Audited Results For the twelve months ended June 30 2005

Audited Results

For the twelve months endedJune 30 2005

Agenda

Introduction Financial Results Divisional Results Group Matters Outlook

Introduction

* H1 includes first time contributions from McCarthy and acquired minorities, whereas H2 2005 is materially comparable to H2 2004

Results Summary

Revenue +22,5% to R62,8bn

Trading income +24,4% to R 3,2bn

Headline earnings +27,1% to R 2,1bn

HEPS +26,2% to 686,6cps

(+29% in H1*; + 23% in H2*)

DPS +22,3% to 306,0cps

ROFE 51% in 2004 vs 55% in 2005Note: F2005 accounts not prepared i.t.o. IFRS

Financial Results

R000’s H1 2005 H2 2005 Total 2005

Revenue 31 447 147 31 364 629 62 811 776

Trading income (margin)

1 485 552 (4,7%)

1 679 094 (5,4%)

3 164 646 (5,0%)

Net finance expense (127 374) (150 306) 277 680

Associate Income 6 573 21 855 28 428

Taxation (392 890) (429 619) (822 509)

Minority interests (3 482) (7 693) (11 175)

Headline earnings 968 137 1 110 223 2 078 360

HEPS (cents) 319,5 367,1 686,6

DPS (cents) 133,8 172,2 306,0

Consolidated Income Statement

Year ended June 30 2005

Segmental Performance

Segment Trading Income Performance

H1 2005 H2 2005

Bidfreight SA +7% +25%

Bidcorp R25m turnaround R14m turnaround

Bidserv +49% +34%

Renfin -9% -23%

International Foodservices +12% +21%

Caterplus +11% +11%

Combined Foods +21% -4%

Bidoffice – Office Products -3% +13%

Bidoffice – Printing & Paper Conversion* -19% +16%

Bid Industrial +25% +14%

McCarthy n/a +21%

* Lithotech France: R15,0m loss in H1 vs R4,5m profit in H2


Foreign businesses

35% (R22,1bn) vs 41% (R21,1bn) in 2004 (impact of McCarthy)

Local businesses

Like-for-like revenue growth of 8,6% excluding McCarthy

Year ended June 30 2005 2005 in constant currency:

Avg R/£ 11.94

Actual: Avg

R/£ 11.53

Actual: Avg

R/£ 11.94

Rm’s 2005% ch vs

2004 2004 2005

% ch vs 2004

Revenue 62 811,8 +22,5 51 262,2 63 603,9 +24,1



Avg R/£ 11.94

Actual: Avg

R/£ 11.53

Actual: Avg

R/£ 11.94

Rm’s 2005% ch vs

2004 2004 2005

% ch vs 2004

Revenue 62 811,8 +22,5 51 262,2 63 603,9 +24,1


3 164,6

(5,0%)

+24,4 2 544,1 (5,0%)

3 188,9 +25,3

20042005Trading margins

5,0%5,0%Group

Return to profitability at Bidcorp; Strong performance from offshore Foodservice

2,9%3,3%*Offshore

Excluding McCarthy, group margin improves from 5,1% to 5,4%

6,1%5,8%Local

NOTES: 1) Offshore margins include a R10,5m (R16,9m) loss from Lithotech France

2) Foreign businesses = 23% (R726,1m) contribution to Trading Income vs 24% (R611,4m) in 2004

Excluding McCarthy, 10% increase in H1 trading income and 15% for full year

* Offshore margins include a R21.8m loss from Bidcorp plc and a R17.0m loss from Lithotech France

Bidvest plc margins 3.1% in 2004 vs 2.9% in 2003

2.7%Offshore

Trading Margins



Avg R/£ 11.94

Actual: Avg

R/£ 11.53

Actual: Avg

R/£ 11.94

Rm’s 2005% ch vs

2004 2004 2005

% ch vs 2004

Revenue 62 811,8 +22,5 51 262,2 63 603,9 +24,1


3 164,6

(5,0%)

+24,4 2 544,1 (5,0%)

3 188,9 +25,3

Capital Items (17,2) -57,2 (40,2) (17,2) n/c

Rm’s 2005% ch vs

2004 2004 2005

% ch vs 2004

Revenue 62 811,8 +22,5 51 262,2 63 603,9 +24,1


3 164,6

(5,0%)

