1 unaudited results for the six months ended december 31 2007

1

Unaudited ResultsUnaudited ResultsFor the six months ended December 31 2007

2

Agenda

► Introduction and Overview

►Financial Results

►Outlook

►Appendices:• Appendix 1: Divisional Review• Appendix 2: Historic performance

3

Introduction and OverviewIntroduction and OverviewBrian Joffe

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H1 2008 Results Summary

IntroductionIntroduction

11% to 220c

ROFE

18% to R2,5bn

to 37.6% from 44.6%

13% to R53,9bn

11% to R1,5bn

10% to 498c

Distribution*

HEPS

Headline earnings

Operating Profit

Revenue

* Effected by pro-rata share buy-back

Despite challenging conditions in certain sectors, most businesses were well managed and produced positive results

► Excl. Bid Auto, local and offshore operations grew operating profit by 21%

5

Segment H1 2008 % ch H1 2007 H1 2008 % ch H1 2007

Bidfreight – Improved volumes, particularly agricultural; benefits of recent capex starting to kick in

10 580,9 +11 9 561,5 330,9 +19 279,0

Bidserv – Trend to outsourcing continues; strong performance across the board, driven organically - particularly at TMS; recovery in Security

3 060,0 +19 2 580,4 390,5 +28 305,6

Segments at the forefront of performance

Revenue (Rm) Operating Profit (Rm)


6

Segment H1 2008 % ch H1 2007 H1 2008 % ch H1 2007

Bidvest Europe – Strong contribution from Deli XL (+35% in Euros); improved performance at 3663 (+8% in Sterling) – excellent effort given that H1 2007 still included profit from the MOD contract

16 007,1 +7 15 016,6 410,4 +20 341,1

Bidvest Asia Pacific – Growth of 31% from Australia & New Zealand excl. R46m first time contribution from Angliss (well ahead of expectations)

6 575,1 +59 4 131,0 251,3 +61 156,5

Bidfood – Strong operating profit growth of 28% from Caterplus & Speciality; Bidfood Ingredients up 19%

2 249,8 +15 1 956,4 191,4 +24 153,8

Segments at the forefront of performance (contd)



7

H1 2008

% ch

H1 2007

H1 2008

% chH1

2007

Bid Industrial and Commercial Products – H1 2007 established a high base, negative impact of weak copper price and firm Rand on margins despite good volume growth in 1st half; good performance from Waltons, especially Gauteng

4 689,6 +9 4 286,3 336,8 - 335,9

Bid Auto – Like-for-like profit, excl. Viamax, declined 27%; negative impact of higher interest rates & NCA (Dec = lowest vehicle sales in 5 years), write-downs of 2nd hand stock taken, losses from small dealerships, new project investment & higher “imposed” inventory, initial NCA insurance premium impact; consumer spending impact on Yamaha & Budget; start-up loss from Value Centres

10 004,5 +4 9 640,2 357,8 +1 355,0

Segments performing below expectations



8

Segment H1 2008

%

chH1 2007 H1 2008 % ch H1 2007

Bidpaper Plus – Ongoing consolidation of traditional offering successfully complimented by broader electronic focus; no special projects such as ballot papers, etc. in the period

1 020,4 +5 975,8 126,6 +10 114,8

Segments holding their own



9

Financial ResultsFinancial ResultsDavid Cleasby

10

Half-year ended Dec 31 2007Avg

R/£14.14

Avg

R/£ 13.74

Rm’s H1 2008 % ch H1 2007 H1 2008 % ch

Revenue 53 884,5 +12.6 47 871,9 53 240,6 +11.2

ResultsResults

Consolidated Income Statement

► Organic growth of 9.3%► 11.2% growth excluding exchange rate translation► First time contributions from Angliss (R1.3bn) & Viamax (R300m)

H1 F2008 in constant currencyR/£ 13.74

11


R/£14.14

Avg

R/£ 13.74

Rm’s H1 2008 % ch H1 2007 H1 2008 % ch

Revenue 53 884,5 +12.6 47 871,9 53 240,6 +11.2

Operating profit 2 458,1 +17.9 2 085,7 2 440,2 +17.0

NoteNote:: 1. 9% organic growth in Operating Profit 2. Foreign businesses = 30% (R744m) contribution to Operating Profit vs 27% (R599m) in

H1 2007


Operating Margins H1 2008 H1 2007

Local 5.7% 5.6% Bidfreight and Bidserv compensated for Voltex and McCarthy margins

Offshore 3.1% 2.7% Angliss contributed for the first time at (higher average margins); improvement in Deli XL margins

