Bidvest 2012

Annual Integrated Report 2012

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SCOPE AND BOUNDARIES The Bidvest Group Limited annual integrated report for the year ended June 30 2012 covers information from all the Group's divisions and where additional information is available this is clearly indicated. The suggestion is that this review is read together with the information available on the Bidvest website for a comprehensive overview of the Group. Operating in five geographies, the Bidvest world is a dynamic and ever-evolving one. The powerful platform created by over 105 000 employees defining the Bidvest entrepreneurial DNA, while operating within a variety of industries continues, to create exciting opportunities. Bidvest continues to progress on the journey outlined by King III while ensuring increased integration of reported financial, social, governance and environmental information. The annual financial statements are prepared in accordance with International Financial Reporting Standards (IFRS), the Companies Act of South Africa and the JSE listing requirements. Bidvest uses the Global Reporting Initiative (GRI) framework together with the discussion paper drafted by the Integrated Reporting Committee of South Africa as a platform for this integrated report. The GRI (G3) indicator index can be found on our website, As appropriate, stakeholder engagement has shaped the information contained in the integrated report; please refer to the stakeholder matrix on page 65. A sustainable business Sustainability information is maintained, collated and captured by the individual businesses using an online data collation tool. This information is used to identify possible areas of focus for the businesses based on their data collated as well as assisting in target setting and industry benchmarking. Our approach to sustainability is based on underpinning the specific business strategies while looking for new possibilities which will create opportunities for our people, communities and countries, while ensuring that non-renewable resources are not compromised. Although Bidvest is a relatively low carbon emitter, those businesses which have a greater carbon footprint are constantly assessing ways in which they can mitigate their emissions and offset emissions as appropriate. Businesses in our services division intend working closely with their respective client bases to seek low carbon solutions. Although carbon emissions have increased year on year, this is largely due to acquisitions and increased business activities. We are pleased to confirm that carbon emissions per R1 million of revenue are steadily decreasing. Corporate governance As the custodians of corporate governance, the Bidvest board of directors ensures that the Group adheres to high standards of accountability and ethical conduct and operates according to legislative requirements as well as adhering to the codes and standards of good corporate governance. Assurance The financial statements have been audited by Deloitte who also do a limited assurance review on certain sustainability indicators. A slightly different approach was taken during the 2012 reporting period to ensure that the limited assurance received on the sustainability information has moved from an approximately 11% assurance to an almost 50% assurance on the information as reported. QUICK LINK: Independent assurance report We believe that this approach has greatly assisted the businesses themselves in terms of their target setting for the 2013 reporting period. By identifying the top contributors in certain key sustainability indicators – training spend, CSI spend, water, electricity, petrol and diesel usage – has heightened awareness across the broad spectrum of our businesses while increasing innovative thinking regarding new potential business opportunities. Board responsibility It is the Board's responsibility to ensure the integrity of the integrated report. The Board has accordingly applied its mind to the integrated report and in the opinion of the Board, the integrated report addresses all material issues, and presents fairly the integrated performance of the organisation and its impacts. The integrated report has been prepared in line with best practice pursuant to the recommendations of the King III Code (principle 9.1). The Board authorised the integrated report for release on October 25 2012. Disclosure The annual integrated report is an overview for anyone interested in Bidvest – either as a current or potential investor, or any one of our stakeholders – to obtain a high-level picture of the Group, how it is structured, how it is managed and its value proposition. If you feel that there is important information that you would like to see included in future reviews, please contact us on as we value your comments and suggestions. Cyril Ramaphosa Non-executive chairman Brian Joffe Chief executive David Cleasby Group financial director Forward looking statement Certain statements in this document may constitute 'forward looking statements'. Such forward looking statements involve known and unknown risks, uncertainties and other important factors that could cause the actual results, performance or achievements of the Company to be materially different from the future results, performance or achievements expressed or implied by such forward looking statements. These forward looking statements speak only as of the date of this document. The Company undertakes no obligation to update publicly or release any revisions to these forward looking statements to reflect events or circumstances after the date of this document, or to reflect the occurrence of anticipated events. These have not been reviewed or reported on by the Group's auditors.

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