Audited Results For the twelve months ended June 30 2006 18

Audited Results

For the twelve months endedJune 30 2006

18

Introduction SegmentalsFinancials Group Outlook

Agenda

Introduction

Financial Results

Segmental Outlook

Group Outlook

Appendices: Appendix 1: Divisional Results Appendix 2: Historic Performance Appendix 3: Impact of external environment on Bidvest - various

outcomes

IntroductionBrian Joffe



Consistent HEPS increase since listing

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BVT Nominal HEPS BVT Real HEPS growth (%)

We are not hostage to our environment; we shape our future

Note: 1. All nominal HEPS numbers are present valued to 2006 money2. HEPS Deflator = avg. 15-year inflation rate of 7,5%

Bidvest CAGR over the last 15 years: Bidvest CAGR over the last 15 years: +26%+26%

(17% real growth)(17% real growth)

Introduction


We are not hostage to our environment; we shape our future

Bidvest CAGR over the last 15 years: Bidvest CAGR over the last 15 years: +26%+26%

(17% real growth)(17% real growth)

Introduction

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BVT Real HEPS growth (%) Total SA GDP (%) Tertiary sector GDP (%)

Since listing, Bidvest’s REAL HEPS has outperformed GDP by an average of more than 5 times

Note: 1. All nominal HEPS numbers are present valued to 2006 money2. HEPS Deflator = avg. 15-year inflation rate of 7,5%3. 2006 Tertiary GDP and Total GDP numbers are estimates


F2006 review

Key messages in F2006 Corrective Action in F2006

20% growth in trading profit (17% organic) Dart Line exited beginning H2 at £59m – at significant premium to carrying value

Strong revenues (volume gains); flat average exchange rate against Sterling

Volume Distribution France exited beginning H2

Cost pressures BNS sold to BCX for R17m in H1

Deli XL acquisition (effective 12/9/05) contributed 11cps (1,7%)

Lithotech France sold for €1 in H2 (including liabilities)

Potential dilution from Dinatla transaction partially addressed through share buybacks

Group reorganisation

R1,5bn record capex spent across the board

Introduction


Board changes: Size reduced from 32 to 24 members All major business units represented Strengthened non-executive Strengthened BEE representation Appointment of David Cleasby as FD designate

Group reorganised to: Realise synergies, cross-selling opportunities and economies of

scale between product and client categories Seamless executive succession

Group reorganisation

Introduction


Group reorganisation (contd)

Introduction Financials Group Outlook

Bidfreight Bidserv (incl.

Renfin & Konica Minolta)

Bidvest Europe Bidvest Australasia

Bidfood (Caterplus & Combined

Foods)

Bid AutoBidpaper Plus

Bid Industrial & Commercial

Products

Bid Prop Corporate

Introduction


BEE update

Introduction Financials Group OutlookIntroduction

Refinancing by Dinatla due by December 2006 5m share buyback to partially neutralise the effect of

pending 18m options Partnership entrenched BEE codes

Lock-ins to be addressed Companies to get accreditation

Bidvest transformation progressing


Note: IFRS compliant

F2006 results summary

Introduction

Revenue +23% to R77,3bn

Trading Profit +20% to R3,7bn

Headline earnings +22% to R2,4bn

HEPS +23% to 804,6cps

DPS +21% to 369,0cps

ROFE 53% in F2005 vs 54% in F2006


Segmental performance

Segment F2005 % ch. F2006 F2005 % ch. F2006

Bidfreight 13 268,3 +17,6+17,6 15 601,9 455,9 +17,8+17,8 536,9

Bidserv 4 172,3 +10,0+10,0 4 587,8 466,9 +18,8+18,8 544,7

Bidvest Europe 14 836,5 +49,2+49,2 22 132,0 532,8 +22,2+22,2 651,2

Bidvest Australasia 5 691,1 +14,3+14,3 6 505,8 163,8 +33,9+33,9 219,4

Bidfood 3 254,6 +12,7+12,7 3 666,4 316,2 -5,2-5,2 299,8

Bid Industrial and Commercial Products

5 643,2 +19,1+19,1 6 722,2 383,3 +26,1+26,1 483,3

Bidpaper Plus 1 333,8 +31,0+31,0 1 747,7 176,9 +14,2+14,2 202,0

Bid Auto 13 629,0 +18,8+18,8 16 197,1 474,7 +30,9+30,9 621,3

Revenue (Rm)

