Appendices

1
Appendices
2
Appendix 1 Financial Statements
3
Consolidated Income Statement
Half-Year ended Dec 31 2004
Constant currency Avg R/ 11.72
Actual Avg R/ 11.43
Actual Avg R/ 11.72

• Local businesses
• R6,9bn first H1 revenue from McCarthy
• Diminishing pressure on foreign
  currency-denominated revenues (eg. Safcor
  Panalpina)
• Foreign businesses
• R1,06bn additional revenue from International
  Foodservice
• Negative rand translation impact of R0,28bn

4
Consolidated Income Statement
Half-Year ended Dec 31 2004
Constant currency Avg R/ 11.72
Actual Avg R/ 11.43
Actual Avg R/ 11.72

• Offshore margins include
• a R5,4m profit (-R19,3 in H1 2004) from Bidcorp
  and
• a R15,0m loss (-R10,5m in H1 2004) from Lithotech
  France

5
Consolidated Income Statement
Half-Year ended Dec 31 2004
Constant currency Avg R/ 11.72
Actual Avg R/ 11.43
Actual Avg R/ 11.72
Translation gains R7,6m swing from R7,3m loss in
H1 2004 to R0,3m gain in H1 2005
6
Consolidated Income Statement
Half-Year ended Dec 31 2004
Constant currency Avg R/ 11.72
Actual Avg R/ 11.43
Actual Avg R/ 11.72
No amortisation of goodwill due to change in
accounting policy
7
Consolidated Income Statement
Half-Year ended Dec 31 2004
Constant currency Avg R/ 11.72
Actual Avg R/ 11.43
Actual Avg R/ 11.72
8
Consolidated Income Statement
Half-Year ended Dec 31 2004
Constant currency Avg R/ 11.72
Actual Avg R/ 11.43
Actual Avg R/ 11.72

• R0,6bn net debt offshore R1,8bn net debt in SA
• Higher net debt position intra-month now able to
  offset cash in foreign operations
• R2,6bn debt for McCarthy and offshore minorities
  added approximately R90m to the interest bill
• Interest cover 11,2x (18,4x in H1 2004)

9
Consolidated Income Statement
Half-Year ended Dec 31 2004
Constant currency Avg R/ 11.72
Actual Avg R/ 11.43
Actual Avg R/ 11.72
Note Excluding STC as a tax charge in the
Income Statement
10
Consolidated Income Statement
Half-Year ended Dec 31 2004
Constant currency Avg R/ 11.72
Actual Avg R/ 11.43
Actual Avg R/ 11.72

• Minority interests declined due to the buy-out of
  Bidvest plc and Bidcorp plc minorities, effective
  April 2004 and August 2004 respectively

11
Consolidated Income Statement
Half-Year ended Dec 31 2004
Constant currency Avg R/ 11.72
Actual Avg R/ 11.43
Actual Avg R/ 11.72

• Earnings
• Total foreign earnings from IFS, Bidcorp,
  Lithotech France, Namsov, and other 22 of
  Group (R210,6m)
• R151m (16) first time headline earnings addition
  from McCarthy, as well as Bidvest plc Bidcorp
  plc minorities
• Dividend
• Approximately 17 enhancement in DPS due to
  Dinatla transaction
• Dividend cover will remain around 2x

12
Consolidated Balance Sheet
Rms
13
Consolidated Balance Sheet
Working capital influenced by seasonality

14
8
No. of Days
As at
31/12/2004
30/06//2004
Note Sales at average rates assets at spot rates
14
Consolidated Balance Sheet

• 103m (R1,3bn) debt used to acquire Bidvest plc
  minorities
• 22m (R237m) debt used to acquire Bidcorp plc
  minorities
• Competitive funding rates achieved
• Balance sheet well utilised
• Gearing 35,7 at balance sheet date, but higher
  intra-month (24,7 excluding the R751m McCarthy
  floorplan lease creditors)

15
Historic Performance
4.9
5.0
4.9
5.1
4.8
4.7
4.6
4.7
4.8
4.9
4.4
18 CAGR over 5 full years
15 CAGR over 5 full years
16
Appendix 2 Divisional Results
17
Services Bidfreight

Bigger ups than downs

• Safcor Panalpina overcomes Rand
• BMA suffers from drop in coal volumes
• SABT benefits from increased imports
• IVS steady
• RDS strong organic growth
• Repositioning of SACD strong profits
• BPO down, lower steel exports
• Ships Agency better
• Manica regional instability
• PROSPECTS
• Similar performance expected in H2 2005
• Conclusion of NPA lease agreements

3,4
3,4
18
Services Bidcorp
Recovery reality

• Trading profit of 475 000 profit trend is
  sustainable due to
• Sharpened operational focus
• Closure of Dunkirk renegotiation of Stevedoring
  and re-assessment of port arrangements in
  Shipping
• Rescue Recovery and Specialised Transport
  profitable
• Volume Distribution (automotive) loss-making,
  divested of unprofitable contracts
• PROSPECTS
• Shipping efficiencies underway
• Volume Distribution improvement expected
• Unlocking of excess property

Rm Trading Income
Rm Revenue
19
Services Bidserv
Acquisitional amplification

• Overall margin held 26 organic growth at
  expense of competitors
• Laundry in strong leadership position
• Security doubled profit due to IPS good
  potential
• Industrial Janatorial boosted by G.Fox
  acquisition
• Aviation trebled profit EAS performed
  particularly well
• PROSPECTS
• Good performance expected in H2
• Cross border expansion in Hygiene product
  innovation in Security

