Bidvest Annual Financial Results Released
Bidvest Namibia had a disappointing year in all its trading segments. Its Fishing division continued facing severe
adverse external market factors and environmental conditions, as well as a shortage of own quota allocations. All the
other divisions experienced pressure on revenue due to the recession in Namibia.

The Fishing division continued to be challenged by negative factors and additional legislative levies. Average hard
currency prices decreased by 7,5%, which was influenced by smaller fish sizes and a drop in actual prices, while the
exchange rate also had a 6,5% negative impact on revenue. During the financial year a reduced own quota allocation
was available and therefore this division’s gross profit reduced significantly. One Horse Mackerel vessel was sold
during the year under review.

The Automotive division disappointed mainly because the new vehicles market plummeted due to lower consumer
spending. The used vehicle market as a result improved and showed good performance although this did not make
up for the overall negative performance. Efforts are underway to reduce the dependence on the new vehicle segment
in this division.

Freight & Logistics achieved lower revenues, but managed to keep trading profit almost in line with the previous year
through cost savings. There are still no prospects of any major projects on the immediate horizon.

Food & Distribution revenue did not grow in line with expectation. However, the main problem remained stock-related
costs, although improvement in costs started showing in June.

The economic climate affected all entities in the Commercial & Industrial Services and Products division negatively,
except for Minolco. Voltex still generated losses despite actions taken to turn the business around.

The effective tax rate is significantly higher than the previous period due to losses incurred in certain statutory entities,
for which no deferred tax assets were raised.

Momentarily there is no indication that the group’s market segments and economic climate will recover any time soon.
The operational challenges in all divisions are being addressed, including the implementation of various cost-saving
initiatives. The Fishing division still has overcapacity and the disposal of another vessel is under consideration.
Overall, the Group remains open to acquisitive growth, but the focus will be to optimise current operational structures
and processes.

The Group remains carefully optimistic that profitability will regain momentum in the near future despite the
recessionary economic climate.

A a final cash dividend of 6 cents per share has been awarded to members recorded in the register of the Company at the close of business on Friday, 8 September 2017. The presentation to investors will be available on the Bidvest Namibia website from 10:00 on 28 August 2017.