6 dumping of stock widespread in a tight
  credit market Chinese demand for Western
  products slumps medium term outlook still
  positive
• Strategic imperatives prospects
• Asian economies in decline but trading expected
  to stabilise at lower levels in second half
  pricing to be keener longer term objectives
  unaffected
• Australia Maintaining staff morale key ample
  scope to grow our market position and profits
  will be higher in F2009
• New Zealand team motivated to pressurise the
  opposition, profits will be up in F2009

16
17
Bidfood growing the basket in hard times
Appendix 2
18
Bidfood growing the basket in hard times
Appendix 2

• Results
• Strategy to grow market share though expanded
  variety, higher average spend per customer and
  higher average value per drop is paying off as
  trading environment tightens
• Caterplus profits up 17 expense control and
  cash flow pleasing capacity constraints hindered
  growth but new facilities are being rolled out
  strict credit policy paying off asset management
  tight
• Speciality spending in the higher income
  category is under pressure customers are price
  resistant and selective own-brand Goldcrest grew
  sales 28 and now accounts for a quarter of
  sales the range continues to be expanded and
  product promotion is vigorous stock availability
  and visibility is key

Revenue 20.7
Trading Profit 16.9
Rm Trading Profit
Trading Margin
8.5
8.2
19
Bidfood growing the basket in hard times
Appendix 2

• Ingredients all business traded well, with the
  exception of NCP Yeast which was hampered by an
  inability to pass through high input prices
  quickly enough stock position under scrutiny due
  to deflation risk customers increasingly under
  liquidity pressure technical base continues to
  strengthen - alliances with suppliers
• Strategic imperatives prospects
• As mentioned at the full year an outright
  reduction in prices is likely
• Quality custom is being emphasised at the expense
  of volume as bad debt risks rise
• Stock theft remains an issue and is being closely
  monitored as times get worse
• Bidfood will take advantage of harder times to
  improve market position and protect profitability
  and liquidity

20
Bid Industrial and Commercial Products Cooling
Appendix 2
21
Bid Industrial and Commercial Products Cooling
Appendix 2

• Results
• Profits remain relatively good in prevailing
  economic conditions but there was a cooling off
  in the electrical businesses Waltons and Kolok
  performed very well
• Electrical Wholesaling Voltex profits declined
  5 the copper price fell by over 40,
  precipitating a fall in inventory levels
  customers experience shrinking orders
  infrastructure and energy markets prioritised
  cost-cutting continues
• Stationery Furniture stationery put in a
  strong performance but furniture was weak and
  management actions are in place to ensure
  rectification
• Waltons profits up 16 store openings and
  refurbishment continued retail sector weak
  back-to-school yielded positive results
• Kolok profits more than doubled, assisted by a
  weaker currency focus on eliminating low-margin
  business
• Internal challenges and a few own goals hindered
  Furniture however, product offering is
  competitive

Revenue 8.2
Trading Profit -1.4
Rm Trading Profit
Trading Margin
7.2
6.5
22
Bid Industrial and Commercial Products Cooling
Appendix 2

• Packaging
• Afcom GE Hudson profits up 15. Optimal balance
  between local and imported product assisted
• Buffalo Executape profits up 29, benefiting from
  tight expense control
• Vulcan profits up 18 in a competitive market as
  new products reinforce market position
• Strategic imperatives prospects
• Electrical Wholesaling
• Declining building market but infrastructure
  investment buoyant
• Escalating electricity price to assist energy
  saving solutions
• Copper prices bottoming out
• Stationery relative resilience but not
  impervious to weak consumer spend
• Furniture improvement expected following a weak
  first half
• Kolok new business at higher margin aggressively
  pursued
• Vulcan good first half, building on competitive
  strengths in a tough market
• Packaging closures well positioned after a very
  good first half

23
Bidpaper Plus Silveray provides the light
Appendix 2
24
Bidpaper Plus Silveray provides the light
Appendix 2

• Results
• Improved results from stationery distribution,
  labels and packaging (now including Rotolabel),
  and the consolidated label factories in Gauteng
• Traditional print was weaker and the laser and
  mail business grew profits marginally
• Stationery grew market share, with Croxley
  regaining prominence
• Business linked to retail market suffered
• Labeling Packaging affected by downturn,
  particularly in luxury items, but other sectors
  are being pursued successfully
• Laser and mail on track to deliver on growth
• Strategic imperatives prospects
• Innovation a focal point as are export
  opportunities
• Diversity and mix of traditional and new
  technologies should support results

Revenue 14.4
Trading Profit 2.9
Rm Trading Profit
Trading Margin
12.4
11.2
25
BidAuto Hard driving
Appendix 2
26
BidAuto Hard driving
Appendix 2

• Results
• Slump in vehicle sales was substantially worse
  than forecast, resulting in the division being
  unable to hold to an objective of maintained
  profits
• Timely diversification into fleet management
  paying off
• Motor Retail profits down 90 after R30m closure
  costs - down 70 excluding the charge
• Used vehicle sales up 11.7 to 23 523 units and
  new unit sales down 24.2 to 17 730 units
• Burchmores produced pleasing results due to an
  increase in bank repossessions and the success of
  its wholesale to the public marketing programme
• Parts and service remained firm
• ICU committee formed to monitor loss-making
  dealers Meiya discontinued
• Many customers unable to procure financing due to
  stricter credit granting criteria and NCA impact

Revenue -11.7
Trading Profit -39.4
Rm Trading Profit
Trading Margin
3.5
2.4
27
BidAuto Hard driving
Appendix 2

• Disconnect between OEM aspirations and sales
  reality has exacerbated dealer situation
• Heavy equipment exceeded budget
• Car and van rental grew profits 43 but below
  budget in what is a cut-throat market
• Import Distribution incurred a loss due to
  demand well below expectation and currency
  effects
• Yamaha profits declined as customers cut-back on
  discretionary spend
• Increased impairments for doubtful-debts impacted
  McCarthy Finance but McCarthy Fleet Solutions
  produced impressive profit growth
• Working capital improved markedly and stock
  levels reduced satisfactorily
• Strategic imperatives prospects
• Motor retail market likely to decline further
  given the extent of global economic problems
  McCarthy results are in sympathy with worldwide
  collapse in car industry
• Further corrective actions will be made to right
  size for current market
• Used car market and aftermarket service hold
  promise
• Import and distribution to remain challenging
• Working capital to be aligned with activity
• BidAuto will show substantially reduced
  profitability in F2009

28
Corporate Bricks Fish
Appendix 2
29
Corporate Bricks Fish
Appendix 2

• Results
• Bidvest Namibia profits up more than four fold
• Namsov benefited from better catches, firmer
  prices and a weakening currency. All other
  businesses performed as expected. The listing of
  Bidvest Namibia is now anticipated to take place
  in the fourth quarter of 2009.
• Bidvests strategic property holdings, worth
  significantly more than book value, continue to
  be well managed and grow
• Volume transport business in UK-based Ontime
  Automotive exited, depots rationalised within
  Rescue and Recovery and a major Parking Solutions
  contract wound down. A slowdown in the prestige
  vehicle market adversely affected Specialist
  Transport
• Enviroserv investment sold for a profit of R391.8m

Revenue 24.0
Trading Profit 124.6
Rm Trading Profit
30
Appendix 3

• Historic Performance

31
Historic Performance - Year to June
Appendix 3
5.1
5.1
5.1
5.1
5.2
5.2
5.2
5.2
4.4
4.6
4.6
4.9
4.9
4.3
4.4
4.3
4.5
4.4
4.5
4.7
4.7
18 CAGR over 5 years
18 CAGR over 5 years