Group 4.6% 4.4%

ResultsResults


12


R/£14.14

Avg

R/£ 13.74

Rm’s H1 2008 % ch H1 2007 H1 2008 % ch

Revenue 53 884,5 +12.6 47 871,9 53 240,6 +11.2


Net finance expense (445,5) -98.0 (225,0) (443,9) -97.3


► Offshore interest of R55,5m vs local interest of R390,0m ► Net debt offshore of R647,4m vs local net debt of R6,7bn ► R104m interest increase over H2 2007 – rate increases, increased capex,

acquisitions and working capital absorption

ResultsResults


13


R/£14.14

Avg

R/£ 13.74

Rm’s H1 2008 % ch H1 2007 H1 2008 % ch

Revenue 53 884,5 +12.6 47 871,9 53 240,6 +11.2



Associate income 59,1 +56.8 37,7 59,1 +56,8

Associates:Tiger Auto Enviroserv Comair First time contributionOther


Note: Note: Includes dividends received

ResultsResults


14


R/£14.14

Avg

R/£ 13.74

Rm’s H1 2008 % ch H1 2007 H1 2008 % ch

Revenue 53 884,5 +12.6 47 871,9 53 240,6 +11.2




Taxation (525,6) -1.3 (519,1) (521,3) -0.4

Effective tax rates H1 2008 H1 2007

Local 26.0% 27.3% Reduction in corporate tax rate to 28% = R10.5m benefit

Offshore 25.8% 26.6%

Corporate rate reductions in UK & Netherlands, offset to some extent by reduction in some allowances and adjustment in net deferred tax asset; Angliss has lower sovereign tax rate; no benefit on tax losses in Belgium

Group 26.0% 27.1% Sustainable rate of +/- 27%


ResultsResults


15


R/£14.14

Avg

R/£ 13.74

Rm’s H1 2008 % ch H1 2007 H1 2008 % ch

Revenue 53 884,5 +12.6 47 871,9 53 240,6 +11.2




Taxation (525,6) -1.3 (519,1) (521,3) -0.4

Minority interests (19,6) +30.7 (28,3) (19,6) +30.7

Namsov: Materially downVersalec: Slightly downBid Auto: Slightly down


ResultsResults


16


R/£14.14

Avg

R/£ 13.74

Rm’s H1 2008 % ch H1 2007 H1 2008 % ch

Revenue 53 884,5 +12.6 47 871,9 53 240,6 +11.2




Taxation (525,6) -1.3 (519,1) (521,3) -0.4


Headline earnings 1 510,6 +11.5 1 355,2 1 502,7 +10.9


►8.3% organic growth in headline earnings►20.0% growth excl. McCarthy (bought 4 years ago for R0,7bn net and

earned R2bn operating profit to date)ResultsResults


17


R/£14.14

Avg

R/£ 13.74

Rm’s H1 2008 % ch H1 2007 H1 2008 % ch

Revenue 53 884,5 +12.6 47 871,9 53 240,6 +11.2




Taxation (525,6) -1.3 (519,1) (521,3) -0.4



HEPS (cents) 498,1 +10.1 452,4 495,5 +9.5

Diluted HEPS (cents) 487,0 +10.6 440,3 484,4 +10.0


ResultsResults


Diluted weighted avg. shares in issue of 310,195m (+ 0.8%); issue of shares for outstanding options in Dec ‘06 as part of Dinatla transaction + buy back from Dinatla

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R/£14.14

Avg

R/£ 13.74

Rm’s H1 2008 % ch H1 2007 H1 2008 % ch

Revenue 53 884,5 +12.6 47 871,9 53 240,6 +11.2




Taxation (525,6) -1.3 (519,1) (521,3) -0.4



HEPS (cents) 498,1 +10.1 452,4 495,5 +9.5

Diluted HEPS (cents) 487,0 +10.6 440,3 484,4 +10.0

Distribution *220,0 +11.1 198,0 220,0 +11.1


* Effected by pro-rata share buy-back; +/- same cost as dividend, but earnings accretive and of benefit to all shareholders; still the equivalent of +/-2x covered dividend

ResultsResults


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Consolidated Cash Flow Statement – Rm’s

►Investment activities of R2,322bn: • R1,280bn in capex; mainly Bidfreight, Bidserv, Bid Auto and Bidvest Europe• R1,042bn spent on acquisitions, mainly Viamax (R960m)

►In the 3,5 years to December 2007: • R6,8bn cash generated from operations after working capital, tax & distributions supported• R9,8bn spent on acquisitions & investments to position businesses for medium term growth• Full benefits still to manifest

-746

-1303

-630

-703

-178

-2306

-3500 -2500 -1500 -500 500 1500 2500

Half-year ended December 31 2007

1777

-2322

-772

-691

-367

-2527

-3500 -2500 -1500 -500 500 1500 2500

Cash generated from ops

Working capital utilised

Net Finance charges

Taxation

Distributions

Cash effects of investment act’s

Cash effects of financing act’s

3179 2630


ResultsResults

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Net working capital flows vs cash generated - Rbn

