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BARLOWORLD LIMITED - Trading statement for the six months ended 31 March 2022 and cancellation of Barloworlds listing in the UK

Release Date: 16/05/2022 08:40
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Trading statement for the six months ended 31 March 2022 and cancellation of Barloworld’s listing in the UK

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)
(JSE ISIN: ZAE000026647)
(Bond issuer code: BIBAW)
("Barloworld” or the “company" or the “group”)


Shareholders are advised that the group is currently finalising its results for the six months ended
31 March 2022 (“the period”), which will be released on the Stock Exchange News Service
(“SENS”) of the JSE Limited (“JSE”) on or about 23 May 2022.

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 prior six
months period ended 31 March 2021 (“the prior period”).

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, continuing
operations and discontinued operations for the six months ended 31 March 2022 are expected to
be as follows:
 ZAR cents                              31 Mar 2022        Expected range    Expected range       31 Mar       31 Mar
                                          Expected            of increase/      of increase/        2021         2021
                                            Results      (decrease) based        (decrease)    (Restated)   (Reported)
                                             Range         on 31 Mar 2021       based on 31
                                                                (Restated)         Mar 2021
 Basic earnings/(loss) per share -    (26.1) to (36.1)          > (100) %          > (100) %       366.2         371.4
 Basic earnings/(loss)per share
   Continuing Operations              (77.3) to (87.3)          > (100) %          > (100) %       264.2         420.7
   Discontinued Operation                46.2 to 56.2       (45%) to (55%)           > 100%        102.0        (49.3)

 Basic HEPS – group                   750.6 to 760.6              > 100 %            > 100%        362.0         367.1
 Basic Headline earnings /(loss)per
   Continuing Operations              441.8 to 451.8          77% to 81%          9% to 12%        249.9         405.1
   Discontinued Operations            303.8 to 313.8               >100%             >100%         112.1        (37.9)
 Normalised basic HEPS – group         778.6 to 788.6          94% to 97%          84% to 86%      401.2         423.0
 Normalised    basic   HEPS-           460.1 to 470.1          60% to 64%           3% to 5%       287.3         448.0
 Continuing operations
    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

Following the board’s approval to investigate potential options to sell or unbundle and separately
list the Car Rental and Leasing business, Avis Budget Southern Africa, the business is now
classified as held for sale in terms of IFRS 5. Accordingly, Car Rental and Leasing is classified
as part of discontinued operations in the income statement, and comparatives have been restated
in this regard.

Normalised HEPS from continuing operations

Due to the above items which impacted the group’s results in the prior period, shareholders are
reminded that the group disclosed normalised HEPS from continuing operations of 448 cents,
which has been restated to 287 cents due to the Car Rental and Leasing business being reported
as a discontinued operation. As a result of the ongoing restructuring, the normalised HEPS from
continuing operations is perceived as a more relevant measure. The costs of our BBBEE deal
Khula Sizwe and the impact of IFRS 16 are excluded from our normalised HEPS from continuing
Shareholders are advised that the information contained in this trading statement has not been
reviewed or reported on by Barloworld’s independent external auditors.

Cancellation of Barloworld’s listing in the United Kingdom

Following a determination by the directors of the company in June 2021 that, due to the limited
trading and liquidity of the ordinary shares on the London Stock Exchange plc (“London Stock
Exchange”), there was no visible benefit in maintaining the secondary listing on the London
Stock Exchange, Barloworld cancelled its listing of its ordinary shares on 1 October 2021 on the
Standard Segment of the Official List and ceased trading on the Main Market of the London
Stock Exchange. The company is currently primary listed on the JSE.

16 May 2022

Sponsor: Nedbank Corporate and Investment Banking, a division of Nedbank Limited

Nwabisa Piki
Group Investor Relations
Tel: +27 11 445 1890 E-mail:

Date: 16-05-2022 08:40:00
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