Due to time delays caused by IFRS changes, segmental comparisons pre-reorganisation will be posted on the Bidvest website

Trading Profit (Rm)

Introduction

Financial ResultsDavid Cleasby

Introduction Segmentals Group OutlookFinancials


Consolidated Income Statement

Financials

Includes 1st time contribution of R5,6bn by Deli XL (9,5 months)

Like-for-like revenue growth of 15%

Rm’s 2006 % ch vs 2005 2005

Revenue 77 276,5 +23,0+23,0 62 811,8

Year ended June 30 2006 Avg

R/£ 11.43

Avg

R/£ 11.53

NOTE : Constant currency comparison unnecesary due to immaterial currency movement from F2005 to F2006 (0.8%)


Rm’s 2006 % ch vs 2005 2005

Revenue 77 276,5 +23,0+23,0 62 811,8

Trading profit 3 677,3

+20,1+20,1 3 062,6


Financials

*Trading profit and margin from continuing businesses

NOTE: Foreign businesses = 27,8% (R1016,1m) contribution to Trading Income vs 24,2% (R738,3m) in F2005

20052006Trading margins*

5,0%4,8%Group

3,2%3,3%Offshore Deli XL’s contribution at lower margins; increased margin from Australasia

Increased contribution from McCarthy, lower contribution from Bidfood

5,9%5,8%Local


R/£ 11.43

Avg

R/£ 11.53




Financials

Offshore interest of R76,2m vs local interest of R266,1m Net debt offshore of R0,1bn vs local net debt of R1,4bn Largely funding of capex, Deli XL and share buybacks

Rm’s 2006 % ch vs 2005 2005

Revenue 77 276,5 +23,0+23,0 62 811,8


+20,1+20,1 3 062,6

Net finance expense (342,4) +20,1+20,1 (285,1)


R/£ 11.43

Avg

R/£ 11.53




Financials

Associates:Tiger Wheels, Enviroserv, Compu-clearing Increased profit largely due to Enviroserv and first full

year of Tiger Wheels

Rm’s 2006 % ch vs 2005 2005

Revenue 77 276,5 +23,0+23,0 62 811,8


+20,1+20,1 3 062,6


Associate Income 48,9 +25,7+25,7 38,9


R/£ 11.43

Avg

R/£ 11.53




NOTE :1. Constant currency comparison unnecesary due to immaterial currency movement from F2005 to F2006 (0.8%)2. H1:H2 split available in appendices


Financials

Rm’s 2006 % ch vs 2005 2005

Revenue 77 276,5 +23,0+23,0 62 811,8


+20,1+20,1 3 062,6



Taxation (933,4) +17,0+17,0 (797,8)


R/£ 11.43

Avg

R/£ 11.53

Effective tax rates

F2006 F2005

Local 26,3% 29,1% Lower STC and utilisation of assessed tax losses

Offshore 30,3% 28,7% Higher tax rates in Benelux countries

Group 27,5% 28,8%



Financials

Improved performance from Namsov

Rm’s 2006 % ch vs 2005 2005

Revenue 77 276,5 +23,0+23,0 62 811,8


+20,1+20,1 3 062,6



Taxation (933,4) +17,0+17,0 (797,8)

Minority interests (75,8) (11,1)


R/£ 11.43

Avg

R/£ 11.53




Financials

Rm’s 2006 % ch vs 2005 2005

Revenue 77 276,5 +23,0+23,0 62 811,8


+20,1+20,1 3 062,6



Taxation (933,4) +17,0+17,0 (797,8)


Headline earnings 2 413,5 +21,5+21,5 1 987,0


R/£ 11.43

Avg

R/£ 11.53

Earnings Total foreign headline earnings = 27% of Group (23% in F2005)



NOTE :1. Constant currency comparison unnecesary due to immaterial currency movement from F2005 to F2006 (0.8%)