+24,4 2 544,1 (5,0%)

3 188,9 +25,3

Net finance expense (277,7) +64,4 (168,9) (280,1) +65,8

Net interest:

R0,29bn net debt offshore; R0,75bn net debt in SA

R2,6bn debt for McCarthy & offshore minority acquisitions added +/-R200m to interest bill, but more than offset at earnings line

Interest cover = 11x (15x in F2004)



Avg R/£ 11.94

Actual: Avg

R/£ 11.53

Actual: Avg

R/£ 11.94



Avg R/£ 11.94

Actual: Avg

R/£ 11.53

Actual: Avg

R/£ 11.94

Rm’s 2005% ch vs

2004 2004 2005

% ch vs 2004

Revenue 62 811,8 +22,5 51 262,2 63 603,9 +24,1


3 164,6

(5,0%)

+24,4 2 544,1 (5,0%)

3 188,9 +25,3


Associate Income 28,4 +19,2 23,8 28,4 0,0



Avg R/£ 11.94

Actual: Avg

R/£ 11.53

Actual: Avg

R/£ 11.94

Rm’s 2005% ch vs

2004 2004 2005

% ch vs 2004

Revenue 62 811,8 +22,5 51 262,2 63 603,9 +24,1


3 164,6

(5,0%)

+24,4 2 544,1 (5,0%)

3 188,9 +25,3



Taxation (822,5) +21,9 (674,6) (820,9) +22,0

STC (10,3) (13,6)

28,9%28,4%Group

Decline due to tax relief as a consequence of minority acquisitions of Bidvest plc and Bidcorp plc as well as reduced losses

31,5%28,9%Offshore

28,1%28,2%Local

*Excl. STC

2004 2005Effective Tax Rates*

Deferred tax asset write-back offsets 1% decrease in corporate tax rates



Avg R/£ 11.94

Actual: Avg

R/£ 11.53

Actual: Avg

R/£ 11.94

Rm’s 2005% ch vs

2004 2004 2005

% ch vs 2004

Revenue 62 811,8 +22,5 51 262,2 63 603,9 +24,1


3 164,6

(5,0%)

+24,4 2 544,1 (5,0%)

3 188,9 +25,3



Taxation (822,5) +21,9 (674,6) (820,9) +22,0

Minority interests (11,2) -85,0 (74,8) (12,0) -84,7

Rm’s 2005% ch vs

2004 2004 2005

% ch vs 2004

Revenue 62 811,8 +22,5 51 262,2 63 603,9 +24,1


3 164,6

(5,0%)

+24,4 2 544,1 (5,0%)

3 188,9 +25,3



Taxation (822,5) +21,9 (674,6) (820,9) +22,0

Minority interests (11,2) -85,0 (74,8) (12,0) -84,7

Headline earnings 2 078,4 +27,1 1 635,4 2 095,2 +28,1,

HEPS (cents) 686,6 +26,2 544,0 692,2 +27,2

Diluted HEPS (cents) 664,2 +24,1 535,3 669,5 +25,1

DPS (cents) 306,0 +22,3 250,2 306,0 +22,3



Avg R/£ 11.94

Actual: Avg

R/£ 11.53

Actual: Avg

R/£ 11.94Earnings Total foreign headline earnings = 22,7% of Group (21,3% in

F2004)

Dividend

16% enhancement in DPS due to Dinatla transaction

Dividend policy = +/- 2x

Rm’s 2005 2004

Assets

Non-current assets 8 159,8 6 478,9

Current assets 12 735,2 11 542,4

Total assets 20 895,0 18 021,4

Equity & Liabilities

Capital & reserves 7 564,4 6368,4

Non-current liabilities 1 765,5 1 242,8

Current liabilities 11 565,1 10 410,2

Total equity & Liabilities 20 895,0 18 021,4

Year ended June 30

Consolidated Balance Sheet

4 8

No

. of

Day

s 34

30 28

5464

38

2005 2004

StockDebtorsCreditors

Note: Seasonality always affects H1

Net Debt Position (Rm’s) 2005 2004

Liquid funds 1 707,9 2 305,2

Long term interest-bearing liabilities

(1 471,6) (923,1)

Short term interest-bearing liabilities

(1 275,3) (2 112,7)

Net (debt)/cash (1 039,2) (730,6)

