|
BAW BAWP
BAW
BAW / BAWP - Barloworld Limited - Interim results for the six months ended 31
March 2009
Barloworld Limited
(Incorporated in the Republic of South Africa)
(Registration number 1918/000095/06)
(Share code: BAW)
(ISIN: ZAE000026639)
(Share code: BAWP)
(ISIN: ZAE000026647)
("Barloworld")
Interim results for the six months ended 31 March 2009
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 (earthmoving and power systems),
Automotive (car rental, fleet services and motor retailing), Handling (forklift
truck distribution and fleet management) and Logistics (logistics and supply
chain management).
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, Budget, Audi, BMW, Ford, General
Motors, Mercedes-Benz, Toyota, Volkswagen and others.
Barloworld has a proven track record of effectively managing 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 play a leading role in
empowerment and transformation.
The company was founded in 1902 and currently has operations in 42 countries
around the world with approximately half of our twenty thousand employees in
South Africa.
Directors
Non-executive: DB Ntsebeza (Chairman), SAM Baqwa, AGK Hamilton*, S Mkhabela, SS
Ntsaluba, TH Nyasulu, G Rodriguez de Castro de los Rios+, SB Pfeiffer
Executive: CB Thomson (Chief Executive), PJ Blackbeard, M Laubscher,
OI Shongwe, DG Wilson
*British American +Spanish
Enquiries
Barloworld Limited: Sibani Mngomezulu, Tel +27 11 445 1000
E-mail invest@barloworld.com
College Hill: Jacques de Bie, Tel +27 11 447 3030
E-mail Jacques.deBie@collegehill.co.za
For background information visit www.barloworld.com
Sponsor: J.P. Morgan Equities Limited
Strong operating cash generation in difficult trading environment
* Revenue increased 6% to R22 514 million
* Cash generated from operations up 26% to R1 195 million
* Operating profit before restructuring charges decreased 12% to R1 159 million
* Strong performance from Equipment southern Africa
* Automotive delivers good result in difficult markets
* Decisive action taken to reduce cost base in international operations
* Further improvement in debt maturity profile
* Interim dividend of 40 cents per share
Clive Thomson, CEO of Barloworld, said:
"Trading in equipment southern Africa in the six months continued to be strong
and the automotive division has performed well in difficult markets. However
challenging trading conditions prevailed in our international operations and
restructuring charges of approximately R114 million, principally in Iberia, were
incurred to realign our cost base with lower activity levels. Negative financial
instrument adjustments and higher net finance costs also impacted the group`s
profits in the first half of 2009.
The overall trading environment in the second half is expected to remain
difficult. In these circumstances we will retain our focus on expense and
working capital management and our various initiatives should result in strong
cash flow for the year. We expect to entrench our positions of market leadership
and this will ensure that we are well placed to weather the economic downturn
and position ourselves for long term success as the external environment
improves."
11 May 2009
Chairman and Chief Executive`s Report
Operating review
The operating environment for the period under review has been challenging,
particularly for our international operations. Severe recessions are forecast in
the United States and Europe and the global economy is expected to contract in
2009 for the first time in the post war period. The South African economy has
not been immune with GDP contracting by 1,8% in the last quarter of 2008 and
every sign points to contraction in the first quarter of 2009. This means that
the SA economy will now also be technically in recession.
Revenue to March from continuing operations increased by 6% to R22.5 billion
while operating profit decreased by 20% to R1 045 million. Excluding the
restructuring costs of R114 million which have been incurred as part of our
expense reduction plans, operating profits are 12% lower.
Equipment southern Africa performed well with revenue 20% up on the prior year
and operating profits increased by 37% to R731 million. Despite the deferral of
certain projects, the southern African operations experienced strong deliveries
to the mining sector, mainly driven by coal and iron ore. Construction demand
relating to infrastructure projects has also held up well. Angola continues to
generate a significant contribution to equipment operating profit due to
increased activity mainly in the construction segment as well as benefiting from
a weaker rand.
In Iberia the Spanish economy has continued to deteriorate. The fall-off in the
construction market in Spain has been precipitous with the equipment industry
unit sales down by approximately 65% in 2008. This negative trend has continued
into 2009. Significant cost reduction plans have been implemented in both Spain
and Portugal. Redundancy costs of R95 million (e7.3 million) were incurred in
the first half for the negotiated staff reduction programme to realign the
expense base to current activity levels. On the positive side the business
gained significant market share and generated R578 million (e51 million) in cash
for the period.
In Siberia revenue for the first half was 9% down on the prior year following
lower trading levels mainly in the construction sector. Operating profits were
marginally down.
The automotive division delivered a good result considering the difficult
trading conditions with operating profits up 3%. Avis Rent a Car southern Africa
generated revenue in line with the prior year notwithstanding that rental days
were 8% down. The reduction of the fleet size by close to 10% has resulted in
improved fleet utilisation and improved margins compared to the second half of
2008. The Scandinavian car rental business which is disclosed under discontinued
operations was cash positive despite continued poor market conditions in all
three countries in which we operate. Avis Fleet Services continued to grow both
revenue as well as profits.
The motor retail business in southern Africa performed well in a declining
market. Profit for the first half was 40% up on the prior year and benefitted
from the consolidation of our NMI-DSM operations for the full period. The
Australian motor retail business produced a result down on the prior year
following the decline in the local motor industry.
In the handling division, the agriculture business continued to perform well but
the lift truck market in South Africa has declined from last year. While the USA
and UK handling businesses remained under pressure with both economies still
depressed, we grew market share in the USA and maintained share in the UK.
Markets in Belgium and the Netherlands are significantly down on last year.
The logistics division has generated significantly higher revenue following the
acquisition of the Dubai based Swift group and the Flynt operations in Hong
Kong. The southern African business produced a satisfactory result despite
difficult market conditions. The international operations in Iberia and UK
incurred losses in the period under review while reduced volumes for Dubai and
Hong Kong resulted in a lower than expected profit from the newly acquired
businesses.
Headline earnings per share from continuing operations decreased by 46% to 199.6
cents. The reduction in earnings can mainly be attributed to the decline in
operating performance in equipment Iberia, losses on financial instruments and
higher net finance costs.