Rm’s 2006 % ch vs 2005 2005

Revenue 77 276,5 +23,0+23,0 62 811,8


+20,1+20,1 3 062,6



Taxation (933,4) +17,0+17,0 (797,8)


Headline earnings 2 413,5 +21,5+21,5 1 987,0

HEPS (cents) 804,6 +22,6+22,6 656,4

Diluted HEPS (cents) 769,1 +20,1+20,1 640,6

DPS (cents) 369,0 +20,6+20,6 306,0



R/£ 11.43

Avg

R/£ 11.53

Financials

NOTE :1. Constant currency comparison unnecesary due to immaterial currency movement from F2005 to F2006 (0.8%)2. H1:H2 split available in appendices

HEPS Share buybacks: 5m shares at avg price of R100,50 ( ’05=7,5m shares at avg price of R70,55) DPS Distribution policy = +/- 2x covered


Working capital investments consistent with growth rates in McCarthy & Voltex

Positive working capital in Bidvest Europe (especially Deli XL)

Material cashflow events:€140m paid for the acquisition of Deli XL in September 2005£59m received from the sale of Dart Line

Gearing capacity: Ample room to gear up - current interest cover of 11x (16% gearing)R1bn from Bidvest options due on 6th December

Consolidated Cash Flow Statement

Rm’s F2006 F2005

EBITDA (clean) 4 632,2 3 895,2

Working capital: (cash applied)/retained (161,0) 344,5

Cash generated by operations 4 490,3 4 200,5

Cash effects of investment activities (2 368,4) (2 223,7)

Financials

Segmental Outlook:Anthony Dawe Lindsay RalphsFred BarnesMyron BerzackBrand Pretorius

Introduction Financials Group OutlookSegmentals


OVERALL EFFECT: POSITIVEOVERALL EFFECT: POSITIVEOVERALL EFFECT: POSITIVEOVERALL EFFECT: POSITIVE

+ effect of rising fixed investment: Volume benefits from fixed investments in SA infrastructure, especially

ports and rail

+ effect of rising interest rates:Interest earnings in Clearing & Forwarding and Marine

Sharp reduction in PCE growth could hurt

+ effect of relative Rand weakness: Increased value per unit handled in Clearing & Forwarding Mild Rand weakness assist export volumes, without a corresponding

reduction in import volumes (depending on PCE buoyancy)

+ effect of reduced, but still strong, GDP growth:Growing GDP = growing Bidfreight volumes

Bidfreight- sensitivity to anticipated economic variables

Segmentals


OVERALL EFFECT: MODERATELY POSITIVEOVERALL EFFECT: MODERATELY POSITIVEOVERALL EFFECT: MODERATELY POSITIVEOVERALL EFFECT: MODERATELY POSITIVE

Industry specific factors+ effect of labour unrest - effect of HIV/AIDS - effect of move to appointing SMME contractors

+ effect of GDP: Rising GDP benefits office automation spend and corporate travel Bidserv inured to slower GDP due to annuity-nature of income and built-in

balance of businesses- effect of relative Rand weakness:

Impact on corporate SA + effect of mild inflation:

Easier acceptance of price increases+ effect of rising fixed investment

New office and retail developments

Bidserv – sensitivity to anticipated economic variables

Segmentals


Bidvest Food Interests – sensitivity to anticipated economic variables

Segmentals

UK: Mature, benign GDP environment – less volatile, enabling strategic planning and efficienciesNiches of significant expansionary growth potential

Australasia: Fuel price and general inflationary increases affects operational costs and consumer spending patterns Business mix cushions vulnerability to discretionary spend

South Africa: + effect of mild inflation & uptick ahead of 2010Maximising customer spendMulti-temperature distribution opportunities

OVERALL EFFECT: POSITIVEOVERALL EFFECT: POSITIVEOVERALL EFFECT: POSITIVEOVERALL EFFECT: POSITIVE

General influencing factors: + effect of mild inflation worldwide for food traders (currently occurring across the board)+ effect of low interest rate environment worldwide, despite recent increases+ effect of GDP growth in general+ effect of out-of-home food consumption

