Our integrated report
This report has been developed to enable Bidvest stakeholders to make an informed assessment about our ability to create value over time.
To facilitate such an assessment: We introduce the Group, outlining who we are, where we operate, what we do, and how we create and sustain value; Provide a high-level strategic and governance overview, review our leadership team and governance and remuneration practices; Provide an operational summary of our performance and strategy; Identify the material matters that impact on value creation in terms of our operating environment, and the principal risks and opportunities facing the company; Reflect on our interaction with the six capitals that enable our business and our key stakeholder relationships and review our financial performance and plans in terms of our strategic focus areas and across our operations. This report covers the period from 1 July 2018 to 30 June 2019.
Our reporting process has been guided by the principles and requirements contained in the International Financial Reporting Standards (IFRS), the IIRC's International Framework, the GRI's Sustainability Reporting Standards, the King Code on Corporate Governance 2016 (King IV), the JSE Listings Requirements and the South African Companies Act, No 71 of 2008. We have derived the summarised financial statements in this report from the consolidated annual financial statements (AFS). The full set of AFS, as well as a suite of additional reports, are available online (at www.bidvest.co.za) or can be requested from our company secretary. This report provides information on all those matters that we believe could substantively affect value creation at Bidvest.
Integrated thinking is intrinsic to how we manage our business and to our internal strategy development and reporting practices. Our strategy has been developed to ensure that we manage the resources and relationships needed to create value over time. We use a combined assurance model to provide us with assurance obtained from management and from internal and external assurance providers. PricewaterhouseCoopers Inc. (PwC) audited our 2019 AFS and provided an unmodified opinion thereon. The extracts from the AFS in this Integrated Report are audited. Our audit and risk committees provide internal assurance to the board on an annual basis on the execution of the combined assurance plan. The Group's financial, operating, compliance and risk management controls are assessed by the Group's internal audit function, which is overseen by the audit and risk committees.
The board has applied its collective mind to the preparation and presentation of the information in this report, which has been guided by the IIRC's International Framework. The board believes that this report addresses all material issues and presents a balanced and fair account of the Group's performance for the reporting period, as well as an accurate reflection of our core strategic commitments.
On the recommendation of the audit and risk committees, the board approved the Bidvest AFS and the Bidvest Integrated Report on 18 October 2019.
Signed on the board's behalf:
18 October 2019
The seven divisions:
Office and Print
Throughout this report the following icons link to our strategic pillars:
Allocate capital to grow
Strong financial position
What we do
A leading business-to-business, services, trading and distribution group operating in the areas of consumer and industrial products, electrical products, financial services, freight management, office and print solutions, outsourced hard and soft services, travel and aviation services and automotive retailing. Listed on the JSE Limited and with its roots firmly established in South Africa, we consistently broaden our offering.
Bidvest operates a diversified, highly entrepreneurial model with teams that are empowered to grow their respective businesses. Transparency, excellence and innovation underpins all our business dealings.
How we do it
Our vision is to turn ordinary companies into extraordinary performers, delivering strong and consistent shareholder returns in the process, understanding that people create wealth, companies only report it.
Our strategic pillars
Maximise diverse portfolio
Allocate capital to grow
Maintain strong financial position