The board considered it prudent to reduce the interim dividend given the
uncertainty prevailing in the current economic climate and credit markets. An
interim dividend of 40 cents per share was declared.
Corporate activity
We, together with our appointed advisors, are continuing with the disposal
process of our Scandinavian car rental operations. A confidential information
memorandum has been distributed to interested parties after signing non-
disclosure agreements. The process is progressing according to plan.
BEE and transformation
During the period, the value of the Barloworld shares held by the banks as
security for funding our Black Economic Empowerment partners declined below
specified levels. In the interests of the sustainability of the transaction our
board resolved that the company place R125 million in an interest bearing
deposit account to underpin the security held by the banks.
Our South African businesses have all been formally rated by an accredited
agency and have achieved Level 4 or better BBBEE ratings, which means that
companies purchasing from the group will receive 100% credit for their
procurement spend with our subsidiaries for the purpose of their own BEE
scorecards.
Directorate
Mike Levett retired from the Board on 29 January 2009 after serving for more
than 23 years. His valuable contribution to the board and the various board
committees on which he served is greatly appreciated.
Outlook
It remains unclear how long the large western economies will remain in
recession. Government intervention in the form of fiscal stimulus packages and
monetary easing would appear to be having some impact in slowing down the sharp
declines experienced. Economists believe that the US economy may bottom out in
the latter part of 2009 but are unable to predict the timing of any upturn. The
confidence levels of the highly indebted US consumer remain low in the wake of
rising unemployment, falling home prices and tighter credit requirements.
Despite some expected slowdown in activity and a stronger rand in the second
half, equipment southern Africa should hold up well due to our geographic
diversity, our resilient business model and the range of commodities mined in
our territories. Infrastructure spend is set to continue and the power business
is well positioned to capitalise on opportunities.
In Iberia the Spanish government fiscal stimulus plans should arrest the decline
in economic activity in the latter half of the year with funding for some
infrastructure projects coming on stream. Decisive management action taken to
reduce the cost base will also yield benefits in the second half.
Whilst the gold mining and forestry segments remain relatively strong in Russia,
the slowdown in other commodities and construction will result in lower revenues
and profitability in the second half.
In the automotive division, rental day volumes for the Avis Rent a Car operation
in southern Africa will remain under pressure, but should be countered by
improved fleet utilisation. The motor retail business in southern Africa is
anticipated to hold its own in a market where we expect new vehicle sales to
remain under pressure for 2009, but the used vehicle profit contribution is
forecast to improve. The weaker Australian retail market is likely to persist.
Avis Fleet Services should continue to do well.
In the handling division, trading in the agriculture business should remain
strong but the lift truck market in South Africa will be down as the economy
slows. Trading conditions will continue to be difficult in the USA and Europe
and the focus will be on improving efficiency and reducing costs further through
management initiatives being implemented.
Our logistics business in South Africa is expected to perform satisfactorily,
however, the international operations will continue to be adversely impacted by
the drop in trade volumes as a result of the global economic downturn.
The overall trading environment in the second half is expected to remain
difficult. In these circumstances we will retain our focus on cash flow
generation through operational efficiencies and expense reduction, working
capital improvement, streamlining capital expenditure and optimisation of rental
and leasing fleets. These initiatives will result in strong cash flow for the
full year which will reduce debt and strengthen the group balance sheet.
Furthermore, we expect to entrench our positions of market leadership through
product and service excellence. This will ensure that we are well placed to
weather the economic downturn and position ourselves for long term success as
the external environment improves.
DB Ntsebeza CB Thomson
Chairman Chief Executive Officer
Group Financial Review
Revenue from continuing operations increased by 6% to R22.5 billion. Good growth
in South African mining and Angola resulted in equipment southern Africa
increasing revenue by 20%. The consolidation of the NMI - DSM motor dealerships
in March 2008 and the acquisition of the Swift and Flynt International logistics
businesses in April 2008 collectively contributed revenue of R2.5 billion in the
past six months.
Operating profit declined by 20% to R1 045 million. Reduced demand in Europe,
the USA and the Far East due to reduced economic activity, adversely impacted
profits earned in these regions by the equipment, handling and logistics
businesses. In Iberia, a redundancy charge of R95 million was incurred to
realign the expense base with lower activity levels.
The financial instrument losses of R74 million (1H`08: R69 million gain) arose
mainly from marking to market foreign exchange contracts in equipment and
handling due to rand volatility at the end of the period. The marking to market
of shares held in Pretoria Portland Cement Limited in respect of share option
obligations resulted in a loss of R4 million (1H`08: R45 million).
Net finance costs increased by R110 million compared to 2008 mainly due to
higher borrowings to support growth in working capital in equipment southern
Africa, the logistics acquisitions and higher interest rates.
Taxation, before Secondary Tax on Companies (STC), declined by 47% to R161
million. The average effective tax rate, excluding STC, prior year taxation and
taxation on exceptional items was 29% (1H`08: 28%).
Income from associates and joint ventures rose sharply to R76 million (1H`08:
R18 million) reflecting strong deliveries in the equipment joint venture in the
Democratic Republic of Congo.
The loss of R52 million from discontinued operations is mainly attributable to
losses incurred in the period in car rental Scandinavia. In 2008 a gain of R332
million was realised on the disposal of the laboratory business.
Headline earnings per share from continuing operations declined by 46% to 199.6
cents (1H`08: 366.8 cents). The decrease is largely attributable to lower
profits in Iberia, financial instrument losses and higher net finance costs.
Cashflow and borrowings
The focus on cashflow resulted in cash generated from operations in the period
improving to R1 195 million (1H`08: R945 million). Working capital increased by
R777 million during the first six months (1H`08: R1 640 million) driven mainly
by the increased activity in equipment southern Africa. The increase in southern
Africa was, however, partially offset by a release of R494 million in working
capital in equipment Iberia as management initiatives yielded benefits.
Net cash applied to investing activities of R595 million (1H`08: R1 300
million), includes net additions to property, plant and equipment of R521
million and a net investment in fleet leasing and equipment rental assets
and car rental vehicles of R114 million. The reduction on last year is mainly
due to the deferral of non-essential capital expenditure and increased focus
on optimising the rental fleets and leasing assets.
