| Fri 9 Nov 2007, 7:43 | | BAW / BAWP - Barloworld - Pro Forma Financial Effe |
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BAW BAWP
BAW
BAW / BAWP - Barloworld - Pro Forma Financial Effects Of The Proposed
Unbundling And Separate Listing Of Freeworld Coatings Limited
(Previously The Coatings Division Of Barloworld) ("Coatings")
Barloworld Limited
(Incorporated in the Republic of South Africa)
Registration number 1918/000095/06
Ordinary share code: BAW
ISIN: ZAE000026639
Preference share code: BAWP
ISIN: ZAE000026647
("Barloworld" or "the Company")
PRO FORMA FINANCIAL EFFECTS OF THE PROPOSED UNBUNDLING AND SEPARATE
LISTING OF FREEWORLD COATINGS LIMITED (PREVIOUSLY THE COATINGS DIVISION
OF BARLOWORLD) ("COATINGS")
Shareholders are referred to the announcement released on the Securities
Exchange News Service ("SENS") yesterday regarding the proposed
unbundling and separate listing of Freeworld Coatings Limited (previously
the coatings division of Barloworld) ("Coatings") and are advised that,
on uploading to SENS, a formatting error in referencing the notes to the
pro forma financial information occurred, and such information is hereby
reproduced for the sake of clarity.
Pro forma financial effects of the unbundling
The illustrative pro forma financial effects set out below have been
prepared to assist Barloworld ordinary shareholders to assess the impact
of the unbundling on the earnings per share ("EPS"), headline earnings
per share ("HEPS") and net asset value ("NAV") and tangible net asset
value ("TNAV") per Barloworld ordinary share. The material assumptions
are set out in the notes following the table, and include the payment of
an indebtedness to Barloworld of an inter-company amount of R900 million.
Due to the nature of the pro forma financial effects, they may not fairly
present the Barloworld Group`s financial position after the unbundling,
nor the effect on the Barloworld Group`s future earnings. The pro forma
financial effects are the responsibility of the Barloworld board and are
provided for illustrative purposes only.
Impact on Barloworld
Barloworld Barloworld
after the after the unbundling
unbundling of of Coatings change
PPC %
(cents) (cents)
EPS 325 (1) 274 (2) (16)
HEPS 404 (1) 352 (2) (13)
NAV per 5 081 (3) 5 096 (4)
Barloworld
ordinary share
0
TNAV per 3 886 (3) 3 951 (4)
Barloworld
ordinary share
2
Impact on Barloworld ordinary shareholders
Barloworld Barloworld Coatings Barloworld
after the after the earnings/ after the
unbundling unbundling value per unbundling
of PPC of Coatings Barloworld combined change
share %
(cents) (cents) (cents) (cents)
EPS 325 (1) 274 (2) 55 (5) 329 1
HEPS 404 (1) 352 (2) 55 (5) 407 1
NAV per 5 081 (3) 5 096 (4) 271 (6)
Barloworld
ordinary
share 5 367 6
TNAV per 3 886 (3) 3 951 (4) 221 (6)
Barloworld
ordinary
share 4 172 7
Notes:
1.The EPS and HEPS, as set out in the "Barloworld after the unbundling of
PPC" column of the table, have been extracted from the PPC unbundling
circular, are based on the results of the Barloworld Group for the six
months ended 31 March 2007 and have been calculated based on a weighted
average of 201 686 000 Barloworld ordinary shares in issue for the
period to 31 March 2007.
2.The EPS and HEPS, as set out in the "Barloworld after the unbundling of
Coatings" column of the table, have been calculated on the earnings of
Barloworld excluding Coatings, based on a weighted average of 201 686
000 Barloworld ordinary shares in issue for the period to 31 March
2007.
3.The NAV and TNAV per Barloworld ordinary share, as set out in the
"Barloworld after the unbundling of PPC" column of the table, have been
extracted from the PPC unbundling circular and calculated based on 203
345 000 Barloworld ordinary shares in issue at 31 March 2007.
4.The NAV and TNAV per Barloworld ordinary share, as set out in the
"Barloworld after the unbundling of Coatings" column of the table, have
been calculated on the Balance Sheet of Barloworld excluding Coatings,
based on 203 345 000 Barloworld ordinary shares in issue at 31 March
2007.
5.The EPS and HEPS, as set out in the "Coatings earnings/ value per
Barloworld share" column of the table, have been calculated on the
reviewed earnings of Coatings for the six months to 31 March 2007,
based on a weighted average of 201 686 000 Coatings shares and the
entitlement ratio.
6. The NAV and TNAV, as set out in the "Coatings earnings/ value per
Barloworld share" column of the table, have been calculated on the
reviewed balance sheet of Coatings at 31 March 2007, based on 203 345
000 Coatings shares and the entitlement ratio.
9 November 2007
Investment bank and transactional sponsor
Standard Bank
Sponsor
JP Morgan
Date: 09/11/2007 07:43:20 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.
