the bidvest business model
DESCRIPTION
The Bidvest Business Model. An operationally active investment holding company whose core competence is the. management of a balance of cash generative and growth businesses. Market-leading service, trading & distribution businesses. Implementation. Strategy. - PowerPoint PPT PresentationTRANSCRIPT
![Page 1: The Bidvest Business Model](https://reader035.vdocuments.mx/reader035/viewer/2022081418/56814d03550346895dba3019/html5/thumbnails/1.jpg)
1
The Bidvest Business Model
Market-leading service, trading & distribution businessesImplementation
► Businesses actively & successfully managed► Decentralised, focused business units► Market leaders in distribution channels:
• Critical mass for sourcing & funding• Reaching common customers • Tying the customer in
Strategy
► Own the cash flows ► Control distribution channels► A balance of mature & growth businesses► Funds allocated across asset base according to
proven return criteria► Vigorous capital management - cash used from
mature businesses to fund growth businesses and acquisitions
► Identifying acquisitive value
► A team of operationally strong, entrepreneurial owner-managers:• Financial disciplines (working capital, managing sustainable returns)• Corporate office frees up businesses to perform
► Financial integrity ► Proven ability to correct underperformance (incl .organic growth record from acquisitions)► Proven ability to create value in businesses
Management Focus
management of a balance of cash generative and growth businesses
An operationally active investment holding company whose core competence is the
![Page 2: The Bidvest Business Model](https://reader035.vdocuments.mx/reader035/viewer/2022081418/56814d03550346895dba3019/html5/thumbnails/2.jpg)
2
Unaudited Results
For six months ended December 31 2008
![Page 3: The Bidvest Business Model](https://reader035.vdocuments.mx/reader035/viewer/2022081418/56814d03550346895dba3019/html5/thumbnails/3.jpg)
3
Agenda
► Introduction
► Financial Results
► Group Outlook
► Appendices:• Appendix 1: Geographic and Segmental Revenue and Trading Profit
• Appendix 2: Divisional Results
• Appendix 3: Historic Performance
![Page 4: The Bidvest Business Model](https://reader035.vdocuments.mx/reader035/viewer/2022081418/56814d03550346895dba3019/html5/thumbnails/4.jpg)
4
Introduction
Brian Joffe
![Page 5: The Bidvest Business Model](https://reader035.vdocuments.mx/reader035/viewer/2022081418/56814d03550346895dba3019/html5/thumbnails/5.jpg)
5
Note: IFRS compliant
H1 F2009 results summaryIntroductionIntroduction
* HEPS, excluding non trading costs of R165m (40cps after tax) related to closure and re-organisation of operations
ROFE from 37.6% in H1 F2008 to 32.4% in H1 F2009
DPS 14% to 190cps
HEPS 9% to 454,0cps
Revenue 11% to R60,0bn
Trading profit 6% to R2,6bn
Headline earnings 10% to R1,4bn
EPS 9% to 530,4cps
Cash generated from operations 41% to R0,9bn
Normalised HEPS* 1% to 494,0cps
![Page 6: The Bidvest Business Model](https://reader035.vdocuments.mx/reader035/viewer/2022081418/56814d03550346895dba3019/html5/thumbnails/6.jpg)
► The world has changed, and changed forever; we are living in the new normal► Good people matter more than ever - Bidvest has them► Are we fearful of the economic upheaval? Not a bit► Do we see opportunity? You bet – the Group will continue to adapt ► What are our people inspired to do?
