Financial highlights
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Message to shareholders
Bidvest has delivered a solid trading result in an exacting market, characterised by a lack of economic growth and declining consumer spend, as well as significant business and political uncertainty. The benefits of a diversified portfolio and the quality of the underlying businesses are evident in the performance of the South African trading operations where five of Bidvest's seven divisions, as well as Bidvest Properties, delivered growth in trading profit. The Automotive division, while not growing profits, managed to perform ahead of a very challenging market. Exceptional cost discipline and driving down the cost of doing business helped to support growth in most of the businesses that faced deflationary pressure.
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Salient features
- Trading profit up 4,6%, to R6,0 billion, SA operations up 6,4%
- Strong improvements in associate companies
- Five of the seven divisions recorded commendable increases in trading profit despite challenging economic conditions
- R773 million from non-core asset disposals
- Basic earnings per share up 107% to 1 430,3 cents
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Financial statements
- Summarised consolidated income statement
- Summarised consolidated statement of other comprehensive income
- Summarised consolidated statement of cash flows
- Summarised consolidated statement of financial position
- Summarised consolidated statement of changes in equity
- Summarised segmental analysis
- Basis of presentation of summarised consolidated financial statements