Net debt : equity 14% 12%

Net debt : funds employed 17% 14%

Consolidated Balance Sheet

Year ended June 30

Net debt up to R2,1bn on payment for Deli XL bringing net debt : funds employed from October 2005 to 35%, Delix XL pre-funded by issue of 18m (R1bn) Dinatla options Deli XL debt is at competitive pre-tax funding rate of 2,5%

McCarthy floor plan lease creditors R616m - short term debt of R382m & interest free accounts payable of R234m

Rm’s 2005 2004

Cash flow from operating activities 2 200,5 2 294,5

Cash effect of investment activities (2 052,3) (3 136,5)

Cash effects of financing activities (797,7) 818,2

Net cash and cash equivalents 1 497,7 2 101,0

Consolidated Cash Flow Statement

Positive working capital swing in H2:R200m in cash retained from working capital for the year

R1,1bn applied to share buybacks over 3 years (avg. price 4959cps)

R525m spent on acquisition of Tiger Wheels & Bidcorp plc minorities

R1,2 bn Capex (R588m expansion & R612m replacement)

Divisional Results

Services – Bidfreight Lasting leases

Renegotiation & signing of port leases secures tenure for extended periods

Higher imports benefit Safcor Panalpina

Terminals:

23% drop in BMA volumes as rand and high Spoornet charges deter coal exports

Wheat & soya imports boost SABT

IVS, largest contributor, held profits steady

Good growth at RDS from specialised services

Trade volumes good for SACD

BPO down on lower exports; Naval poor

Strong recovery at Ships Agency

Small profits at Manica despite regional instability

-50

50

150

250

350

450

550

2004 2005 6000

7000

8000

9000

10000

11000

12000

13000

14000

15000

16000

Trading income Revenue

…% Trading margin

3.6%3.4%

Rm RevenueRm Trading Income

+16%

Services - Bidfreight

Current contr. to Group Trading Income

15%

NPA leases renegotiated – rental increases set against security of tenure over an extensive period

NPA negotiations to handle wider range of product (BMA)

PPP opportunities with NPA & Transnet slow to materialise

Confidence to proceed with capex – R1bn budgeted for Terminals over three years

Safcor Panalpina air import dominance to be complemented by planned focus on sea freight

Marine emphasis on new principals in Liner and strategic alliances in Non-Liner

Strategic imperatives & prospects

Services – Bidcorp Ships ahoy!

-25

-20

-15

-10

-5

0

5

10

15

1H04 2H04 1H05 2H05

580

600

620

640

660

680

700

720

740

760

780


…% Trading margin

1.7%

Rm Trading Income Rm Revenue

0.8%

Shipping achieved small profit

Dunkirk route closed, business right-sized, 2 ships sold (capital items)

Automotive in a cut-throat arena

Rescue & Recovery and Specialised Transport profitable

£1.5m loss from Volume Distribution (UK & France); divesting of unprofitable contracts; potential bankruptcy of competitors

Services – Bidcorp


0.5%

Intrinsic net asset value well exceeds book value (ships & property)

Shipping strategy and prospects: Zeebrugge/Dartford route performing well Fuel prices a negative New materials handling equipment enhances efficiencies

Automotive strategy and prospect: Management committed to restoring profitability in Volume in F2006 Strategic rationale of staying in industry under review

Property & Outsource strategy and prospects: Dartford property plans linked to shipping relocation

Car parking business reliant on Westminster City Council contract March 2006 – one of two bidders


Services – BidservAcquisitive achievements

41% growth in trading income (23% organic, 18% acquisitive)

Strong results from profit mainstays Cleaning and Hygiene

Laundry leadership position & profitability enhanced by timely capex

Security more than doubles profits: management actions in Guarding outperformance of IPS in its first full

year doubling of profits in Electronics

BidAviation flies thanks to EAS

Sharp profit increase at Industrial & Janitorial as G Fox acquisition kicks in

100120140160180200220240260280300

2004 2005

500

1000

1500

2000

2500

3000


…% Trading margin

10.0%9.5%


+41%


Services - Bidserv

9%

New Top Turf golf course construction unit – promising potential

Laundry world-class plant capability to underpin organic growth

Security, third largest profit contributorGuarding on a firmer management and technology footingIPS positioned to deepen presence in banking market

Intended Fedex merger with Supaswift (36% BVT stake) creates combined entity with branded domestic courier capability