• Use their gumption• Be resourceful • Strengthen partnerships • Get back to brass tacks • Be good housekeepers - we haven’t got limitless cash• Be alert to the potential a world of uncertainty and difficulty offers
► Bidvest gains strength from its diversity and shall succeed – wherever in the world the Group trades
CEO’s opening conclusionIntroductionIntroduction
![Page 7: The Bidvest Business Model](https://reader035.vdocuments.mx/reader035/viewer/2022081418/56814d03550346895dba3019/html5/thumbnails/7.jpg)
7
Financial Results
David Cleasby
![Page 8: The Bidvest Business Model](https://reader035.vdocuments.mx/reader035/viewer/2022081418/56814d03550346895dba3019/html5/thumbnails/8.jpg)
8
H1 F2009 – FD’s perspectives
► Risk aversion prevalent ► Creditworthiness under scrutiny by lenders ► Favourable funding terms less easy to come by
• Overall costs not declining; increased credit spreads with decreasing base rates
► Bidvest has a fiduciary responsibility to stakeholders to husband its resources appropriately for the times
► Optimal funding structures will continue to be investigated► Cash will be conserved ► Working capital will be managed as effectively as we are able ► Internal controls stepped up as increased fraud & criminal activity prevalent
FinancialsFinancials
![Page 9: The Bidvest Business Model](https://reader035.vdocuments.mx/reader035/viewer/2022081418/56814d03550346895dba3019/html5/thumbnails/9.jpg)
9
Consolidated Income StatementFinancialsFinancials
► 11% organic growth► 8% growth excluding exchange rate translation ► 17% growth excl. McCarthy in both periods
Half-year ended Dec 31 2008Avg
R/£15.20Avg
R/£ 14.14
H1 2009 in constant currency
R/£ 14.14
Rm’s H1 2009 % ch H1 2008 H1 2009 % ch
Revenue 59 990,9 +11.3 53 884,5 57 974,0 +7.6
![Page 10: The Bidvest Business Model](https://reader035.vdocuments.mx/reader035/viewer/2022081418/56814d03550346895dba3019/html5/thumbnails/10.jpg)
10
Consolidated Income StatementFinancialsFinancials
Trading Margins H1 2009 H1 2008 Comment
Local 5.7% 6.0% Materially impacted by Bid Auto
Foreign 3.1% 2.8% Decline in 3663 offset by improvement in Bidvest Namibia
Group 4.4% 4.6%
NoteNote:: 1. All growth in Trading Profit is organic 2. Foreign businesses = 30% contribution to Trading Profit vs 27% in H1 2008
Half-year ended Dec 31 2008 AvgR/£15.20
AvgR/£ 14.14
H1 2009 in constant currency
R/£ 14.14
Rm’s H1 2009 % ch H1 2008 H1 2009 % ch
Revenue 59 990,9 +11.3 53 884,5 57 974,0 +7.6
Trading profit 2 614,7
+6.4 2 458,1 2 572,4 +4.7
![Page 11: The Bidvest Business Model](https://reader035.vdocuments.mx/reader035/viewer/2022081418/56814d03550346895dba3019/html5/thumbnails/11.jpg)
11
Consolidated Income StatementFinancialsFinancials
► Increase in finance expense due to increased funding rates, increased utilisation
► Foreign interest of R76,5m vs local interest of R486,4m ► Net debt offshore of R1,4bn vs local net debt of R6,5bn► Finance cost has peaked
• 2nd half:─ More internal working capital management & capex scale-
back─ H2 much better from a working capital perspective─ Falling interest rate environment
Half-year ended Dec 31 2008 AvgR/£15.20
AvgR/£ 14.14
H1 2009 in constant currency
R/£ 14.14
Rm’s H1 2009 % ch H1 2008 H1 2009 % ch
Revenue 59 990,9 +11.3 53 884,5 57 974,0 +7.6
Trading profit 2 614,7
+6.4 2 458,1 2 572,4 +4.7
Net finance expense (562,9) +26.4 (445,5) (557,4) +25.1
![Page 12: The Bidvest Business Model](https://reader035.vdocuments.mx/reader035/viewer/2022081418/56814d03550346895dba3019/html5/thumbnails/12.jpg)
12
Consolidated Income StatementFinancialsFinancials
Associates:
Tiger Auto (Sold for R212m with effect from Feb 2008)
Enviroserv (Sold for R569m with effect from Nov 2008)
