Bidvest 2012

Annual Integrated Report 2012

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24 THE BIDVEST GROUP LIMITED ANNUAL INTEGRATED REPORT 2012 Chief executive's statement Brian Joffe Chief executive We are well capitalised and under-geared, creating capacity for further acquisitions. We will explore new geographies and, where appropriate, the resilient, adaptable Bidvest model will be introduced to new national markets. A special word of appreciation goes to the people of Bidvest in all markets and sectors. In a challenging year, you have again performed at exceptional levels. Performance overview Pleasing trading results were achieved. Trading profit reached R7,0 billion while revenue rose to R133,5 billion. These results were supplemented by a R399,1 million profit on the partial disposal of the Group's stake in Mumbai International Airport Private Limited (MIAL). Normalised headline earnings per share rose 16,8% to 1 352,3 cents while headline earnings per share increased 26,4% to 1 474,2 cents with ordinary dividends per share up by 29,6% at 622,0 cents. A special dividend of 80,0 cents per share was paid. Performance was largely driven by organic growth. However, significant investments included the acquisition of 26% of the equity in Mvelaserve Limited for R424,2 million. Beating geographic norms Every national market in which Bidvest is active faced economic challenges. However, declining growth rates across national markets is not a signal that Bidvest has to rein in its ambitions for growth. Economic data from Bidvest geographies creates a context. It does not create an excuse for under- performance. Our locally focused businesses and their empowered managers consistently out-perform the national growth average. Our businesses are often industry leaders, but in no geography are they so large that generally sluggish business conditions automatically result in a slowdown. There is always room for market-share growth or internal efficiencies.

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