Annuity income reinforced by F2005 initiatives

Bolt-on and complementary opportunities continually sought


Services – Renfin Zero is the new hero

0

50

100

150

2004 2005

250

300

350

400

450

500

550

600

650

700


…% Trading margin

15.7%

19.4%

Rm Trading Income Rm RevenueTravel trading income (-27%)Zero commission 1 May 2005 for

SAA, other carriers phasing inDust yet to settle - yields have

improved but knee jerk price cutting and direct bookings are initial consequences

Milestone – travel now profitable pre-overrides, which fell 34%

Banking trading income (+22%)Low exchange rate volatility kept

dealing margins on par with F2004Crime hammers insurance costs

-15%


Services - Renfin

3%

Rennies a strong advocate of zero commission - positioning to take advantage of “fee for service” model

Industry turmoil will create opportunities for consolidation

Focus on collections, risk management, elimination of duplication

Budgeting for recovery through F2006 in Travel

Bank to retain focus on growing value add products such as cards, corporate FX and trade services


Foodservice Products – International (UK)Britannia way cool

100150200250300350400450500550600

2004 2005

3000

5000

7000

9000

11000

13000

15000

17000


…% Trading margin

3.6%3.2%

Rm Trading Income Rm RevenueProfits up 14% to £45.7m; record 3.6% margin despite moderating GDP growth and tougher trading

Multi-temp: scale economies, cost control

FFC: gross margins up sharply

Swithenbank losses almost eliminated; benefits of MOD contract

CD: strong result, with benefits from KFC effective March; cost pressures from fuel and driver wages

MOD: ahead of budget but down on F2004 due to downscaling of activity in Kuwait

Barton Meat loss increases to £2,1m

Ongoing depot infrastructure programme

+16%

…% Trading margin

50

70

90

110

130

150

170

2004 2005

2500

3000

3500

4000

4500

5000

5500

6000

6500


2.9%2.7%


Foodservice Products – International (Australasia)

a sweet song from down under

AUSTRALIA:

Trading income up 16% to A$26.5m; up 21% after disposal of Alice Springs

Organic foodservice revenue growth 9.5%

Melbourne delivering but losses in Sydney

Hospitality Supply rollout on track

QSR (started October ’03) into profit

New Zealand

Trading income up 75% to NZ$ 10.3m

Organic revenue growth 24%, acquisitions 5%

Small acquisitions in fresh and seafoods

Crean housebrand; e-commerce 10% of sales and growing

+20%


Foodservice Products - International

22%

Proforma contr. to Group Trading Income including Deli XL = 24%)

3663

Terrorist threat to UK

Improved volumes ameliorate cost pressures

KFC £150m p.a; contract extension with Compass to 2011

Substantial improvement in Barton Meat budgeted

Australia

Opportunities to expand into WA (Perth)

Improved performance in Sydney, fresh management

Independent research – foodservice development lags USA by 20 years – Bidvest +/- 15% market share, huge growth feasible

Crean (New Zealand)

Range extensions and geographic spread


020406080

100120140160180200

2004 2005

3005007009001100130015001700190021002300


…% Trading margin

8.7%8.7%


Foodservice Products – Caterplus (SA):

11% revenue growth

Strong consumer spending not translating into margin

Catering Supplies: Improved H2

Frozen 14% down: Contract logistics shed; successes in street trade

3663 multi-temp business: internal focus on integration slows progress

Acquisition of Lufil Packaging

Vulcan-Caars up 33%; slower exports H2

+11%

Slender

Foodservice Products – Caterplus (SA)


6%

Adaptation to deflation largely achieved

Emergent middle class – increasing leisure spend

Continued adaptation of focus:Frozen move to more independent businessLeverage benefits of multi temperature concept (3663)New management with new focus

Benefits of new contracts (i.e. Compass), expanded product range (Lufil) and customer branded food expansions (Vulcan) to be felt in 2006


Foodservice Products – Combined Foods (SA)

40

50

60

70

80

90

100

110

120

130

2004 2005

100

300

500

700

900

1100

1300


…% Trading margin

12.3%12.6%

Rm Trading Income Rm RevenuePricing pressure due to strong Rand, i.e. yeast imports