Comair
Other Note: Note: Includes dividends received
Half-year ended Dec 31 2008 AvgR/£15.20
AvgR/£ 14.14
H1 2009 in constant currency
R/£ 14.14
Rm’s H1 2009 % ch H1 2008 H1 2009 % ch
Revenue 59 990,9 +11.3 53 884,5 57 974,0 +7.6
Trading profit 2 614,7
+6.4 2 458,1 2 572,4 +4.7
Net finance expense (562,9) +26.4 (445,5) (557,4) +25.1
Associate Income 29,3 -50.4 59,1 29,3 -50.4
![Page 13: The Bidvest Business Model](https://reader035.vdocuments.mx/reader035/viewer/2022081418/56814d03550346895dba3019/html5/thumbnails/13.jpg)
Effective tax rates
H1 2009 H1 2008 Comment
Local 25.9% 25.8% No material change
Offshore 27.2% 29.5% Reduction in UK rate by 2%
Group 26.5% 27.0% Sustainable rate of +/- 27%
13
Consolidated Income StatementFinancialsFinancials
Half-year ended Dec 31 2008 AvgR/£15.20
AvgR/£ 14.14
H1 2009 in constant currency
R/£ 14.14
Rm’s H1 2009 % ch H1 2008 H1 2009 % ch
Revenue 59 990,9 +11.3 53 884,5 57 974,0 +7.6
Trading profit 2 614,7
+6.4 2 458,1 2 572,4 +4.7
Net finance expense (562,9) +26.4 (445,5) (557,4) +25.1
Associate Income 29,3 -50.4 59,1 29,3 -50.4
Taxation (477,5) -9.2 (525,6) (469,4) -10.7
![Page 14: The Bidvest Business Model](https://reader035.vdocuments.mx/reader035/viewer/2022081418/56814d03550346895dba3019/html5/thumbnails/14.jpg)
14
Consolidated Income StatementFinancialsFinancials
H1 2009 H1 2008
Bidvest Namibia 29,7 -2,2
Other 23,9 21,8
Half-year ended Dec 31 2008 AvgR/£15.20
AvgR/£ 14.14
H1 2009 in constant currency
R/£ 14.14
Rm’s H1 2009 % ch H1 2008 H1 2009 % ch
Revenue 59 990,9 +11.3 53 884,5 57 974,0 +7.6
Trading profit 2 614,7
+6.4 2 458,1 2 572,4 +4.7
Net finance expense (562,9) +26.4 (445,5) (557,4) +25.1
Associate Income 29,3 -50.4 59,1 29,3 -50.4
Taxation (477,5) -9.2 (525,6) (469,4) -10.7
Minority interests (53,6) n/a (19,6) (53,7) n/a
![Page 15: The Bidvest Business Model](https://reader035.vdocuments.mx/reader035/viewer/2022081418/56814d03550346895dba3019/html5/thumbnails/15.jpg)
Half-year ended Dec 31 2008 AvgR/£15.20
AvgR/£ 14.14
H1 2009 in constant currency
R/£ 14.14
Rm’s H1 2009 % ch H1 2008 H1 2009 % ch
Revenue 59 990,9 +11.3 53 884,5 57 974,0 +7.6
Trading profit 2 614,7
+6.4 2 458,1 2 572,4 +4.7
Net finance expense (562,9) +26.4 (445,5) (557,4) +25.1
Associate Income 29,3 -50.4 59,1 29,3 -50.4
Taxation (477,5) -9.2 (525,6) (469,4) -10.7
Minority interests (53,6) n/a (19,6) (53,7) n/a
Headline earnings 1 364,3 -9.7 1 510,6 1 565,2 +5.815
Consolidated Income StatementFinancialsFinancials
Decisive remedial actions deliberately taken to put the Group in a stronger position at a time of uncertainty and worldwide economic recession:
► 3663 Barton Meat: perennial loss maker closed + other closures - £10,1m charge► Bid Auto: rationalisation of dealerships – R27m charge
![Page 16: The Bidvest Business Model](https://reader035.vdocuments.mx/reader035/viewer/2022081418/56814d03550346895dba3019/html5/thumbnails/16.jpg)
Half-year ended Dec 31 2008 AvgR/£15.20
AvgR/£ 14.14
H1 2009 in constant currency
R/£ 14.14
Rm’s H1 2009 % ch H1 2008 H1 2009 % ch
Revenue 59 990,9 +11.3 53 884,5 57 974,0 +7.6
Trading profit 2 614,7
+6.4 2 458,1 2 572,4 +4.7
Net finance expense (562,9) +26.4 (445,5) (557,4) +25.1
Associate Income 29,3 -50.4 59,1 29,3 -50.4
Taxation (477,5) -9.2 (525,6) (469,4) -10.7
Minority interests (53,6) n/a (19,6) (53,7) n/a
Headline earnings 1 364,3 -9.7 1 510,6 1 565,2 +5.8
HEPS (cps) 454,0 -8.9 498,1 454,1 -9.816
Consolidated Income StatementFinancialsFinancials
HEPS, excluding non trading costs of R165m (40cps after tax) related to closure and re-organisation of operations, would have been 1% down
