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BARLOWORLD LIMITED - Trading summary for year ended 30 September 2015:

Release Date: 05/11/2015 10:00
Code(s): BAWP BAW     PDF:  
Wrap Text
Trading summary for year ended 30 September 2015:

Barloworld Limited
(Incorporated in the Republic of South Africa)
(Registration number 1918/000095/06)
(Income Tax Registration number 9000/051/71/5)
(JSE Share code: BAW)
(JSE ISIN: ZAE000026639)
(Share code: BAWP)
(JSE ISIN: ZAE000026647)
(Namibian Stock Exchange share code: BWL)
(“Barloworld” or “the Company”)

TRADING STATEMENT

Trading summary for year ended 30 September 2015:

The group produced a resilient second half operating result under challenging conditions to
deliver a solid overall performance for the twelve months to 30 September 2015.

Equipment southern Africa’s machine sales were impacted by the ongoing slowdown in the
mining sector, however strong aftermarket revenues contributed positively to the result.

Equipment Iberia continued its recovery and delivered a profit for the year which represents
a significant turnaround on the sizable loss incurred last year.

Equipment Russia had a stronger than anticipated second half and delivered a solid result
despite ongoing weakness in the mining sector and slower economic growth due to lower
oil prices. Aftermarket revenues held up well.

In the Automotive division the Motor Retail result came under pressure due to slowing new
vehicle sales but Car rental and Avis Fleet produced improved results.

The Logistics division traded ahead of the prior year at the operating level benefitting from
new contracts awarded.

The effective tax rate was negatively impacted by the deferred tax impact of weakening
currencies on local tax in Russia and certain of the Southern African territories.

Income from associates was well up on the prior period.

The group incurred a R251 million pre-tax charge (after tax impact of 112 cents per share) in
the current year, related to the close out of the 2008 B-BBEE transaction.

Headline earnings per share (HEPS) from continuing operations excluding the BEE charge is
expected to be 5% to 10% (43 cents to 86 cents) higher than the comparable 857 cents in
the prior period.
Total HEPS, including both continuing and discontinued operations and including the BEE
charge, is expected to be 5% to 10% (44 cents to 88 cents) lower than the comparable 883
cents last year.

Basic earnings per share (EPS) from continuing operations excluding the BEE charge is
expected to be 10% to 20% (81 cents to 162 cents) higher than last year’s comparable Basic
EPS of 810 cents.

Basic EPS including both continuing and discontinued operations and including the BEE
charge is expected to be 15% to 25% (152 cents to 253 cents) lower than the 1 012 cents in
the prior year. The prior year includes a profit from discontinued operations of R428 million
(202 cents) which incorporates the net profit arising from trading up to the date of disposal
as well as the exceptional profit arising on disposal of the Australian motor retail operations.

Funding:
The group generated some reduction in net debt in the second half of the year, but closing
net debt ended significantly higher than the September 2014 balance related to timing of
working capital flows.

In September, the company successfully concluded a new R2 billion local funding facility to
refinance maturing debt including the R1.2 billion loan raised through the maturing BEE
transaction. In addition a new £110 million syndicated funding facility was put in place to
fund our offshore operations, which matures in 2020. This is in line with the strategy of
extending the maturity profile of our debt.

Barloworld Limited expects to announce its results for the 12 months to 30 September 2015
on 16 November 2015.

This financial information on which the trading statement has been based has not been
reviewed or reported on by Barloworld’s auditors.

Sandton                                          Sponsor:
05 November 2015                                 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, Budget, Ford, General Motors, Jaguar Land Rover, 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 76% of 19 745 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, FNO Edozien^, AGK Hamilton*, A Landia~,
SS Mkhabela, B Ngonyama, SS Ntsaluba, SB Pfeiffer•, OI Shongwe

Executive: CB Thomson (Chief Executive), PJ Blackbeard, PJ Bulterman, DM Sewela, DG Wilson

*British ~German •American ^Nigerian

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: 05/11/2015 10:00:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE'). 
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