Car Total
Total debt to equity (%) Trading Leasing rental group
Target range 30-50 600-800 200-300
Ratio at 31 March 2009 56 622 143 84
Ratio at 30 September 2008 51 552 165 82
Total interest-bearing borrowings of R11 255 million represent a group debt
to equity ratio of 84% (September 2008: 82%). We continue to focus on improving
the maturity profile of our borrowings. In the past six months additional long-
term funding of R1 450 million has been raised through a seven-year corporate
bond issue of R750 million and a five-year term loan of R700 million. Short-term
borrowings of R4 198 million, which includes commercial paper of approximately
R2 000 million raised in the local market, represents 37% of total borrowings
(September 2008: 43%).
At March the group had confirmed unutilised funding facilities of R7 459
million. In addition cash and cash equivalents at March amounted to R1 132
million. Working capital in the group, particularly in the equipment division,
traditionally peaks in the first six months of the financial year. This trend
is again forecast for this year which should result in a further reduction of
short-term borrowings by September 2009 and we expect gearing for the trading
segment to be within our target range.
Total assets employed in the group increased to R34 614 million (September
2008: R33 957 million) mainly due to a weaker rand.
Going forward
Our strategy is to further strengthen our balance sheet by focusing on
cashflow and debt reduction. We have experienced good operating cashflows in
the first half of the year even though the higher activity levels in equipment
southern Africa contributed to an increased investment in working capital. We
forecast to reverse the working capital outflow in the second half and we
expect the group to be strongly cash positive as we deliver the firm order
book in the back end of the year.
DG Wilson
Finance Director
Operational Reviews
In the case of the leasing businesses, the operating profit is net of interest
paid. Income from associates, which includes our share of earnings from joint
ventures, is shown at the profit after taxation level.
Net operating assets comprise total assets less non-interest bearing
liabilities. Cash is excluded as well as current and deferred taxation assets
and liabilities. In the case of the leasing businesses, net assets are reduced
by interest-bearing liabilities.
Comparative numbers have been restated as per note 19.
Equipment
Revenue
Six months Year
ended ended
31 Mar 31 Mar 30 Sep
R million 2009 2008 2008
- Southern Africa 5 888 4 920 11 930
- Europe 3 207 4 262 8 459
9 095 9 182 20 389
Share of associate income
Operating
profit/(loss)
Six months Year
ended ended
31 Mar 31 Mar 30 Sep
R million 2009 2008 2008
- Southern Africa 731 532 1 523
- Europe (45) 332 534
686 864 2 057
Share of associate income 77 11 62
Net operating
assets
31 Mar 30 Sep
R million 2009 2008
- Southern Africa 5 566 4 178
- Europe 4 604 4 972
10 170 9 150
Share of associate income
Despite the global economic slowdown the southern Africa equipment business
produced strong results for the period. We grew our market leadership position
in most territories, with continued demand for infrastructure development and
delivery of mining machines contributing to the result. We expect to deliver
almost as many machines to the mining industry this year as in the past
financial year.
Angola again recorded substantial growth and our business in Mozambique was
awarded a significant machine order for a major coal mining project that will
result in ongoing activity for several years. The power business continues to
provide opportunities for increased revenues.
Our strategy to attract, retain and develop skilled people to sustain our
customer support has continued. Construction of our dedicated technical
training centre in Isando, together with accommodation, is progressing according
to plan.
The customer order book remains at high levels by historic standards but lead
times on orders for large Caterpillar machines have shortened considerably.
Working capital levels have increased in the first half but we anticipate this
reversing in the second half as outstanding orders on Caterpillar have reduced.
We expect significant positive cash flows as we deliver the customer order book
and optimise our inventory holding over the next six months.
While activity is expected to slow our business should hold up well due to our
geographic diversity, our balanced business model of new, used and rental
solutions, and the diversity of commodities we serve. Our comprehensive after
sales, parts and service business is also expected to remain strong due to the
large installed Caterpillar machine population across southern Africa. We are
taking action to reduce the expense base in those territories and regions where
activity is expected to slow.
The Spanish economy remains depressed and investment in the construction
equipment market has fallen by around 65%. Our revenues are down 37% in Euros
and decisive management action has been taken to realign the cost base with
reduced activity levels. This has necessitated a 402 headcount reduction since
the middle of last year and redundancy costs of R95 million (Euro 7.3 million)
have been provided. The final stage of the redundancy plan has now been
executed and annualised cost savings of approximately Euro 9 million are
expected.
There has also been intense focus on working capital management and the
business generated R578 million (Euro 51 million) in cash flow for the six
months. We expect to further reduce working capital in the second half.
Despite the difficult economic conditions we grew market share in Spain by an
unprecedented 5.1 percentage points and we expect to be able to maintain this
positive trend. The government stimulus package should start to have a positive
impact in the latter part of the year when some infrastructure projects are
expected to receive funding.
In Portugal, economic activity is also depressed however the recent increase
in public works awards should see some improvement in the coming months.
Share of associate income includes our joint ventures in the Democratic
Republic of Congo (DRC) and Russia. We had strong deliveries of existing
customer order books in the DRC although activity has now slowed considerably.
Revenue in Russia was marginally down on the previous year as construction
activity declined.
Automotive
Revenue
Six months Year
ended ended
31 Mar 31 Mar 30 Sep
R million 2009 2008 2008
Car rental Southern Africa 824 826 1 586
- Southern Africa 5 679 5 410 11 622
- Australia 1 260 1 403 2 849
Trading 6 939 6 813 14 471
Leasing Southern Africa* 534 451 948
8 297 8 090 17 005
Share of associate
(loss)/income
Operating
profit/(loss)
Six months Year
ended ended
31 Mar 31 Mar 30 Sep
R million 2009 2008 2008
Car rental Southern Africa 155 172 250
- Southern Africa 101 72 143
- Australia 12 33 62
Trading 113 105 205
Leasing Southern Africa* 52 33 85
320 310 540
Share of associate (3) 6 6
(loss)/income
Net operating
assets
31 Mar 30 Sep
R million 2009 2008
Car rental Southern Africa 2 600 2 849
- Southern Africa 1 831 1 850
- Australia 1 007 983
Trading 2 838 2 833
Leasing Southern Africa* 365 366
5 803 6 048
Share of associate
(loss)/income
* Operating profit after deducting interest paid and net operating assets
after deducting interest-bearing borrowings.