![Page 17: The Bidvest Business Model](https://reader035.vdocuments.mx/reader035/viewer/2022081418/56814d03550346895dba3019/html5/thumbnails/17.jpg)
Half-year ended Dec 31 2008 AvgR/£15.20
AvgR/£ 14.14
H1 2009 in constant currency
R/£ 14.14
Rm’s H1 2009 % ch H1 2008 H1 2009 % ch
Revenue 59 990,9 +11.3 53 884,5 57 974,0 +7.6
Trading profit 2 614,7
+6.4 2 458,1 2 572,4 +4.7
Net finance expense (562,9) +26.4 (445,5) (557,4) +25.1
Associate Income 29,3 -50.4 59,1 29,3 -50.4
Taxation (477,5) -9.2 (525,6) (469,4) -10.7
Minority interests (53,6) n/a (19,6) (53,7) n/a
Headline earnings 1 594,1 +7.7 1 480,0 1 565,2 +5.8
HEPS (cps) 454,0 -8.9 498,1 454,1 -9.8
Diluted HEPS (cps) 450,3 -7.5 487,0 450,5 -8,517
Consolidated Income StatementFinancialsFinancials
302,9m vs 310,2m diluted weighted avg shares in issue
![Page 18: The Bidvest Business Model](https://reader035.vdocuments.mx/reader035/viewer/2022081418/56814d03550346895dba3019/html5/thumbnails/18.jpg)
18
Consolidated Income StatementFinancialsFinancials
Dividend cover of 2,4x
Half-year ended Dec 31 2008 AvgR/£15.20
AvgR/£ 14.14
H1 2009 in constant currency
R/£ 14.14
Rm’s H1 2009 % ch H1 2008 H1 2009 % ch
Revenue 59 990,9 +11.3 53 884,5 57 974,0 +7.6
Trading profit 2 614,7
+6.4 2 458,1 2 572,4 +4.7
Net finance expense (562,9) +26.4 (445,5) (557,4) +25.1
Associate Income 29,3 -50.4 59,1 29,3 -50.4
Taxation (477,5) -9.2 (525,6) (469,4) -10.7
Minority interests (53,6) n/a (19,6) (53,7) n/a
Headline earnings 1 594,1 +7.7 1 480,0 1 565,2 +5.8
HEPS (cps) 454,0 -8.9 498,1 454,1 -9.8
Diluted HEPS (cps) 450,3 -7.5 487,0 450,5 -8,5
Distribution (cps) 190,0 -13,6 220,0 190,0 -13.6
![Page 19: The Bidvest Business Model](https://reader035.vdocuments.mx/reader035/viewer/2022081418/56814d03550346895dba3019/html5/thumbnails/19.jpg)
19
Consolidated Cash Flow Statement – Rm’s
Cash generated from ops
Working capital utilised
Net Finance charges
Taxation
Distributions
Cash effects of investment act’s
Cash effects of financing act’s
Half-year ended Dec 31 2008
FinancialsFinancials
Half-year ended Dec 31 2007
►Investment activities:• No material acquisitions• Capex of R1,2bn is similar to H1 2008
►In the 4½ years to Dec 2008: •R9,8bn cash generated from operations after working capital, tax and distributions, supported the R12,5bn spent on acquisitions & investments of businesses for medium term growth•Full benefits still to manifest
![Page 20: The Bidvest Business Model](https://reader035.vdocuments.mx/reader035/viewer/2022081418/56814d03550346895dba3019/html5/thumbnails/20.jpg)
20
Debtors days
Stock days
Creditors days
H1 2007 F2007 H1 2008 F2008 H1 2009
59 17 9 Net days
FinancialsFinancials
16
Net Working Capital Days
Some improvement in working capital management:►Inventory - increased strategic buying & longer supply chain
►Debtors - quality of debtors book is sound, but increasing debtor delinquencies►Creditors - impact of importing stock with shorter credit lines
Half-year ended Dec 31 2008
![Page 21: The Bidvest Business Model](https://reader035.vdocuments.mx/reader035/viewer/2022081418/56814d03550346895dba3019/html5/thumbnails/21.jpg)
21
H1 2006 H2 2006 H1 2007 H2 2007 H1 2008 H2 2008 H1 2009
FinancialsFinancials
Net working capital flows vs cash generated
► Upward trend in half on half cash generated ► Working capital utilisation typically better in 2nd half
Half-year ended Dec 31 2008
![Page 22: The Bidvest Business Model](https://reader035.vdocuments.mx/reader035/viewer/2022081418/56814d03550346895dba3019/html5/thumbnails/22.jpg)
Target interest cover range
22
H1 2007 F2007 H1 2008 F2008 H1 2009
FinancialsFinancials
Gearing
► Clean EBITDA interest cover of 6.1x; Interest cover of 4.7x vs target of 5-6x ► Full year interest cover should be back within target range
