Maximise diverse portfolio |
What it means
Continuous broadening of service and product basket
Offer cost-effective value adding solutions |
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Progress in FY2020
- All businesses were rightsized to ensure that operating models remain relevant and future-fit.
- Considering the expected multi-year recovery of international travel, Bidvest divesting from its travel exposed capital intensive businesses.
- Several proof-of-concepts relating to facilities management, drones and ALICE were implemented. Bidvest Bank launched a forex and money transfer app and Noonan an integrated smart building solution.
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Responsible stewardship |
What it means
Deliver sustainable solutions
Add value to customers
Develop people to grow the talent pool
Adapt our business model to unique operating environment |
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Progress in FY2020
- 8 515 black employees participated in various leadership, internship and apprenticeship programs.
- R360m was invested in developing our people.
- Plumblink launched an insurance contractor app, an ecosystem for all insurance claim parties. In response to COVID-19 health and safety protocols, McCarthy developed an app that allows employers to monitor and track compliance.
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Maintain strong financial position |
What it means
Drive strong cash generation
Focus on tight asset management
Capacity to accommodate expansion
Dispose of non-core assets
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Progress in FY2020
- R9bn cash was generated.
- 2.1x net debt to EBITDA, post-PHS acquisition, leaves room for expansion.
- R4bn extra short-term liquidity was secured at the onset of the national lockdown and remains unused.
- R4bn was raised from local banks towards repaying the PHS bridge loan.
- Progress was made on the disposal of MIAL; Glenryck and The Mansfield Group were sold; Bidvest Car Rental and Bidair Services to be divested.
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Allocate capital to grow |
What it means
Invest in relevant SA infrastructure
Expand internationally in Services and Commercial Product niches
Broaden product offering via acquisitions |
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Progress in FY2020
- R12bn acquisition of PHS, the leading hygiene service provider in the UK, Ireland and Spain.
- Bolt-on acquisitions of New Frontiers, Future Cleaning, Mastrantonio.
- After a 3-month delay caused by COVID-19, the Richards Bay LPG terminal was commissioned in October 2020.
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