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Trading summary for 12 months ended 30 September 2014
Barloworld Limited
(Incorporated in the Republic of South Africa)
(Registration number 1918/000095/06)
(Share code: BAW)
(JSE ISIN: ZAE000026639)
(Share code: BAWP)
(JSE ISIN: ZAE000026647)
(Bond issuer code: BIBAW)
("Barloworld” or “the Company")
TRADING STATEMENT
Trading summary for 12 months ended 30 September 2014:
The group continued its solid performance from the first half with a pleasing overall second
half operating performance for the year ended September 2014.
Equipment southern Africa delivered a good increase in operating profitability despite the
ongoing slowdown in the mining sector. Higher than planned activity in the Extended
Mining Product Range (EMPR), growth in aftermarket revenues and rand weakness
contributed positively to the results.
Equipment Russia had a stronger second half and delivered a solid result for the year
despite project deferments in the mining sector and slower economic growth exacerbated
by uncertainty resulting from the Ukraine crisis.
Construction and public works activity in Iberia remained subdued and trading losses
continued in the second half. This led to a decision to restructure our Spanish equipment
business to further reduce the overhead base and the expected cost of this restructure was
provided at year end.
The Automotive and Logistics division produced another strong performance with all
business units performing well ahead of the prior year. Full provision has been made for the
exposure arising from the Ellerines Holdings business rescue. At 31 March 2014 the group
disposed of the remainder of the motor retail operations in Australia. The total exceptional
profit generated on the Australian motor retail disposals of R374 million is included in
discontinued operations.
The total negative fair value adjustments on financial instruments and finance costs are up
on last year, while the effective tax rate for the group also increased slightly.
Full year headline earnings per share (HEPS) from continuing operations is expected to be
8% to 12% (62 cents to 94 cents) higher than the comparable restated HEPS from continuing
operations of 780 cents. Full year HEPS including discontinued operations is expected to be
5% to 10% (41 cents to 82 cents) higher than the comparable restated HEPS of 821 cents in
the prior year.
Basic earnings per share (EPS) from continuing operations is expected to be 8% to 12% (59
cents to 89 cents) higher than last year’s comparable restated Basic EPS of 740 cents. Basic
EPS including discontinued operations is expected to be 25% to 35% (191 cents to 267 cents)
higher than the restated Basic EPS of 762 cents in the prior year due to the exceptional
profit arising on disposal of Motor Retail Australia.
Funding:
Net debt reduced in the second half as a result of the seasonal decrease in working capital,
and was positively impacted by the receipt of the proceeds from the sale of Motor Retail
Australia. During the second half the group concluded a 5 year revolving bank credit facility
of R1 billion for general banking purposes, while our Barloworld Transport Solutions
subsidiary finalised banking facilities of R561 million which will be utilised for general
banking as well as asset financing.
Barloworld Limited expects to announce its results for the twelve months to 30 September
2014 on 17 November 2014.
This financial information on which the trading statement has been based has not been
reviewed or reported on by Barloworld’s auditors.
Sandton Sponsor:
06 November 2014 J.P. Morgan Equities South Africa (Pty) Ltd.
About Barloworld
Barloworld is a distributor of leading international brands providing integrated rental, fleet
management, product support and logistics solutions. The core divisions of the group comprise
Equipment and Handling (earthmoving, power systems, materials handling and agriculture),
Automotive and Logistics (car rental, motor retail, fleet services, used vehicles and disposal
solutions, logistics management and supply chain optimisation). We offer flexible, value adding,
integrated business solutions to our customers backed by leading global brands. The brands we
represent on behalf of our principals include Caterpillar, Hyster, Avis, Audi, BMW, Ford, General
Motors, Mazda, Mercedes-Benz, Toyota, Volkswagen, Massey Ferguson and others.
Barloworld has a proven track record of long-term relationships with global principals and
customers. We have an ability to develop and grow businesses in multiple geographies including
challenging territories with high growth prospects. One of our core competencies is an ability to
leverage systems and best practices across our chosen business segments. As an organisation we are
committed to sustainable development and playing a leading role in empowerment and
transformation. The company was founded in 1902 and currently has operations in 24 countries
around the world with approximately 74.5% of just over 19 600 employees in South Africa.
Corporate information
Registered office and business address
Barloworld Limited, 180 Katherine Street
PO Box 782248, Sandton, 2146, South Africa
Tel +27 11 445 1000
Email invest@barloworld.com
Directors
Non-executive: DB Ntsebeza (Chairman), NP Dongwana, FNC Edozien^, AGK Hamilton*, A Landia~,
SS Mkhabela, B Ngonyama, SS Ntsaluba, SB Pfeiffer•, OI Shongwe
Executive: CB Thomson (Chief Executive), PJ Blackbeard, PJ Bulterman, M Laubscher, DM Sewela,
DG Wilson
^Nigerian *British ~German •American
Group company secretary: Lerato Manaka
Enquiries: Barloworld Limited: Lethiwe Motloung
Tel +27 11 445 1000
E-mail: invest@barloworld.com
Instinctif: Morne Reinders, Tel +27 11 447 3030
E-mail morne.reinders@instinctif.com
Date: 06/11/2014 03:00:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE').
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