Benelux: Now out of deep recession – very positive outlook


Bid Industrial – sensitivity to anticipated economic variables

Segmentals

Fixed investment spend supports demand for electrical products and furniture

Gautrain, 2010•Electrical and furniture spend•Office developments, hotels, apartments, hospitals, retail nodes

General infrastructure spend•Golf estates, hotels, shopping centres, prisons •Investment in mining infrastructure •Industrial spend

Effect of relative Rand weakness: Copper prices are crucial + effect due to stock holding policy Negative effect on fixed price contracts

Interest rates Retail expansion off a low base

Rising inflation is good for most trading businesses Growth from national energy saving initiatives and the mining industry

OVERALL EFFECT: VERY POSITIVEOVERALL EFFECT: VERY POSITIVEOVERALL EFFECT: VERY POSITIVEOVERALL EFFECT: VERY POSITIVE


Positive industry-specific trendsIncreased competitionGrowth in vehicle population

General economy- effect of slower GDP growth:

Business and consumer confidence impacts purchases more than GDP Annuity financial services income cushions downturns Replacement cycle pushed out, but service income boosted

- effect of rising interest rates: Undermines affordability, but exposure to entry level (<R150 000; more than 25% of

sales and growing) Relative attraction of used vs new cars + financial services income

- effect of slower growth in PCE: Mitigated by entry-level/used car demand – black purchasing power

+ effect of rising fixed investment: Increase in commercial vehicle sales to continue

+ effect of relative Rand weakness: Stimulates automotive exports; export credits assist consumer affordability in turn

Bid Auto – sensitivity to anticipated economic variables

Group Segmentals

OVERALL EFFECT: POSITIVEOVERALL EFFECT: POSITIVE

Group OutlookBrian Joffe

Introduction Financials Group Group Outlook


Outlook for F2007

Corrective action taken will have recurring benefits: Problem children now largely dealt with Bidfood action

Management is happy with the way the group looks now Focus on organic and acquisitive growth

Within Africa: exploit diverse opportunities Internationally: food services business expansion Indian opportunities Continued judicious utilisation of balance sheet Benefits still to come from >R3bn invested in capex over the last

3 years Renewed energy in Bidvest ; focus on management

performance & returns

MANAGEMENT IS BUDGETING FOR REAL MANAGEMENT IS BUDGETING FOR REAL HEPS GROWTH IN F2007HEPS GROWTH IN F2007

Group Outlook

18

Appendix 1:Divisional Results


Bidfreight Capitalising on capex

ResultsResults

Pleasing momentum maintained in H2

Upgrades reinforce competitive advantage – capex R227m

18% overall increase in profits combined with good cash generation

Seamless executive succession

BEE board representation meets target

Safcor Panalpina: cargo mix reduces margin but billings rise 19%; excellent cash flows; new facilities at Johannesburg Airport attract business enquiries

Marine: Rennies Ships Agency profits up10%; freight rate pressure offset by higher volumes in liner operations and cost control

Manica: profits up 74% in the face of regional instability

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2005 2006

5000600070008000900010000110001200013000140001500016000

Trading profit Revenue

…% Trading margin

3.4%3.4%

Rm RevenueRm Trading Profit

+18%

Appendix 1


Terminals:

IVS: profits up 16%; high tank occupancy, margin maintenance, capacity expansion

RDS: profits flat on margin pressure by major customers

Bulk Connections: profits rise 51%; Spoornet reliability a challenge; negotiations with NPA for increased lease terms and additional handling rights; terminal upgraded to world-class norms

SABT: difficult H2 with lower maize exports; profits off slightly

SACD: profits up 20%, with import volumes up but exports down; assisted by new capacity in Durban

BPO: profits up 14%; export volumes weak; stevedoring did well, focusing on bulk cargoes and overhead containment

Strategic imperatives & prospects

Ongoing capex spend in F2007

Expansion pursued by IVS on increased demand for tankerage

Continuing capacity enhancement to improve profitability

Bidfreight

Current contr. to Group Trading Profit

Capitalising on capex

Appendix 1

14.5%


Bidserv A shiner

Results

Margin pressure, but increased market share

Revenue up 10% and profits up 19%

Noteworthy performances from TMS, Minolco & Ocè, and Bid Travel

Cleaning: Prestige profits up slightly off a high base; TMS comes of age with profits up 5 fold as investments in technology and assets secure market leadership

