Bidvest 2012

Annual Integrated Report 2012

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52 THE BIDVEST GROUP LIMITED ANNUAL INTEGRATED REPORT 2012 Financial director's review There is a positive mood across the Group and management is up to the challenge of taking the Group forward. David Cleasby Group financial director Bidvest believes in rewarding and retaining talent and incentivising the high level of commitment that drives the Group's sustained growth. Macro-conditions and trading environment Trading conditions in southern Africa have improved overall but certain segments of the market such as construction and consumer spending in the discretionary end of the market remains weak. Asia Pacific continues to deliver solid results even though Singapore's performance lags that of the other businesses. Remedial action has been taken to strengthen management and refocus the business direction. Bidvest Foodservice Europe's results are up 8,3% in rand terms in spite of the challenging European economic climate these businesses find themselves in. The Group remains focused on cost control, working capital management and generating acceptable returns on funds employed. Significant focus is being directed at those operations where performance is below the expected levels. Despite the weak trading conditions in certain industries in South Africa and generally in Europe, the Group has performed reasonably well. There remains a positive mood across the Group and management is up to the challenge of meeting its 2013 budgets. copy to come

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