Our integrated motor vehicle usage solutions strategy proved resilient and the
division has delivered a good result in difficult trading conditions. Overall
margin has improved on the prior year and the operations produced strong
positive cash flow during the period under review.
Avis Rent a Car southern Africa achieved a 7% increase in rate per day and
improved overall fleet utilisation, while negative rental day growth softened
the result. The operating margin was supported by an improved used vehicle
contribution.
The southern African motor retail operations generated improved demand for used
vehicles offset by declining new vehicle sales volumes. Operating profit
benefited from the consolidation of our NMI-DSM operations, as well as the sale
of 50% of the Subaru importation and distribution business, now disclosed as an
associate. Our `Fewer, Bigger, Better` approach continues to support the overall
strategy of the division. Softer market conditions in Australia impacted the
result.
Our fleet services business showed a strong overall improvement, supported by
quality fleet growth.
Associates include our Phakisaworld and Sizwe BEE joint ventures and now also
include our Subaru importation and distribution joint venture.
Handling
Revenue
Six months Year
ended ended
31 Mar 31 Mar 30 Sep
R million 2009 2008 2008
- Southern Africa 517 507 1 027
- Europe 1 196 1 574 3 193
- United States 989 909 1 849
Trading 2 702 2 990 6 069
Leasing* 30 71 76
2 732 3 061 6 145
Share of associate income
Operating
profit/(loss)
Six months Year
ended ended
31 Mar 31 Mar 30 Sep
R million 2009 2008 2008
- Southern Africa 87 45 124
- Europe (31) 26 8
- United States (20) 16 40
Trading 36 87 172
Leasing* 8 11 -
44 98 172
Share of associate income 2 - 3
Net operating
assets
31 Mar 30 Sep
R million 2009 2008
- Southern Africa 474 259
- Europe 691 636
- United States 660 638
Trading 1 825 1 533
Leasing* 75 76
1 900 1 609
Share of associate income
* Operating profit after deducting interest paid and net operating assets after
deducting interest-bearing borrowings.
In southern Africa the first half produced a strong result, however trading
for the lift truck market is slowing in line with the contracting economy. The
lift truck order book is down on the previous year. The good performance of the
agriculture business was assisted by favourable rain patterns, declining
interest rates, and stable food prices. The result has also been boosted by
foreign exchange gains. High inventory levels are a timing issue related to
deliveries from principals and are expected to reduce considerably over the
next six months.
The overall lift truck markets in our European territories were down by some
40%. The Netherlands and Belgium operations were significantly impacted by the
market downturn but both remain profitable. The UK produced a loss in a
difficult market. Assets have been reduced significantly in local currencies
due to focus on working capital management, capital expenditure reduction and
optimisation of rental fleets.
The overall market in the US is down by 43%. In this environment, the US
business produced a loss with lower overall sales compared to the previous
year, but market share has grown.
Significant cost reductions have been achieved and further restructuring is
currently underway in Europe and the US to remove additional costs and realign
the expense base with current activity levels.
Logistics
Revenue
Six months Year
ended ended
31 Mar 31 Mar 30 Sep
R million 2009 2008 2008
Southern Africa 1 119 631 1 970
Europe, Middle East and Asia 1 243 186 1 238
2 362 817 3 208
Operating
profit/(loss)
Six months Year
ended ended
31 Mar 31 Mar 30 Sep
R million 2009 2008 2008
Southern Africa 34 41 105
Europe, Middle East and Asia (1) 5 30
33 46 135
Net operating
assets
31 Mar 30 Sep
R million 2009 2008
Southern Africa 505 430
Europe, Middle East and Asia 878 855
1 383 1 285
The African business has seen some impact as a result of the economic
downturn however the supply chain management business has thus far proved to
be resilient during this period. Organic growth is expected to continue
.
The prevailing economic conditions and the resultant drop in trade volumes
has contributed to lower levels of activity in volume-based businesses in
Europe, the Middle East and Asia. This is expected to continue throughout
2009.
Significant cost saving initiatives have been implemented throughout the
division including staff reductions. In addition, considerable effort has
been expended in relation to working capital management.
Notwithstanding the downturn, clients continue to express interest in
the division`s service offering and a number of new engagements have been
concluded. Management foresees further organic growth on a strategically
focussed basis.
Corporate
Revenue
Six months Year
ended ended
31 Mar 31 Mar 30 Sep
R million 2009 2008 2008
Southern Africa 28 33 83
Europe - - -
28 33 83
Share of associate income
Operating
profit/(loss)
Six months Year
ended ended
31 Mar 31 Mar 30 Sep
R million 2009 2008 2008
Southern Africa (25) 2 (263)
Europe (13) (8) 10
(38) (6) (253)
Share of associate income - - 1
Net operating
assets
31 Mar 30 Sep
R million 2009 2008
Southern Africa 584 513
Europe (319) (229)
265 284
Share of associate income
In southern Africa the operating profit to March 2008 included a gain of
R27 million attributable to a decrease in the group`s liability for PPC share
options. The operating loss for September 2008 includes the BEE charge of
R337 million.
Dividend declaration for the six months ended 31 March 2009
Dividend Number 161
Notice is hereby given that the following dividend has been declared in respect
of the year ended 31 March 2009: Number 161 (interim dividend) of 40 cents per
ordinary share.
In compliance with the requirements of Strate and the JSE Limited, the
following dates are applicable.
Date declared Monday, 11 May 2009
Last day to trade cum dividend Friday, 29 May 2009
First trading day ex dividend Monday, 1 June 2009
Record date Friday, 5 June 2009
Payment date Monday, 8 June 2009
Share certificates may not be dematerialised or rematerialised between
Monday, 1 June 2009 and Friday, 5 June 2009, both days inclusive.