Laundries profits up 16%

Steiner Hygiene revenue up 12% and profits up 16% - strong rental sales a feature

Bid Risk: integrated into single business; breakeven on impact of security guard strike but Provicon up 25%

IPS orders up

Industrial Products (Janitorial): G Fox acquisition exceeds expectations

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600

2005 2006

3000

3500

4000

4500

5000

Trading Profit Revenue

…% Trading margin

12.1%11.2


+19%

Appendix 1


Greens: Top Turf disappoints, but good orders going forward

Office Automation (Minolta & Ocè): profits up 36% off an already high base; grasps opportunity provided by digital office demand

Bidair: profits flat, but pleasing, ground handling licence still being sought

Travel: profits up off depressed base; fee-based model from 1 May 2005 results in higher profitability; profitable before overrides; management appointments

Rennies Bank: new MD; retail enjoys better H2 despite stable ZAR; Treasury down on competitive pressures and lower wholesale turnover; debit card products undershoot expectation


New contracts in Cleaning & Hygiene, IPS & Top Turf orders

Security strike action prompts strategic re-think towards integrated security solutions (electronics, surveillance, etc)

Travel growth to continue; cost containment

Further margin improvement

Asset management and risk management are focal points

Bidserv A shiner

Appendix 1

15.0%

Current contr. to Group Trading

Profit


Bidvest Foodservice Europe Delicious

Results

Consolidated profits up 26% to £56m

Deli XL Deli XL acquired effective 12/9/05 – combined

€8.5m (£5.9m) profit after amortisation of intangibles

Deli XL Netherlands: ROFE 19% (vs 3% at acquisition), strong cash flow, increased sales to caterers and hospitality, institutional margin challenge

Deli XL Belgium: management changes; strong cash flow, profits off marginally but sales up 15% due to Quick, Pizza Hut & Compass

3663 3663 profits up 13% to £51.5m on a 12% rise

in sales to £1.45bn – despite a 55% fall in MOD profits to £2.3m (declining fee income)

Cost pressures, but overall UK economy robust

200250300350400450500550600650700

2005 2006

1000011000120001300014000150001600017000180001900020000210002200023000


…% Trading margin

2.9%3.6%


+22%

Appendix 1


Capex £34m (5 depots complete, Edinburgh on schedule)

Lower margin CD sales up 39% (KFC, Pizza Hut) – higher unit values; new Lichfield depot opened in January; focus on operating efficiencies

Multi-temp record high margin; profits up 10%

Frozen, Fresh & Chill profits up 24%; Swithenbank makes solid progress

Barton losses reduced; state-of-the-art Manchester depot attractive for national account customers

Minimal impact from acquisition of 80% stake in Horeca, Dubai (Sep ’05)


Roll out of Compass non-food service contract January 2007

MOD contract terminated 30 September 2006 - active measures to make up shortfall should minimise overall impact

3663 capacity-build boosts efficiency

Joint procurement 3663/Deli XL

Managerial and strategic initiatives at Deli XL

Non commodity wholesale focus at Horeca; systems alignment

Bidvest Foodservice Europe Delicious

Appendix 1


Profit

17.7%


Bidvest Foodservice Australasia Upping the run rate

Results

Australia (A$)

Record 3% margin - profits up 28% to $33.5m off a 10% rise in sales to $1.1bn (8% organic), Foodservice profits up 25% (margin 3.4%)

“Street” focus at higher margin, cost control, housebrand initiatives

Foodservice: Gold Coast shines, Melbourne profitable and ahead of budget, Sydney loss still contained at modest level

Hospitality: profits up 63%; national expansion (Darwin, Cairns); Melbourne remains loss-making

QSR: profits up 250% - close to optimal profitability; Yum! contract guarantees volumes & a revenue increase formula

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2005 2006

3000

4000

5000

6000

7000


…% Trading margin

3.4%2.9%


+34%

Appendix 1


New Zealand (NZ$)

Sales up 26% to $273m (organic growth 19%), profits up 13% to $11.7m; Fresh initiative - profits up 225%