1.40.9

-2.3

1.0

2.22.6

3.0

-1.2

-2.5

-1.1

3.2

2.21.8 2.0

-3

-2

-1

0

1

2

3

4Net working capital Cash generated by operations

►Upward trend in cash generated►Net working capital typically better in 2nd half

H1 2005 H2 2005 H1 2006 H2 2006 H1 2007 H2 2007 H1 2008

ResultsResults


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H1 2008 (Rm)

% ch H1 2007 (Rm)

Group working capital 2 527 +10 2 306

McCarthy working capital 931 +87 498

Group working capital excl. McCarthy 1 596 -13% 1 828

Working capital analysis

ResultsResults

►13% reduction in working capital, excl. McCarthy where “imposed” over-stocking occurred

►Additional new project working capital invested in Chinese vehicles and Value Centres will only start generating returns from H2 2008

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-69 -62 -74 -58 -66 -59

31 27 30 30 32 33

39 37 41 37 39 40

-60%

-40%

-20%

0%

20%

40%

60%

► Some changes in working capital cycle, evidenced through increased imports in a number of businesses, are reflected in stock days; very little creditor funding

► However, elements of the group are still strategically over-stocked and paying close attention to trading out of this position whilst protecting margin

► The quality of the debtors book is satisfactory; provisioning has increased ► Banking assets are up R200m (increased lending achieved) vs banking liabilities up R80m

Net Working Capital Days

ResultsResults

9-321 5 14

Debtors days

Stock days

Creditors days

F2005 H1 2006 F2006 H1 2007 F2007 H1 2008

Net days

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Gearing

H1 2005 F2005 H1 2006 F2006 H1 2007 F2007 H1 2008

► Interest cover of 5.5x; target of 5-6x► R3.6bn increase in debt from H2 2007:

• Acquisition R1bn• Net capex of R1,3bn• Net working capital of R2,5bn

ResultsResults

Target interest cover range

2.4

4.23.8

7.3

3.0

1.51.0

11.6 11.410.3

5.5

8.0

10.79.3

0

1

2

3

4

5

6

7

8

0

2

4

6

8

10

12

14Net interest-bearing debt (Rbn) Interest cover (x)

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OutlookOutlookBrian Joffe

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Bidfreight ► Further benefits from recent capex on higher volume utilisation► Demand for port-based services to continue► Increased capacity to yield further returns

Bidserv ► Benefits from contracts won in F2007► Security recovery to continue► Super licence to scale up BidAir► TMS

• Strong performance to continue• International expansion potential (petro-chemical industry expertise)

► Positive momentum expected to continue as outsourcing continues to grow

OutlookOutlook

Operational Prospects – 2nd half F2008

26


OutlookOutlook

Bidvest foodservice ► First full year contribution from Angliss► Continued strong performance from Australasia► Contract wins and geographic expansion will benefit Deli XL► Further benefits from UK wholesale restructure► Food inflation offers opportunity to make trading gains and improve

market position► Bidvest foodservice is a strong strategic investment:

• 3rd largest foodservice business in the world• The trend towards eating outside of the home continues• The ability to grow our international footprint to extend reach • Big opportunity for improved returns in the recently acquired businesses as

they begin to conform to Bidvest performance standards

27OutlookOutlook


Bid Industrial & Commercial Products ► Benefit from copper price increases and weaker Rand► Positive & negative effects of the electricity crisis:

• Voltex geared to distribute large-scale alternate power sources and power saving as well as participate in accelerating infrastructure spend, but

• Commercial & Industrial building activity, as well as mining activity, may be further dampened

► Weaker currency will assist Kolok► Improved earnings trend at Waltons set to continue, especially Gauteng

Bidpaper Plus► Laser and Mail, Electronic Products, and Labels and Packaging are

growing as traditional print products continue to contract ► Positioned to regain previously lost market share in stationery

production and distribution, but at lower margins

28

Bid Auto ► Positioned for somewhat improved performance in H2 2008:

• No further deterioration in new and used car volumes expected, but margins still being eroded

• Trading out of over-stocked position whilst protecting margin• Positive contribution from Viamax for the full year

Extract synergies with McCarthy Fleet Services, achieve scale► A fundamentally good business, selling strong brands – has paid for

itself almost 3x over since acquisition


OutlookOutlook

29OutlookOutlook

Group Prospects - H2 2008

Management initiatives►R10bn invested over last 3,5 years is bolstering competitive advantage

at an important time►Absolute profit growth targets have been stretched► 2nd half earnings are usually stronger

• Historically contribute +/-55%►Focus on working capital:

• Usually better in 2nd half; aggressive targets set►Credit squeeze has opened up a window of opportunity for corporates

with strong balance sheets seeking keenly priced deals

Management is therefore budgeting for a higher rate of earnings growth in H2 F2008 than H1 F2008

1 unaudited results for the six months ended december 31 2007

Documents

ch h1 2007h1

rms h1

ch revenue

profit revenue

commercial products

historic performance

strong performance

good performance