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BARLOWORLD LIMITED - CANCELLATION OF S341020 Trading update

Release Date: 29/01/2014 16:10
Code(s): BAW BAWP     PDF:  
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CANCELLATION OF S341020 Trading update

Barloworld Limited
(Incorporated in the Republic of South Africa)
(Registration number 1918/000095/06)
(Income Tax Registration number 9000/051/71/5)
(Share code: BAW)
(Share ISIN: ZAE000026639)
(Share code: BAWP)
(JSE ISIN: ZAE000026647)
(Bond issuer code: BIBAW)
("Barloworld or the Company")

TRADING UPDATE

The first quarter of the 2014 financial year has delivered a solid group performance, with
overall trading results ahead of the prior year.

Equipment and Handling

Equipment southern Africa delivered a strong result for the quarter despite the ongoing
slowdown in the mining sector in southern Africa. Higher than planned activity in EMPR
(Extended Mining Product Range) and an improved performance in Angola has contributed
positively to the result. After sales revenue also reflected pleasing growth compared to the
prior year. The firm order book for southern Africa at December 2013 remains in line with
September 2013, with the EMPR orders continuing to represent the majority of the order
book.

In Russia activity continues to be impacted by the slowdown in coal mining. The firm order
book has reduced slightly from September following the machine deliveries to Polyus.

In Iberia activity remained subdued in the first quarter, however there are some early signs
of improving economic conditions in Spain.

The Global Power business has continued to expand and is benefitting from good growth
opportunities across all lines of business.

Barloworld Handling disposed of all the shares in its materials Handling business in the
Netherlands in December 2013. The Agriculture business had a slow start to the year, while
the Handling southern Africa business traded in line with expectations in the first quarter.

Automotive and Logistics

The Automotive and Logistics division has shown strong trading compared to the prior year
across all the business segments.
Rental days in car rental improved strongly on last year contributing to a good trading
performance. Following supply disruptions in Motor retail operations in southern Africa new
vehicles sales were marginally down, whilst used volumes increased on prior year. The
Australian motor retail operations performed in line with expectation. Fleet Services is
trading well ahead of the prior year.

Logistics has benefited from the contribution of Manline Logistics, with the southern African
operations ahead of the prior year. Overall the logistics business continued to show
improvements as a result of operational efficiencies and the disposal of the loss-making
freight forwarding business in the Far East.

Balance Sheet and Working capital

In line with the historical trend working capital increased in the first quarter due to
inventory deliveries over the period. This has contributed to higher net debt levels,
however, gearing is expected to remain within our target ranges at the half year and full
year.

Funding

In December 2013 the company issued three senior unsecured notes under the South
African Domestic Medium Term Note programme. In total R1.541 billion was raised of
which R714 million matures in 2018 and R827 million in 2020. R1.069 million of the total
funds raised was priced based on floating rates. The funds raised will be used to finance
growth and to improve the maturity profile of group debt.


Sandton                                            Sponsor:
29 January 2013                                    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, Avis,
Audi, BMW, Ford, General Motors, Mazda, Mercedes-Benz, Toyota, Volkswagen, Massey
Ferguson, Hyster 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 25 countries around the world with approximately 70% 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

Transfer secretaries – South Africa
Link Market Services South Africa (Proprietary) Limited
(Registration number 2000/007239/07)
13th floor Rennie House, 19 Ameshoff Street, Braamfontein
(PO Box 4844, Johannesburg)
Tel: +27 11 630 0000

Registrars – United Kingdom
Equiniti Limited, Aspect House, Spencer Road
Lancing, West Sussex, BN99 6DA, England
Tel: +44 190 383 3381

Transfer secretaries – Namibia
Transfer Secretaries (Proprietary) Limited
(Registration number 93/713)
Shop 8, Kaiser Krone Centre, Post Street Mall
Windhoek, Namibia
(PO Box 2401, Windhoek, Namibia)
Tel: +264 61 227 647

Directors

Non-executive: DB Ntsebeza (Chairman), NP Dongwana, AGK Hamilton*, A Landia~, SS
Mkhabela, B Ngonyama, SS Ntsaluba, TH Nyasulu, SB Pfeiffer•

Executive: CB Thomson (Chief Executive), PJ Blackbeard, PJ Bulterman, M Laubscher, OI
Shongwe, DG Wilson

*British ~German •American

Group company secretary: Lerato Manaka

Enquiries: Barloworld Limited: Lethiwe Motloung
Tel +27 11 445 1000
E-mail invest@barloworld.com
College Hill: Amelia Soares, Tel +27 11 447 3030
E-mail amelia.soares@collegehill.co.za

For background information visit www.barloworld.com

Date: 29/01/2014 04:10:59 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE'). 
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