Crown trading income up 25%, despite deflation and export sales 26% down

Spice ingredient volumes 23% up

Continental Spice / Tari product ranges positively impact results

IBI-Trimark & Conti Spice strengthen bakery & spice offering

Bidbake H2 results disappoint

Crown/Bidbake synergies yet to materialise

Kneading some dough

+8%

Foodservice Products – Combined Foods (SA)


4%

Bidbake: New facility to open up efficiency opportunitiesYeast strategy to be finalisedInternal focus on extracting synergies and efficiencies Leverage customers over scope of product range

Crown well positioned to continue growth


Bidoffice - Office Products

100

120

140

160

180

200

220

240

260

280

2004 2005

900

1400

1900

2400

2900

3400

3900


…% Trading margin

8.0%9.1%


Mighty Minolco

+5%

38% profit increase at Automation Minolco: securing annuity income

streams & new contracts

Pressure from deflation in Stationery; undercutting by competitors

Stationery: Waltons sales up 5% and profits flat;

Southern Gauteng underperformance being closely monitored, Northern Gauteng trading well

Kolok maintains market share, unit volumes up 23% profits down 21%

Office furniture: flat overall

Bidoffice - Office Products

9%


Stationery and related improving mix & margin though complementary promotional gifts and computer peripherals

Improvement in Waltons Southern Gauteng

New site for Kolok to capitalise on anticipated growth

Minolta large contract wins in a strong trading environment


Bidoffice - Printing & Paper Conversion

10

30

50

70

90

110

130

150

170

190

2004 2005

100

600

1100

1600

2100

2600


…% Trading margin

8.9%7.6%


-4%

Lithotech France returns to profitability:

F2004: -R16,9m

H1 2005: -R15,0m

H2 2005: + R4,5m

Capacity mismatch successfully addressed, but requires intense focus

Lithotech SA moving up the value chain to offset ex-growth products (R40m capex in F2004 supports growth)

Statmark satisfactory

Silveray down 35% - margins sacrificed to maintain market share; reorganisation

Sacré bleu

Bidoffice - Printing & Paper Conversion

5%


Lithotech SA Dynamic business model adapts to changing technologies and

customer preferences Investment in labels to grow market share Laser, mailing and electronic bill presentment enjoy significant

successRefocused Silveray to deliver better F2006 resultsLithotech France

Capacity cut-backs through plants closures in France & UK underscore the expected turnaround


Bid Industrial ProductsLuminary

50

100

150

200

250

300

2004 2005

500

1000

1500

2000

2500

3000

3500


…% Trading margin

8.0%7.7%


+18%

Voltex 24% increase in trading income on a 15%

rise in sales; margin 6,7% (6,3%)

Stock building for strategic reasons

Energy efficient luminaries for Eskom a positive impact

Afcom Trading income up 10%; 3% rise in sales

Deflation, import penetration

Maintaining flexibility by selectively importing whilst maintaining manufacturing capability

Buffalo Executape Trading income up 14%; 13% rise in sales

Bid Industrial Products

8%


Significant new contracts for electrical wholesale

Operational objectives on track

“Building automation” gathers momentum

Eskom Demand Side Management in tandem with national energy saving programme a plus

Infrastructure pipeline substantial

Packaging Closures businesses optimistic

Focus on the commercial market


Automotive - McCarthy

…% Trading margin


50

100

150

200

250

300

1H04 2H04 1H05 2H05

500

1500

2500

3500

4500

5500

6500

7500


3.9%

3.4%

3.7%

3.3%

14% rise in revenue to R13.6bn, profits up 22% to R500m on like for like basis

Slight easing in dealership profits countered by stellar Yamaha and Financial Services result

Automotive dealerships: 19% growth in new units to 41 556 Flat used market of 31 047 unitsNew vehicle price standstill (added value

without cost) & deflation in usedMargin pressure in new and used

Strong consumer economy benefits Yamaha – full range

McCarthy/WesBank JV book R3.7bn

GAZ taxi partnership with SANTACO

Awesome automotive

Automotive - McCarthy

16%


Socio-economic factors favour strongest automotive market in 25 years Possibility of market doubling over 5 years Mood of confidence; nominal interest rates at a quarter century low;

increased affordability Previously disadvantaged individuals now commanding a 25% (and growing)

share of new vehicle sales, often bypassing used market Vehicle ownership ratios in SA low – in line with world average

