The financial statements have been prepared in accordance with International Financial Reporting Standards (IFRS).
Reclassification of expenses
To achieve consistent reporting throughout the Group, certain operations reconsidered their allocation of expenses within the various income statement categories. Prior year results have been restated to take account of these reclassification. This restatement has resulted in an increase in cost of revenue of R217,4 million, an increase in sales and distribution costs of R160,8 million and a decrease in administration expenses and other expenses of R6,7 million and R371,5 million respectively.
The consolidated results for the year have been audited by KPMG Inc and their unqualified audit report is available for inspection at the Company’s registered office.
The presentation to investors will be available on the Bidvest website from 14:00 on August 27 2007.
The Bidvest Group Limited
Incorporated in the Republic of South Africa (“Bidvest” or “the Group” or “the Company”)
Chairman: MC Ramaphosa
Independent non-executive: D Band, S Koseff, D Masson, JL Pamensky, NG Payne, Adv FDP Tlakula
Non-executive: LG Boyle*, AA Da Costa (alternate LJ Mokoena), MBN Dube, RM Kunene, T Slabbert
Executive: B Joffe (Chief Executive), FJ Barnes*, BL Berson**, MC Berzack, DE Cleasby, AW Dawe, LI Jacobs, P Nyman SG Pretorius, LP Ralphs, AC Salomon (*British **Australian)
Link Market Services South Africa (Pty) Limited,
11 Diagonal Street, Johannesburg, 2001 South Africa.
PO Box 4844, Johannesburg, 2000 South Africa.
Bidvest House, 18 Crescent Drive, Melrose Arch,
Melrose, Johannesburg, 2196 South Africa.
PO Box 87274, Houghton, Johannesburg, 2041 South Africa.