Half-year ended Dec 31 2008
![Page 23: The Bidvest Business Model](https://reader035.vdocuments.mx/reader035/viewer/2022081418/56814d03550346895dba3019/html5/thumbnails/23.jpg)
23
Group Outlook
Brian Joffe
![Page 24: The Bidvest Business Model](https://reader035.vdocuments.mx/reader035/viewer/2022081418/56814d03550346895dba3019/html5/thumbnails/24.jpg)
► Business cycles are an age-old hardy perennial – this is a necessary corrective phase ► Bidvest remains entrepreneurial ► Management are really energised
► We know our businesses but we don’t pretend to know the future
► We manage for all eventualities, although the following unknowns could have a big effect:
• Interest rates
• Exchange rates
► Deflation will become an issue
► Operating conditions are still challenging
► Difficult times provide opportunity and Bidvest is alert to the potential this offers
CEO’s closing conclusion
Bidvest will, at best, maintain HEPS in F2009
Group OutlookGroup Outlook
![Page 25: The Bidvest Business Model](https://reader035.vdocuments.mx/reader035/viewer/2022081418/56814d03550346895dba3019/html5/thumbnails/25.jpg)
25
Group OutlookGroup Outlook
Joffe’s take on the businesses
Revenue (Rm) Trading Profit (Rm)
Bidfreight H1 2008 % ch. H1 F2009 H1 2008 % ch. H1 2009
Deterioration in trade volumes as half proceeded, Liquids and Bulk maintained
10 580,9 +1.4 10 729,3 330,9 +10.5 365,5
![Page 26: The Bidvest Business Model](https://reader035.vdocuments.mx/reader035/viewer/2022081418/56814d03550346895dba3019/html5/thumbnails/26.jpg)
26
Joffe’s take on the businesses
Bidfreight
Group OutlookGroup Outlook
![Page 27: The Bidvest Business Model](https://reader035.vdocuments.mx/reader035/viewer/2022081418/56814d03550346895dba3019/html5/thumbnails/27.jpg)
27
Group OutlookGroup Outlook
Joffe’s take on the businesses
Revenue (Rm) Trading Profit (Rm)
Bidserv H1 2008 % ch. H1 F2009 H1 2008 % ch. H1 2009
Competitive advantages and scale assist as market turns down, Bank and Industrial exceptional
2 955,0 +23.3 3 644,7 384,8 +27.2 489,4
![Page 28: The Bidvest Business Model](https://reader035.vdocuments.mx/reader035/viewer/2022081418/56814d03550346895dba3019/html5/thumbnails/28.jpg)
28
Bidfreight
Bidserv
Group OutlookGroup Outlook
Joffe’s take on the businesses
![Page 29: The Bidvest Business Model](https://reader035.vdocuments.mx/reader035/viewer/2022081418/56814d03550346895dba3019/html5/thumbnails/29.jpg)
29
Group OutlookGroup Outlook
Joffe’s take on the businesses
Revenue (Rm) Trading Profit (Rm)
Bidvest Europe H1 2008 % ch. H1 2009 H1 2008 % ch. H 12009
3663 profits - 25% in £, cost control strong, major focus on margins; Deli XL Netherlands profits up 16% in € and Belgium up 79% in €; Horeca margin 3.2%
16 007,1 +20.8 19 329,9 410,4 -3.4 396,3
![Page 30: The Bidvest Business Model](https://reader035.vdocuments.mx/reader035/viewer/2022081418/56814d03550346895dba3019/html5/thumbnails/30.jpg)
30
Group OutlookGroup Outlook
Joffe’s take on the businesses
Bidfreight
Bidserv
Bidvest Europe
![Page 31: The Bidvest Business Model](https://reader035.vdocuments.mx/reader035/viewer/2022081418/56814d03550346895dba3019/html5/thumbnails/31.jpg)
31
Group OutlookGroup Outlook
Joffe’s take on the businesses
Revenue (Rm) Trading Profit (Rm)
Bidvest Asia Pacific H1 2008 % ch. H1 2009 H1 2008 % ch. H 12009
Stress in all markets but staff highly motivated to achieve, Australia up 15%, New Zealand up 12% in spite of four consecutive quarters of GDP decline, Singapore down on overstocked market
6 575,2 +33.7 8 790,2 251,3 +13.7 285,7
![Page 32: The Bidvest Business Model](https://reader035.vdocuments.mx/reader035/viewer/2022081418/56814d03550346895dba3019/html5/thumbnails/32.jpg)