Coping well with adverse economic variables


Australia

Upgrade capex in Australia largely complete – enhanced cash generation

Access available market – Bidvest market share only 20%

Growth momentum to continue through F2007

New Zealand

Growing pains – skills, infrastructure, expenses

E-commerce – now 15% of sales (up 100%)

Fresh acquisitions

Logistics business in Auckland fully operational December 2006

National distribution infrastructure objective

Double digit growth budget

Bidvest Australasia Upping the run rate

Appendix 1

6.0%


Profit


Bidfood Gruel(ing)

Results

Profits decline 5%, sales up 13%: margin squeeze continues, aggressive competition

Caterplus: increased market penetration; sales up 12%, high distribution costs; marginal profit improvement

BidBake: poor; yeast imports, relocation costs

Crown: flat profits due to imports, poultry disease challenge

Speciality: 22% rise in profits, opitimising range of brands and mix

Vulcan: reduced exports but market buoyant

Lufil: branded products emphasis, infrastructure being scaled up

Hotel Amenities: new contract wins

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2005 2006

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…% Trading margin

9.7%8.2%


-5%

Appendix 1


Bidfood

Catering and Frozen have been merged under a single management team

Rising to the challenge of improving market share and pursuing new growth sectors

Overhead cost containment

Launch of BidBros cash and carry concept; national roll-out plan

Purchase of Steri Pic - flow-wrap packaging for fast food outlets

Crown National and BidBake new world-class production facilities to create efficiencies

Increase basket of products to existing customers


Appendix 1

Gruel(ing)

8.2%



Bid Industrial & Commercial Products Copper Tone

Results:

Profits rise 26% off an 19% rise in revenue – electrical wholesale (EWD) profits up 67%

EWD

Versalec Cables acquired 1 March ’06 – earnings enhancing

Infrastructure market strong

Smart buying of copper, surging prices

Project & tender focus reaps rewards

Stationery & furniture:

Profits rise 19% off an 11% rise in revenue

Waltons profits up 18% - regions did well overall

Kolok: price war unabated, but good volume growth

Afcom GE Hudson

Profits fall 23% - focus on optimising local production with a mix of selective imports

Buffalo: Profits off 13%, move into DIY market gains acceptance

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2005 2006

4000

5000

6000

7000


…% Trading margin

7.2%6.8%


+26%

Appendix 1


Bid Industrial & Commercial Products

Continuing growth off a high base

Infrastructure momentum favours electrical wholesaling

Refreshing of stationery store formats

Waltons Transnet stationery tender – BEE credentials accepted

Good management of gross margin in a deflationary/low inflation economy

Good growth in furniture to continue

Acquisition opportunity for Afcom; re-balancing benefits


Appendix 1

13.1%


Copper Tone


Bidpaper Plus Pushing the envelope

Results

Profits up a commendable 14%, led by Lithotech

Silveray Statmark

Pushing up the quality curve; exciting product initiatives

Lithotech

Decline in traditional business forms strongly offset by laser and mail offering

E-solutions contributed positively

Lithotech France

Exit strategy: sold to consortium, including management

100

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160

180

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2005 2006

10001100120013001400150016001700180019002000


…% Trading margin

11.6%13.3%


+14%

Appendix 1


Bidpaper Plus

Lithotech capex focused on envelope, filing, label, print to post, stationery and e-billing

Silveray Statmark re-establishing itself as the superior alternative in the retail stationery market

Re-launch of Croxley – new and redesigned product ranges


Appendix 1

5.5%


Pushing the envelope


Bid AutoAma good good

300

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550

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650

2005 2006

6000

8000

10000

12000

14000

16000

18000


…% Trading margin

3.8%3.5%

Rm Trading Profit Rm Revenue

+31%

Appendix 1

Results

Profits up 31% on a 19% rise in revenue – entirely organic

Financial services profits up 42%; 50 000 accounts

Best new vehicle market ever – volumes compensates for ongoing low dealer new car margins

Record 49 679 new units, up 20% on 41 556 (10.7% share of dealer market)

Record 34 714 used units sold, up 12% on 31 047

6 new dealerships (replacements)

Working capital and facilities investment on strong demand – 500 new jobs, active recruitment