On behalf of the board
S Mngomezulu
Secretary
Condensed consolidated income statement
Six months Year
ended ended
31 Mar 31 Mar 30 Sep
2009 2008 2008
Reviewed Reviewed Audited
R million Notes Reclassified*
CONTINUING OPERATIONS
Revenue 22 514 21 183 46 830
Operating profit 1 048 1 312 2 988
before item listed
below
BEE transaction (3) - (337)
charge
Operating profit 3 1 045 1 312 2 651
Fair value 4 (74) 69 (80)
adjustments on
financial instruments
Finance costs 5 (501) (367) (889)
Income from 100 76 195
investments
Profit before 570 1 090 1 877
exceptional items
Exceptional items 6 17 (26) (17)
Profit before 587 1 064 1 860
taxation
Taxation 7 (161) (303) (608)
Secondary taxation on 7 (30) (44) (67)
companies
Profit after taxation 396 717 1 185
Income from 76 18 72
associates and joint
ventures
Net profit from 472 735 1 257
continuing operations
DISCONTINUED
OPERATIONS
(Loss)/profit from 11 (52) 307 (11)
discontinued
operations
Net profit for the 420 1 042 1 246
period
Attributable to:
Minority shareholders 38 8 14
Barloworld Limited 382 1 034 1 232
shareholders
420 1 042 1 246
Earnings per share
(cents)
- basic 183,3 506,4 602,2
- diluted 182,0 498,6 594,5
Earnings per share
from continuing
operations (cents)
- basic 208,3 356,5 608,1
- diluted 206,8 351,1 600,3
(Loss)/earnings per
share from
discontinued
operations (cents)
- basic (25,0) 149,9 (5,9)
- diluted (24,8) 147,6 (5,8)
* Reclassified for the treatment of car rental Scandinavia as a discontinued
operation - refer note 19.
Refer note 2 for details of headline earnings per share calculation.
Condensed consolidated balance sheet
31 Mar 31 Mar 30 Sep
2009 2008 2008
R million Notes Reviewed Reviewed Audited
ASSETS
Non-current assets 13 870 12 986 13 269
Property, plant and 8 417 7 383 8 056
equipment
Goodwill 2 476 2 246 2 421
Intangible assets 215 196 205
Investment in associates 9 1 274 1 107 1 095
and joint ventures
Finance lease receivables 409 674 436
Long-term financial 10 482 718 568
assets
Deferred taxation assets 597 662 488
Current assets 20 744 22 677 20 688
Vehicle rental fleet 1 735 4 447 1 934
Inventories 8 807 7 625 7 495
Trade and other 6 178 7 828 6 854
receivables
Taxation 92 3 11
Cash and cash equivalents 15 1 132 1 479 1 238
Assets classified as held 11 2 800 1 295 3 156
for sale
Total assets 34 614 35 663 33 957
EQUITY AND LIABILITIES
Capital and reserves
Share capital and premium 250 236 242
Other reserves 4 123 4 431 3 745
Retained income 8 887 8 802 8 861
Interest of shareholders 13 260 13 469 12 848
of Barloworld Limited
Minority interest 190 201 185
Interest of all 8 13 450 13 670 13 033
shareholders
Non-current liabilities 7 007 6 730 6 252
Interest-bearing 6 001 5 081 5 022
Deferred taxation 271 703 266
liabilities
Provisions 200 445 325
Other non-interest 535 501 639
bearing
Current liabilities 14 157 15 263 14 672
Trade and other payables 7 107 7 774 7 335
Provisions 745 714 731
Taxation 418 322 344
Amounts due to bankers 4 122 6 413 4 266
and short-term loans
Liabilities directly 11 1 765 40 1 996
associated with assets
classified as held for
sale
Total equity and 34 614 35 663 33 957
liabilities
Condensed consolidated cash flow statement
Six months ended Year
ended
31 Mar 31 Mar 30 Sep
2009 2008 2008
R million Notes Reviewed Reviewed Audited
Cash flow from operating
activities
Operating cash flows before 1 972 2 585 5 281
movements in working
capital
Increase in working capital (777) (1 640) (1 547)
Cash generated from 1 195 945 3 734
operations
Realised fair value (74) (18) (157)
adjustments on financial
instruments
Finance costs and (432) (321) (766)
investment income
Taxation paid (284) (420) (830)
Cash flow from operations 405 186 1 981
Dividends paid (including (345) (414) (622)
minority shareholders)
Net cash from/(applied to) 60 (228) 1 359
operating activities
Net cash applied to (595) (1 300) (2 606)
investing activities
Acquisition of 12 11 (339) (996)
subsidiaries, investments
and intangibles
Acquisition of property, (591) (570) (973)
plant and equipment
Net investment in fleet 14 (248) (838) (1 155)
leasing and equipment
rental assets
Net investment in car 14 134 (856) (736)
rental vehicles
Net investment in leasing 25 53 (13)
receivables
Proceeds on disposal of 13 4 1 077 1 098
subsidiaries, investments
and intangibles
Proceeds on disposal of 70 173 169
property, plant and
equipment
Net cash outflow before (535) (1 528) (1 247)
financing activities
Net cash from financing 357 1 738 1 347
activities
Ordinary shares issued 8 13 23
Funding of pension deficit - (759) (759)
on merger of UK schemes
Increase in interest- 349 2 484 2 083
bearing liabilities
Net (decrease)/increase in (178) 210 100
cash and cash equivalents
Cash and cash equivalents 1 238 1 201 1 201
at beginning of period
Cash and cash equivalents 31 - -
held for sale at beginning
of period
Effect of foreign exchange 57 154 54
rate movements
Effect of unbundling - (86) (86)
Freeworld Coatings on cash
balance
Effect of cash balances (16) - (31)
classified as held for sale
Cash and cash equivalents 1 132 1 479 1 238
at end of period
Condensed consolidated statement of recognised income and expense
31 Mar 31 Mar 30 Sep
2009 2008 2008
R million Reviewed Reviewed Audited
Exchange gains on translation of 453 1 842 934
foreign operations
Translation reserves realised on - (200) (201)
the disposal of foreign
subsidiaries
(Loss)/gain on cash flow hedges (110) 251 81
Deferred taxation on cash flow 20 (46) (20)
hedges
Net actuarial losses on post- - - (96)
retirement benefit obligations
Net income recognised directly in 363 1 847 698
equity
Profit for the period 420 1 042 1 246
Total recognised income and 783 2 889 1 944
expense for the year
Attributable to:
Minority shareholders 38 8 14
Barloworld Limited shareholders 745 2 881 1 930
783 2 889 1 944
Salient features
Six months ended Year ended
31 Mar 31 Mar 30 Sep
2009 2008 2008
Reviewed Reviewed Audited
Number of ordinary shares 208 687 204 561 208 171
in issue, net of treasury
shares (000)
Net asset value per share 6 439 6 811 6 451
including investments at
fair value (cents)
Notes to the condensed consolidated financial statements
1. Basis of preparation
The condensed interim consolidated financial statements have been prepared
in accordance with International Accounting Standard (IAS) 34 Interim
Financial Reporting. The accounting policies and methods of computation used
are consistent with those used for the group`s 2008 annual financial statements
(which were prepared in accordance with International Financial Reporting
Standards). No new or amended standards and interpretations have been adopted
as at 31 March 2009.
