2018 Highlights
- Trading profit +8.2%
- HEPS R12.32
- Normalised HEPS +12.5%
- DPS R5.56
- Cash conversion 106%
- ROFE 23%
- Net debt/EBITDA 0.8x
- R1 billion spend on new infrastructure and increased capacity
- R682 million spend on bolt-on acquisitions
Integrated group
overview
Bidvest operates via seven core divisions and holds investments in Bidvest Namibia (52.0% stake), Bidvest Properties (114 strategic, Group-occupied properties), Adcock Ingram (38.5% stake), Comair (27.2% stake). Operations are primarily in South Africa with Noonan currently presenting the offshore exposure (2018: 6.8% of revenue; 4.4% of trading profit).
Bidvest generates 63% of trading profit from services and 37% from trading and distribution activities.
Bidvest service 170 000 customers through 500 facilities.
B-BBEE level 3 with 50% of individual businesses at a level 1-2.
SERVICES
FREIGHT
COMMERCIAL PRODUCTS
OFFICE AND PRINT
FINANCIAL SERVICES
AUTOMOTIVE
ELECTRICAL
Revenue R18 968m
Trading profit R1 992m
28 500 buildings serviced
520 technically qualified personnel
Moved 8 million passengers through lounges and boarding gates at all SA airports
Revenue R5 713m
Trading profit R1 304m
3 billion+ litres of bulk liquid products handled
219 500 tons agricultural bulk storage capacity
220 000m3 warehouse space
Revenue R8 920m
Trading profit R710m
Plumblink product range 10 000+
Produce 18 000 items daily in G Fox factory
Offer broad product range across several domestic appliance categories
Revenue R9 305m
Trading profit R701m
250 000 Waltons back to school packs delivered
10 million writing instruments sold
175 million emails sent by Bidvest Data
Revenue R2 563m
Trading profit R632m
Exchanged notes in 60 currencies
14 million point-of-sale transactions
250 000+ tyres insured
Revenue R24 702m
Trading profit R602m
Represents 26 brands
500 000+ vehicles serviced annually
83 dealerships
Revenue R5 695m
Trading profit R300m
21 specialist supplier businesses
5x2 MVA containerised generators installed
60 000+ line items
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Chairman’s report
It is pleasing that the quality and effectiveness of Bidvest’s extensive portfolio of assets has again driven our ability to deliver benefits to our vast group of stakeholders. This has been an ongoing trend for the past 30 years of Bidvest’s existence.
Lorato Phalatse, Chairman
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CEO's report
The ‘Proudly Bidvest’ culture remains very strong and as a leadership team we firmly believe that South Africa’s greatest economic need is for increased investment and sustainable employment opportunities.
Lindsay Ralphs, Chief executive
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CFO's review
Given the challenging economic conditions in South Africa today, we are very pleased with the results that the Group has achieved. Bidvest has delivered real growth in earnings, while maintaining a strong balance sheet, and at the same time enhancing the overall business portfolio.
Mark Steyn, Chief financial officer
Investment case
- Blended portfolio of defensive, cyclical and growth assets
- Cash generative businesses that are relatively capital light
- Highly entrepreneurial and decentralised management teams supported by lean corporate office
- 30 years of consistent trading profit outperformance
- Strong track record of efficient capital allocation
- Proven ability to quickly execute and assimilate acquisitions
- Highly regarded brands
- Embrace change through innovation
- Positioned for international expansion in chosen niche areas
- Aim for market leadership in operating sphere