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BAW/BAWP - Barloworld Limited - Trading Statement 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) ("Barloworld or the Company") TRADING STATEMENT The group has had a strong performance for the first six months to 31 March 2011, with Headline earnings per share from continuing operations expected to be between 130 and 156 cents per share (2010: 41 cents). Trading results in Equipment southern Africa and Russia for the six months to March 2011 have improved significantly, driven mainly by demand in the mining sector. Construction in South Africa is expected to be subdued for the rest of the year. In Iberia, trading conditions remain weak and further restructuring charges were incurred to realign the cost base with prevailing activity levels. In the Automotive division fleet services, motor retail in southern Africa and Australia continued to trade well. Car rental has been impacted by stagnant volumes, lower rate per day and a return to normalised used vehicle margins. The Handling division has shown a good year on year improvement in results due to improving activity levels and efficiencies, while logistics is marginally down on the prior period due to lower volumes from customers linked to the construction sector and weak margins in the sea air business. All regulatory approvals have been received in respect of the acquisition of the remaining 50% in the Russian equipment business and trading to date has been ahead of our expectation. The repayment of the outstanding NOK 150 million (R174 million) in respect of the disposal of the Scandinavian car rental business was received in full in the period bringing the transaction to a successful conclusion. The disposal of our logistics African and Asian non-corporate trader business has been successfully executed. Lower borrowings since the first half of 2010 and reduced interest rates have contributed to lower net finance charges in the six months. Group headline earnings per share for the six months to 31 March 2011, from both continuing and discontinued operations are expected to be between 130 cents and 156 cents per share (2010: 7 cents) due to the improved trading conditions and the disposal of the Scandinavian car rental business last year. Group basic earnings per share for the six months to March 2011 are expected to be a profit of between 155 cents and 185 cents compared to a loss of 65 cents in the prior year. This includes an exceptional gain of R63 million arising on the Russian acquisition. Increased working capital to meet growing demand in Equipment southern Africa and Russia, coupled with the purchase consideration paid for the additional 50% shareholding in Equipment Russia has led to a net cash outflow for the period, in line with our expectations. Barloworld Limited expects to announce its results for the six months to 31 March 2011 on 17 May 2011. This financial information has not been reviewed or reported on by Barloworld`s auditors. Enquiries Barloworld Limited: Jacey de Gidts Tel +27 11 445 1000, E-mail invest@barloworld.com College Hill: Jacques de Bie, Tel +27 11 447 3030, E-mail Jacques.deBie@collegehill.co.za For background information visit www.barloworld.com Sponsor: J.P. Morgan Equities Limited Date: 05/05/2011 17:00:01 Supplied by www.sharenet.co.za Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited (`JSE`). The JSE does not, whether expressly, tacitly or implicitly, represent, warrant or in any way guarantee the truth, accuracy or completeness of the information published on SENS. The JSE, their officers, employees and agents accept no liability for (or in respect of) any direct, indirect, incidental or consequential loss or damage of any kind or nature, howsoever arising, from the use of SENS or the use of, or reliance on, information disseminated through SENS.