Comparative numbers have been reclassified as per note 19.
Six months ended Year ended
31 Mar 31 Mar 30 Sep
2009 2008 2008
R million Reviewed Reviewed Audited
2. Reconciliation of net
profit to headline earnings
Group
Net profit attributable to 382 1 034 1 232
Barloworld shareholders
Adjusted for the following:
Profit on disposal of (60) (173) (168)
discontinued operations
(IFRS 5)
Costs associated with 1 - -
disposal of subsidiaries
(IAS 27)
Realisation of translation - (200) (201)
reserve on disposal of
offshore subsidiaries (IAS
21)
Profit on disposal of (10) (3) (30)
properties (IAS 16)
Impairment of goodwill (IFRS - 33 343
3)
(Reversal of)/impairment of (7) 29 37
investments in associates
(IAS 28) and joint ventures
(IAS 31)
Impairment of plant and - - 2
equipment (IAS 16)
Profit on sale of plant and (4) (5) (1)
equipment excluding rental
assets (IAS 16) and
intangible assets (IAS 38)
Gross remeasurements (80) (319) (18)
excluded from headline
earnings
Total taxation effects of 3 41 42
remeasurements
Net remeasurements excluded (77) (278) 24
from headline earnings
Headline earnings 305 756 1 256
Continuing operations
Profit from continuing 472 735 1 257
operations
Minority shareholders` (38) (7) (13)
interest in net profit from
continuing operations
Profit from continuing 434 728 1 244
operations attributable to
Barloworld Limited
Adjusted for the following
items in continuing
operations:
Profit on disposal of (10) (3) (30)
properties (IAS 16)
Impairment of goodwill (IFRS - - 10
3)
(Reversal of)/impairment of (7) 29 35
investments in associates
(IAS 28) and joint ventures
(IAS 31)
Impairment of plant and - - 2
equipment (IAS 16)
Profit on sale of plant and (4) (5) (1)
equipment excluding rental
assets (IAS 16) and
intangible assets (IAS 38)
Gross remeasurements (21) 21 16
excluded from headline
earnings from continuing
operations
Total taxation effects of 3 - (1)
remeasurements
Net remeasurements excluded (18) 21 15
from headline earnings from
continuing operations
Headline earnings from 416 749 1 259
continuing operations
Discontinued operations
(Loss)/profit from (52) 307 (11)
discontinued operations
Minority shareholders` - (1) (1)
interest in net profit from
discontinued operations
(Loss)/profit from (52) 306 (12)
discontinued operations
attributable to Barloworld
Limited
Adjusted for the following
items in discontinued
operations:
Profit on disposal of (60) (173) (168)
discontinued operations
(IFRS 5)
Costs associated with 1 - -
disposal of subsidiaries
(IAS 27)
Realisation of translation - (200) (201)
reserve on disposal of
offshore subsidiaries (IAS
21)
Impairment of investments in - - 2
associates (IAS 28) and
joint ventures (IAS 31)
Impairment of goodwill (IFRS - 33 333
3)
Gross remeasurements (59) (340) (34)
excluded from headline
earnings from discontinued
operations
Total taxation effects of - 41 43
remeasurements
Net remeasurements excluded (59) (299) 9
from headline earnings from
discontinued operations
Headline earnings from
discontinued operations (111) 7 (3)
Weighted average number of
ordinary shares in issue
during the period (000)
- basic 208 400 204 190 204 559
- diluted 209 883 207 372 207 216
Headline earnings per share
(cents)
- basic 146,4 370,2 614,0
- diluted 145,3 364,6 606,1
Headline earnings per share
from continuing operations
(cents)
- basic 199,6 366,8 615,5
- diluted 198,2 361,2 607,6
Headline (loss)/earnings per
share from discontinued
operations (cents)
- basic (53,2) 3,4 (1,5)
- diluted (52,9) 3,4 (1,5)
3. Operating profit
Included in operating profit
from continuing operations
are:
Cost of sales (including 17 296 16 354 36 074
allocation of depreciation)
Depreciation 916 907 1 833
(Profit)/loss on sale of (6) 9 (116)
rental assets
Profit on sale of other (4) (5) (3)
plant and equipment
4. Fair value adjustments on
financial instruments
Gains/(losses) arising from:
Investment in Pretoria (4) (45) (114)
Portland Cement Limited
Forward exchange contracts (76) 75 4
and other financial
instruments
Translation of foreign 6 39 30
currency monetary items
(74) 69 (80)
5. Finance costs
Total finance cost (591) (444) (1 042)
Leasing interest classified 90 77 153
as cost of sales
(501) (367) (889)
6. Exceptional items
Profit on disposal of 10 3 30
properties, investments and
subsidiaries
Impairment of goodwill - - (10)
Reversal/(impairment) of 7 (29) (35)
investments
Impairment of property, - - (2)
plant and equipment
Gross exceptional 17 (26) (17)
profit/(loss)
Taxation on exceptional (3) - 1
items
Net exceptional 14 (26) (16)
profit/(loss) - continuing
operations
- discontinued operations (1) (33) (335)
(net of taxation)
Net exceptional 13 (59) (351)
profit/(loss)
7. Taxation
Taxation per income (161) (303) (608)
statement
Prior year taxation (4) (2) (5)
Taxation on exceptional 3 - (1)
items
Taxation on profit before (162) (305) (614)
STC, prior year taxation
and exceptional items for
continuing operations
STC on normal dividends (30) (44) (67)
paid
Secondary taxation on (30) (44) (67)
companies for continuing
operations
Profit before exceptional 570 1 090 1 877
items
Dividends received (9) (14) (20)
Profit before exceptional 561 1 076 1 857
items and dividends
received for continuing
operations
Effective taxation rate
excluding exceptional
items, prior year taxation
and dividends received for