32
Group OutlookGroup Outlook
Joffe’s take on the businesses
Bidfreight
Bidserv
Bidvest Europe
Bidvest Asia Pacific
![Page 33: The Bidvest Business Model](https://reader035.vdocuments.mx/reader035/viewer/2022081418/56814d03550346895dba3019/html5/thumbnails/33.jpg)
33
Group OutlookGroup Outlook
Joffe’s take on the businesses
Revenue (Rm) Trading Profit (Rm)
Bidfood H1 2008 % ch. H1 2009 H1 2008 % ch. H1 2009
Caterplus tackles a weak market aggressively, highly disciplined working capital management, profits up 16%; Speciality profit up 10%, higher income consumers cutting back sharply; Bidfood Ingredients traded well with profit up 18%, deflationary tendencies evident
2 195,3 +20.7 2 650,8 186,1 +16.9 217,6
![Page 34: The Bidvest Business Model](https://reader035.vdocuments.mx/reader035/viewer/2022081418/56814d03550346895dba3019/html5/thumbnails/34.jpg)
34
Group OutlookGroup Outlook
Joffe’s take on the businesses
Bidfreight
Bidserv
Bidvest Europe
Bidvest Asia Pacific
Bidfood
![Page 35: The Bidvest Business Model](https://reader035.vdocuments.mx/reader035/viewer/2022081418/56814d03550346895dba3019/html5/thumbnails/35.jpg)
35
Group OutlookGroup Outlook
Joffe’s take on the businesses
Revenue (Rm) Trading Profit (Rm)
Bid Industrial and Commercial
H1 2008 % ch. H1 2009 H1 2008 % ch. H 12009
Voltex down 5%, sharply weaker copper price; Waltons, Kolok, Afcom, Buffalo, and Vulcan showed good growth; Furniture notably weak
4 594,1 +8.2 4 969,1 329,5 -1.4 324,9
![Page 36: The Bidvest Business Model](https://reader035.vdocuments.mx/reader035/viewer/2022081418/56814d03550346895dba3019/html5/thumbnails/36.jpg)
36
Group OutlookGroup Outlook
Joffe’s take on the businesses
Bidfreight
Bidserv
Bidvest Europe
Bidvest Asia Pacific
Bidfood
Bid Industrial and Commercial
![Page 37: The Bidvest Business Model](https://reader035.vdocuments.mx/reader035/viewer/2022081418/56814d03550346895dba3019/html5/thumbnails/37.jpg)
37
Group OutlookGroup Outlook
Joffe’s take on the businesses
Revenue (Rm) Trading Profit (Rm)
Bidpaper Plus H1 2008 % ch. H1 2009 H1 2008 % ch. H 12009
Strong results from Silveray and Labels, selected gains in market share, cost pressure, pricing sensitivity as markets weaken, vigorous asset management
1 020,4 +14.4 1 167,6 126,6 +2.9 130,3
![Page 38: The Bidvest Business Model](https://reader035.vdocuments.mx/reader035/viewer/2022081418/56814d03550346895dba3019/html5/thumbnails/38.jpg)
38
Group OutlookGroup Outlook
Joffe’s take on the businesses
Bidfreight
Bidserv
Bidvest Europe
Bidvest Asia Pacific
Bidfood
Bid Industrial and Commercial
Bidpaper Plus
![Page 39: The Bidvest Business Model](https://reader035.vdocuments.mx/reader035/viewer/2022081418/56814d03550346895dba3019/html5/thumbnails/39.jpg)
39
Group OutlookGroup Outlook
Joffe’s take on the businesses
Revenue (Rm) Trading Profit (Rm)
Bid Auto H1 2008 % ch. H1 2009 H1 2008 % ch. H1 2009
Motor retail profits down 92%; import & distribution declined sharply but limited by previous diversification; new car sales down 24%, used up 12%; 7 Value Centres and 16 Value Serve outlets rationalised; working capital prioritised, cash retained
9 989,5 -11.7 8 822,5 353,6 -39.4 214,4
![Page 40: The Bidvest Business Model](https://reader035.vdocuments.mx/reader035/viewer/2022081418/56814d03550346895dba3019/html5/thumbnails/40.jpg)
40
Group OutlookGroup Outlook
Joffe’s take on the businesses
Bidfreight
Bidserv
Bidvest Europe
Bidvest Asia Pacific
Bidfood
Bid Industrial and Commercial
Bidpaper Plus
Bid Auto
![Page 41: The Bidvest Business Model](https://reader035.vdocuments.mx/reader035/viewer/2022081418/56814d03550346895dba3019/html5/thumbnails/41.jpg)
41