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Trading statement
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)
(JSE ISIN: ZAE000026639)
(Share code: BAWP)
(Bond issuer code: BIBAW)
(JSE ISIN: ZAE000026647)
(Namibian Stock Exchange share code: BWL)
("Barloworld” or the “company" or the “group”)
Trading statement
The group produced a strong result for the twelve months ended 30 September 2018, particularly on
the back of robust earnings growth in Equipment Russia and the turnaround of the Logistics business.
Investors are referred to the SENS announcement released on 25 April 2018 relating to the finalisation
of negotiations for the sale of the Equipment Iberia business. This disposal was concluded in July
2018 with the sale price representing a premium to net asset value. The results of these operations
have been presented as discontinued operations. The commentary below is regarding continuing
operations, unless otherwise stated.
Headline earnings per share (HEPS)/Earnings per share (EPS) guidance
Barloworld expects HEPS from continuing operations for year ended 30 September 2018 to be
between 13%-23% higher than the reported HEPS from continuing operations for the previous year
ended 30 September 2017 of 974.5 cents. This translates to an expected HEPS from continuing
operations range of between 1,101.2 cents and 1,198.6 cents for the period.
The company expects HEPS, including both continuing and discontinued operations, for the year
ended 30 September 2018 to be between 30%-40% higher than the reported HEPS for the previous
year ended 30 September 2017 of 883.4 cents. This translates to an expected HEPS range of between
1,148.4 cents and 1,236.8 cents for the period.
The company expects EPS from continuing operations for the year ended 30 September 2018 to be
between 10%-20% higher than the reported EPS from continuing operations for the previous year
ended 30 September 2017 of 907.2 cents. This translates to an expected EPS from continuing
operations range of between 997.9 cents and 1,088.6 cents for the period.
Barloworld expects EPS, including both continuing and discontinued operations, for year ended 30
September 2018 to be between 30%-40% higher than the reported EPS for the previous year ended
30 September 2017 of 779.6 cents. This translates to an expected EPS range of between 1,013.5
cents and 1,091.4 cents for the period.
Equipment
Equipment Russia produced record US$ revenue and operating profit as a result of strongly improved
mining activity, specifically the delivery of large mining machine orders contracted at the end of 2017.
Equipment southern Africa produced a solid operating performance also driven by increased mining
activity. The group’s joint venture in the Katanga province of the Democratic Republic of Congo
delivered greatly improved earnings on the back of buoyant copper and cobalt demand.
Automotive
The Automotive division produced a good result in challenging market conditions. Revenues were
negatively impacted by the sale and closure of a number of BMW and GM dealerships in the latter
part of FY2017.
Logistics
Whilst lower activity levels and lost contracts have reduced revenues in Logistics, the success of
operational and cost initiatives implemented towards the end of 2017 have substantially improved the
operating performance of this business.
Net debt and funding
Net debt at year end is well down on the prior year mainly as a result of the proceeds from the sale of
Equipment Iberia. Group working capital increased as a result of higher inventories and receivables in
the Equipment businesses.
In October 2018 Barloworld repaid Bond BAW 11 of R460 million utilising cash on deposit. Overall
debt maturity is well balanced into future years.
The group's results for the year ended 30 September 2018 are scheduled to be released on SENS on
or about 19 November 2018.
Sandton
5 November 2018
Equity Sponsor: Nedbank Corporate and Investment Banking, a division of Nedbank Limited
Debt Sponsor: Absa Corporate and Investment Bank, a division of Absa Bank Limited
Date: 05/11/2018 03:05:00 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.