continuing operations (%)
- excluding STC 28,9 28,3 33,1
- including STC 34,2 32,3 36,7
8. Interest of all
shareholders
Balance at the beginning of 13 033 11 221 11 221
the period
Net income recognised 363 1 847 698
directly in equity
Net profit for the period 420 1 042 1 246
Purchase of minority - - 136
shareholding in
subsidiaries
Reclassifications and other (32) 30 63
reserve movements
Dividends/capital (345) (414) (622)
distribution on ordinary
shares
BEE charge in terms of IFRS 3 - 337
2
Effect of coatings - (69) (69)
unbundling
Shares issued in current 8 13 23
period
Interest of shareholders at 13 450 13 670 13 033
the end of the period
Six months ended
31 Mar 2009
Market Book
value/ value
Directors`
valuation
R million Reviewed
9. Investment in associates and
joint ventures
Joint ventures 719 547
Unlisted associates 247 242
966 789
Loans and advances 485
1 274
10. Long-term financial assets
Listed investments* 100 100
Unlisted investments 46 46
146 146
Other long-term financial assets 336
482
Six months ended
31 Mar 2008
Market Book
value/ value
Directors`
valuation
R million Reviewed
9. Investment in associates and
joint ventures
Joint ventures 689 226
Unlisted associates 197 196
886 422
Loans and advances 685
1 107
10. Long-term financial assets
Listed investments* 233 233
Unlisted investments 28 28
261 261
Other long-term financial assets 457
718
Year ended
30 Sep 2008
Market Book
value/ value
Directors`
valuation
Audited
R million
9. Investment in associates and
joint ventures
Joint ventures 711 404
Unlisted associates 461 186
1 172 590
Loans and advances 505
1 095
10. Long-term financial assets
Listed investments* 160 160
Unlisted investments 47 47
207 207
Other long-term financial assets 361
568
* Includes PPC shares held amounting to R100 million (September 2008:
R160 million and March 2008: R233 million) for the commitment to deliver
PPC shares to option holders following the unbundling of PPC.
Six months ended Year ended
31 Mar 31 Mar 30 Sep
2009 2008 2008
R million Reviewed Reviewed Audited
11. Discontinued operations
and assets classified as held
for sale
Following the decision to
dispose of the car rental
Scandinavia business it has
been classified as a
discontinued operation.
Results from discontinued
operations are as follows:
Revenue 529 1 218 1 900
Operating (loss)/profit (105) 59 81
Fair value adjustments on - (1) (3)
financial instruments
Finance costs (34) (43) (91)
Income from investments 3 7 13
(Loss)/profit before (136) 22 -
exceptional items
Exceptional items (1) (33) (335)
Loss before taxation (137) (11) (335)
Taxation 25 (19) (7)
Loss after taxation (112) (30) (342)
Income from associates and - 5 5
joint ventures
Net loss of discontinued (112) (25) (337)
operation before profit on
disposal
Profit on disposal of - 373 369
discontinued operations
(including realisation of
translation reserve)
Taxation effect on disposal - (41) (43)
Release of contingency 60 - -
provision on prior year
disposal
Net profit on disposal of 60 332 326
discontinued operations after
taxation
(Loss)/profit from (52) 307 (11)
discontinued operations per
income statement
Segmental analysis of discontinued operations:
Revenue
Six months Year
ended ended
R million 31 Mar 09 31 Mar 08 30 Sep 08
Car rental Scandinavia 529 508 1 174
Coatings - 517 517
Scientific - 193 209
Total discontinued 529 1 218 1 900
operations
Operating (loss)/profit
Six months Year
ended ended
R million 31 Mar 09 31 Mar 08 30 Sep 08
Car rental Scandinavia (105) (33) (10)
Coatings - 78 78
Scientific - 14 13
Total discontinued (105) 59 81
operations
Net operating assets
Six months Year
ended ended
R million 31 Mar 09 31 Mar 08 30 Sep 08
Car rental Scandinavia 1 950 2 762 2 208
Coatings - - -
Scientific - - -
Total discontinued 1 950 2 762 2 208
operations
Six months ended Year ended
31 Mar 31 Mar 30 Sep
2009 2008 2008
R million Reviewed Reviewed Audited
The cash flows from the
discontinued operations are
as follows:
Cash flows from operating 102 (287) 289
activities
Cash flows from investing 88 987 689
activities
Cash flows from financing (206) (761) (553)
activities
The major classes of assets
and liabilities comprising
the disposal group and other
assets classified as held
for sale are as follows:
Property, plant and 2 345 1 165 2 455
equipment, intangibles and
vehicle rental fleet
Inventories - 114 117
Trade and other current 439 - 521
receivables
Deferred tax assets - - 11
Cash and cash equivalents 16 - 31
Tax overpaid - - 8
Finance lease receivables - 16 13
Assets of disposal group 2 800 1 295 3 156
held for sale
Interest-bearing liabilities (1 132) - (1 356)
Other non-interest-bearing (146) - (176)
liabilities
Trade and other payables (487) (40) (464)
Total liabilities associated (1 765) (40) (1 996)
with assets classified as
held for sale
Net assets classified as 1 035 1 255 1 160
held for sale
Per business segment:
Continuing operations
Equipment 50 450 55
Automotive 230 290 261
Handling 63 515 42
Logistics 2 - -
Total continuing operations 345 1 255 358
Discontinued operations
Car rental Scandinavia1 690 - 802
Total group 1 035 1 255 1 160
1 A decision has been taken to sell the car rental Scandinavian business.
A plan has been formulated and an agreement has been signed between Barloworld
and merchant bankers authorising the latter to seek buyers for the business.