Rm Trading Income
Rm Revenue
9,5
9,5
20
Services Renfin
Travel Travails

• BANK
• Trading income up 32 benefiting from cost
  reductions
• Rand strength and lack of volatility reduced
  dealing profits
• TRAVEL
• Trading income down 25 amidst industry turmoil
• Reduced ticket prices therefore overrides
• No increase in corporate travel
• PROSPECTS
• Structural industry challenges
• Zero-commissions 1 transaction fee from SAA
  effective 1 May 2005
• Customer move to online reservations
• Full year to June 2005 likely to be disappointing

Rm Trading Income
Rm Revenue
22,9
19,8
21
Foodservice Products United Kingdom
Cool Britannia

• Trading income up 14 despite poor summer
  weather strong competition
• Annual growth in distribution, hotel catering
  activity running ahead of GDP
• Multi-temp slight margin pressure due to
  changing mix
• Frozen revenue growth cost saving emphasis in
  competitive environment
• Central Distribution cost efficiencies resulted
  in strong profit growth
• MOD ahead of budget (reduced Kuwait activity as
  expected)
• Swithenbank loss reduced significantly
• National coverage for Barton
• PROSPECTS
• Real growth set to continue
• Ongoing depot infrastructure programme

Rm Trading Income
Rm Revenue
3,2
3,1
22
Foodservice Products - International
Further upside down under

• AUSTRALIA
• 17.5 like-for-like profit growth up 12.4 after
  disposal of Alice Springs
• Growth in national lower margin business
  exceeding street trade
• QSR profitable national expansion (slightly
  reduced overall margin)
• Hospitality Supply roll-out on track (acquired
  July 2003)
• CREAN
• 68 record rise in profits
• PROSPECTS
• Australia consolidation of position
• Crean organic growth focus built on national
  network

Rm Trading Income
Rm Revenue
3,3
2,9
23
Foodservice Products Caterplus (SA)
Slimline

• Overall result pleasing in a non-inflationary
  market
• Strong consumer durable spending not translating
  to food
• Catering Supplies results slightly down due to
  enhanced competitor activity
• Frozen successfully grew street trade
• Outstanding result from Vulcan-Caars
• Small bolt-on acquisitions, eg. Lufil Packaging
• PROSPECTS
• Continued adaptation of focus
• Emergent middle class dining out

Rm Trading Income
Rm Revenue
9,2
9,2
24
Foodservice Products Combined Foods (SA)
Subtly seasoned

• Trading income up 21
• Increase in own manufactured spice volumes
• Price deflation in baking volumes maintained
• IBI-Trimark Conti Spice acquisitions strengthen
  bakery and spice offering
• Elimination of distribution duplication achieved
  savings
• PROSPECTS
• More of the same expected

Rm Trading Income
Rm Revenue
12,6
11,7
25
Office Products
Ole Oce

• Margin pressure in Stationery in a deflationary
  environment Automation (Minolta, Oce)
  outperformed
• Kolok increased market share despite intense
  competition
• Furniture strong, with Cecil Nurse benefiting
  from popular ranges
• PROSPECTS
• Non-inflation necessitates extremely tight
  expense control
• Import threat and price wars set to continue in
  Stationery
• Kolok range extension

Rm Trading Income
Rm Revenue
7.1
6.5
26
Printing Paper Conversion
Esselte yet to be felt

• Price decreases largely countered by volume and
  market share growth
• Silveray down 25 affected by cheap imports
• Lithotech SA down 10 moving up the value
  chain to offset ex-growth products
• Lithotech France losses increased from R10,5m
  to R15,0m effect of price competition mismatch
  of capacity
• PROSPECTS
• Esselte products establishing market presence
• Focus on rationalising Lithotech France
• Lithotech SA value-add products growing

Rm Trading Income
Rm Revenue
9,2
7,7
27
Bid Industrial Products
Cyclical support

• Voltex
• 36 trading income improvement
• margin up to 4.7 (3.9)
• benefits from up-skilling
• more contractor support
• general market buoyancy
• Afcom up 17 in a challenging market actions
  taken to retain competitiveness and profitability
• Solid result from Buffalo Executape
• PROSPECTS
• Infrastructure spend will continue to favour
  Voltex
• New Buffalo DIY range to be launched

Rm Trading Income
Rm Revenue
6,6
5,9
28
McCarthy
Valuable volumes

• Automotive
• 26,8 growth in new units to 21 075
• -0,4 decline in used units to 16 442
• Automotive volume growth fueled by stable prices
  increased disposable income
• New used margins under pressure
• Financial Services performed well
• Good Yamaha performance
• PROSPECTS
• Favourable trading conditions expected to
  continue in H2
• Used vehicle margins expected to improved in last
  quarter F2005
• Mega dealerships for new cars
• Pre-owned dealership expansion
• Yamaha product portfolio expansion

Rm Trading Income
Rm Revenue
3,4
3,2
29
Corporate Services
Rm Trading Income
Rm Revenue

• Namsov lost R4,2m adversely impacted by Rand
  Investment income included mainly share dealing
  profits
• Bidvest Network Solutions
• Resource up to position for long term
• Short-term loss increased to R3,8m
• myMarket.com
• Loss increased to R4,8m
• Annualised transactions of R1,2bn
• Property rental income from Group companies at
  arms length