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Trading statement for the six months ended 31 March 2021
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 FOR THE SIX MONTHS ENDED 31 MARCH 2021
Shareholders are advised that the Group is currently finalising its interim results for the six months
ended 31 March 2021(“the period”), which will be released on the Stock Exchange News Service
(“SENS”) of the JSE Limited (“JSE”) on or about 24 May 2021.
In terms of the JSE Listings Requirements, the Group is satisfied that a reasonable degree of
certainty exists that the financial results for the period will differ by at least 20% from the six-month
interim period ended 31 March 2020 (“the prior period”). The Group’s results for the period show
a significant improvement, impacted by several factors, including:
• The acquisitive growth of Ingrain and Mongolia contributing positively to earnings;
• The improved results of the Equipment southern Africa and Russia operations; and
• A swift implementation of austerity measures.
Basic earnings per share (“EPS”), basic headline earnings per share (“HEPS”) and
normalised basic HEPS from continuing operations
The range for basic EPS, basic HEPS and normalised basic HEPS from Group and continuing
operations for the six months ended 31 March 2021 are expected to be as follows:
ZAR cents 31 March 2021 31 March Expected 31 March Expected
Expected 2020 range of 2020 range of
Results (Restated) increase or (Reported) increase or
(decrease) (decrease)
based on 31 based on 31
March 2020 March 2020
(Restated) (Reported)
Basic (loss)/earnings per share - 337.6 to 405.1 (729.7) - (729.7) -
Group
Basic (loss)/earnings per share
Continuing Operations 382.4 to 458.9 (687.3) - (826.2) -
Discontinued Operations (44.8) to (53.8) (42.4) (6%) to (26%) 96.5 -
Basic HEPS – Group 339.7 to 397.7 69.9 - 268.4 27% to 48%
Basic Headline (loss)/earnings
per share 374.2 to 439.1 110.9
Continuing Operations (34.5) to (41.4) (41.0) - (30.3) -
Discontinued Operations 1% to 16% 298.7 -
Normalised basic HEPS – Group 369.1 to 442.9 156.0 - 354.0 5% to 25%
Normalised basic HEPS – 407.3 to 488.7 180.0 - N/A -
Continuing operations
Notes:
1. Normalised basic HEPS figures are the responsibility of the directors and have been presented for
illustrative purposes only. Because of their nature, normalised basic HEPS figures may not fairly
present Barloworld’s basic HEPS.
Accounting presentation changes
The income statement reported in the prior period included Avis fleet as a discontinued operation
on the basis of management’s firm intention to dilute Barloworld’s interest in Avis Fleet to a 50%
shareholding. This decision was reversed and has subsequently been restated as a continuing
operation, for comparability and in terms of IFRS. This position will be re-assessed at the
appropriate time and in the context of the Group’s strategy and optimal portfolio mix. Going
forward Avis Fleet will be re-presented as part of continuing operations.
For the period, the Motor retail and Logistics segments are reported as discontinued operations
and the comparatives have been restated to reflect this in terms of IFRS, enabling meaningful
comparability. Continuing operations include our recent acquisitions, Ingrain as a separate
reporting segment and Barloworld Mongolia, as part of Equipment Eurasia.
Normalised headline earnings per share from continuing operations (HEPS)
Due to the number of items which impacted the Group’s results in the prior period, shareholders
are reminded that the Group disclosed Group normalised HEPS of 354 cents, which has been
restated to 156 cents due to the depreciation on Avis fleet disclosed as an impairment in terms of
IFRS 5 at 31 March 2020.
As a result of the ongoing restructuring, the normalised HEPS from continuing operations is
perceived as a more relevant measure. Specifically, the costs of our B-BBEE deal Khula Sizwe
is normalised together with an additional normalisation adjustment for the adoption of IFRS 16
on the continuing operations.
Shareholders are advised that the information contained in this trading statement has not been
reviewed nor reported on by Barloworld’s independent external auditors.
Sandton
11 May 2021
Sponsor: Nedbank Corporate and Investment Banking, a division of Nedbank Limited
Enquiries:
Nwabisa Piki
Group Investor Relations
Tel: +27 11 445 1890 E-mail: nwabisap@barloworld.com
Date: 11-05-2021 04:40:00
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