Group Initiatives: Mega dealerships for new cars & Renault marque added “McCarthy Pre-owned” – 12 outlets, extra 8 planned; strategic priority Budget strongly positioned – new van rental Yamaha – full range offering GAZ taxi market potential promising Re-launched McCarthy Fleet Services Bidvest group synergies already unfolding


Corporate Services

10

20

30

40

50

60

70

80

2004 2005

Trading income

Rm Trading Income

2%


-3%BNS a loss of R6m – conditional sale

Leases with fixed determinable escalation clauses now expensed on a straight line basis thru Investment & Other Income line

mymarket.com annual transaction R6bn; breakeven on a cash basis

Property rental income up 10%

Quality catches but Namsov profits sharply down on strong currency and fuel prices

Group Matters

BEE update

Bidvest share price increase assists funding prospects

Relationship with Dinatla continues to develop and evolve

Negation of dilution from 18m options issued at the time of the Dinatla deal through share repurchases

Group capital will increase by R1bn in December 2006 due to issue of 18m shares, i.e. Deli XL acquisition pre-funded through share repurchases

Ongoing process of refocusing:

Board restructuring

Succession planning at Bidoffice

IFRS impacts – unlikely to be material (see appendix 1)

Acquisitions:

Tiger Wheels

Deli XL

Group Matters

Acquisition of Deli XL

Deli XL fits Bidvest’s stated model of:

Market-leadership within a new geographic distribution channel

Extracting synergies between businesses

Purchase price:

Є140m (R1,1bn) in debt, including Є57m (R450m) in goodwill

Tangible NAV reduced by +/- R450m, but total NAV rises by an annualised +/- R25m retained income

Extremely cost effective funding at 0,50% over Eurobor (1,75% post-tax)

Historic PE of 17x (EBITDA of 7,2x) paid for for an underperforming business can reduce sharply to around a 6-7 PE in the medium term due to:

Bidvest assuming only current employees social obligations

Procurement improvements quickly reflected in margins

Likely to impact for 9 months of F2006

Earnings accretive in F2006 after funding costs

Rationale for the acquisition:

Objective: to internationalise Bidvest’s foodservice interests

Deli XL delivers:

Geographic diversification into Continental Europe

Market shares :

13% of overall Dutch market segment but 46% of Institutional segment

4% of overall Belgium market but 10% of Institutional & Catering segment

Good basis for organic and acquisitive European expansion

Access to volume (extra 34 000 customers)

Deli XL background:

Є819m turnover, but trading margins currently less than 1%

Sub-optimal business structure

Benefits of recent restructuring available to Bidvest


Deli XL turnaround strategy (improve margins from 1% to 2-3% in 3 years):

Optimisation of existing state-of-the-art infrastructure

Renegotiation of unprofitable contracts; optimisation of client mix

Rationalisation & optimisation of product range

Implementation of Bidvest philosophy – support, expectations & accountability

Benefits of focused purchasing to both Deli XL and 3663


3663 OPERATING PERFORMANCE SINCE ACQUISITION

8.0

16.120.0

25.431.9

39.845.7

0.8%

1.7%

2.3% 2.5%2.9%

3.3% 3.5%

0

10

20

30

40

50

60

1999 2000 2001 2002 2003 2004 2005Year to June

0.0

0.0

0.0

0.0

0.0

0.1

0.1

Operating profit (£m) Operating margin (%)

Outlook

Key growth drivers

Internationally:

Increased efficiencies, market share gains, product expansion and profit-enhancing new territories in International Foodservice

South Africa:

Freight services aligned with trade growth ahead of GDP

Continuation of trend to outsourcing

Cost base adapting to prevailing low inflation environment

SA Foodservice market far from exhausted – e.g. 3663 initiative

Upswing in infrastructure spend + sporting & tourism events

New vehicle market could double in 5 years

Exposure to emergent consumers

MANAGEMENT IS BUDGETING FOR REAL MANAGEMENT IS BUDGETING FOR REAL HEPS GROWTH IN F2006HEPS GROWTH IN F2006

Our job is to manage our businesses for above-average growth; we’re leaving the detailed financial forecasts to the analysts

Prospects for F2006

Positive impact of Deli XL

Benefits derived from recent capex

Reduction in deflationary price pressure

Correction of underperformers

Ample capacity for further gearing

Documents

Audited Results For the twelve months ended June 30 2005