Floor plan funded thru Bidvest – 1% rate saving

Fleet Services growing rapidly; HP debtors book

Yamaha diversifies portfolio, stiff competition

Budget significant growth; Van Rental launched

GAZ taxi sales 414 from 66 in F2005


Market likely to slow from 20%+ to high single digits with McCarthy aiming for 13% growth - affordable, entry level cars driving sales – total sales target 98 000 (60/40 new used)

Anticipated upturn in used vehicle market

First time buyers will continue to support growth

3-5% price increases expected over the next year

Growing universe of vehicles provides recurring parts and service income – 800 000 units targeted for servicing in F’07 (vs 700 000 in F’06)

Market density does not support unfettered growth in dealerships

New dealership strategy – McCarthy Value Centres (Auto China, Value Serv, Call-A Car direct)

McCarthy On-Line name change to Eliance reflects growth outside of group

Used car market presence to be strengthened

Additional McCarthy/Bidvest synergies for Burchmore’s Car Auctions

2x Renault dealers 1 July 2006; Mahindra H2 ‘07; Ford Mazda Pretoria H2 ’07

New SEAT offering through McCarthy VW (Durban); launch of VW trucks

Stand-alone Lexus dealerships

McCarthy Fleet Services actively pursuing expansion opportunities

Bid Auto


Appendix 1

Ama good good

16.9%



Corporate Services

0102030405060708090

100110120

2005 2006

500

2500

4500

6500

8500

10500


…% Trading margin

Rm Trading Income Rm Revenue

+18%

Results

Bidprop up 18%

Namsov profit up from R12.5m to R75.9m

Ontime Automotive now profitable (R7.3m)

Significantly lower investment income

Appendix 1

3.1%


Appendix 2: Appendix 2: Historic Performance


Historic performance

Appendix 3

17% CAGR over 5 years

HEPS

181.6 215.9 243.2 248.0302.7

368.6183.6216.9 220.3

296.0353.7

436.0

0

200

400

600

800

1000

2001 2002 2003 2004 2005 2006

cp

s

1H 2H

17% CAGR over 5 years

DPS

81.0 90.0 108.0 113.4 133.8162.088.2 100.0

112.0136.8

172.2

207.0

0

100

200

300

400

2001 2002 2003 2004 2005 2006

cps

1H 2H

Annualised Returns

49 51 53 54

25 2731 32

0

10

20

30

40

50

60

2003 2004 2005 2006

%

ROFE ROE

Operating profit & margins

0

1000

2000

3000

4000

2002 2003 2004 2005 2006

Rm

1H 2H

4.5% 4.4%4.7%

4.4%4.9%

5.2%4.9%

4.8%4.8%

4.9%

Appendix 3: Appendix 3: Impact of external influences Impact of external influences on Bidvest – various on Bidvest – various outcomesoutcomes

Introduction SegmentalsFinancials Group Outlook Appendix

Variables Freight Bidserv Europe Aus/NZ Bid Food

BidIndustrial

Paper Plus

Bid Auto

Rand (fiscal yr):

Rel. Strength

Rel. Weakness1&5

2&5

2&5

1&5

4

4

4

4

2&5

1&5

3&5

1&5

3

3

2

1

Interest rates:

Rising

Declining1&5

2&5

2&5

1&5

2 &5

1&5

2&5

1&5

2&5

1&5

3&5

1&5

3&5

3&5

2

1

Mild inflation

Mild deflation

1&5

2&5

1&5

3&5

1

2

1

2

1

2

1

2

1

2

2

1

Fixed investment:

Rising

Declining1&5

2&5

1&5

2&5

3&5

3&5

3&5

3&5

3&5

3&5

1

2

3&5

3&5

1

2

PCE:

Buoyant

Reduced growth1&5

2&5

1&5

2&5

1

2

1

2

1

2

1&5

3&5

1&5

2&5

1

2

1 Positive leveragePositive leverage 44 Translation impactTranslation impact

2 Negative leverageNegative leverage 55 Indirect impacts/multipliersIndirect impacts/multipliers

3 NeutralNeutral

Legend

Economic environment influences – various outcomes

Documents

Audited Results For the twelve months ended June 30 2006 18