Six months ended Year ended
31 Mar 31 Mar 30 Sep
2009 2008 2008
R million Reviewed Reviewed Audited
12. Acquisition of
subsidiaries, investments
and intangibles
Inventories acquired - 335 335
Receivables acquired - 105 327
Payables, taxation and - (310) (526)
deferred taxation acquired
Goodwill and intangibles - 135 -
acquired
Borrowings net of cash - (256) (256)
Property, plant and - 254 532
equipment and other non-
current assets
Total net assets acquired - 263 412
Less: Existing share of net - (234) (234)
assets of joint venture
before acquisition and
minority shareholders`
interest
Net assets acquired - 29 178
Goodwill arising on - 4 566
acquisition
Total purchase consideration - 33 744
Less: Non-cash purchase - (33) (33)
consideration
Net cash cost of subsidiary - - 711
acquired
Investments and intangibles (11) 339 285
(repaid)/acquired
Cash amounts paid to acquire (11) 339 996
subsidiaries and investments
13. Proceeds on disposal of
subsidiaries, investments
and intangibles
Inventories disposed 96 258 271
Finance lease receivables - - 259
disposed
Receivables disposed 52 274 298
Payables, taxation and (31) (188) (209)
deferred taxation balances
disposed
Borrowings net of cash (117) 65 (189)
Property, plant and 4 295 322
equipment, non-current
assets, goodwill and
intangibles
Net assets disposed 4 704 752
Less: Non-cash consideration (2) - (26)
of deconsolidation of
subsidiary
Total net assets disposed 2 704 726
Profit on disposal - 373 370
Net cash proceeds on 2 1 077 1 096
disposal of subsidiaries
Proceeds on disposal of 2 - 2
investments and intangibles
Cash proceeds on disposal of 4 1 077 1 098
subsidiaries, investments
and intangibles
On 1 November 2008 50% of the company`s shareholding in Subaru Southern
Africa (Pty) Limited was sold to Japan`s Toyota Tsusho Corporation. The sale
has resulted in Subaru becoming a joint venture and will no longer be
consolidated by the group.
Six months ended Year ended
31 Mar 31 Mar 30 Sep
2009 2008 2008
R million Reviewed Reviewed Audited
14. Net investment in rental
assets and car hire vehicles
Rental assets 248 838 1 155
Additions 1 239 1 318 2 983
Proceeds on disposals (991) (480) (1 828)
Car hire vehicles (134) 856 736
Additions 1 503 2 486 4 515
Proceeds on disposals (1 637) (1 630) (3 779)
15. Cash and cash
equivalents
Cash balances not available 407 368 292
for use due to reserving and
other restrictions
16. Commitments
Capital commitments to be 928 1 925 1 084
incurred
Contracted 735 1 202 953
Approved but not yet 193 723 131
contracted
Operating lease commitments 2 077 2 109 2 278
Share buy-back and - 5 -
repurchase commitments of
joint ventures
Capital expenditure will be
financed by funds generated
by the business, existing
cash resources and borrowing
facilities available to the
group.
17. Contingent liabilities
Bills, lease and hire-
purchase agreements
discounted with
recourse, other guarantees 1 134 1 234 1 066
and claims
Litigation, current or
pending, is not considered
likely to have a material
adverse effect on the group.
Buy-back and repurchase 303 507 517
commitments*
* The related assets are estimated to have a value of at least equal to the
commitment.
The group has given guarantees to the purchaser of the coatings Australian
business relating to environmental claims. The guarantees will expire in 2016
and are limited to the sales price received for the business. Freeworld Coatings
Limited is responsible for the first A$5 million of any claims arising in terms
of the unbundling agreement.
Warranties and guarantees have been given as a consequence of the various
disposals completed during 2007 and 2008. None are expected to have a material
impact on the financial results of the group.
There are no material contingent liabilities in joint venture companies.
18. Related party transactions
Other than the impact of the disposal and unbundling of businesses per note 11,
and the disposal of 50% of Subaru Southern Africa (Proprietary) Limited per note
13, there has been no significant change in related party relationships since
the previous year.
19. Comparative information
The March 2008 comparative information has been reclassified for the
treatment of car rental Scandinavia as a discontinued operation.
The aggregate effect of the above changes on the annual financial statements
for the period ended 31 March 2008:
Reclassification
Previously of discontinued
R million stated operation Restated
Income statement
Revenue 21 691 (508) 21 183
Operating profit 1 279 33 1 312
Fair value adjustments 69 - 69
on financial
instruments
Finance costs (395) 28 (367)
Income from investments 79 (3) 76
Profit before 1 032 58 1 090
exceptional items
Exceptional items (59) 33 (26)
Profit before taxation 973 91 1 064
Taxation (333) (14) (347)
Profit after taxation 640 77 717
Income from associates 18 - 18
and joint ventures
Net profit from 658 77 735
continuing operations
Profit from 384 (77) 307
discontinued operations
Net profit for the 1 042 - 1 042
period
Attributable to:
Minority shareholders 8 - 8
Barloworld Limited 1 034 - 1 034
shareholders
1 042 - 1 042
Earnings per share 506,4 - 506,4
(cents) - basic
Earnings per share 498,6 - 498,6
(cents) - diluted
Earnings per share from
continuing operations
(cents)
Earnings per share 318,8 37,7 356,5
(cents) - basic
Earnings per share 313,9 37,2 351,1
(cents) - diluted
Earnings per share from
discontinued operations
(cents)
Earnings per share 187,6 (37,7) 149,9
(cents) - basic
Earnings per share 184,7 (37,1) 147,6
(cents) - diluted
The restatement has not affected the balance sheet for 31 March 2008.
The restatements have not impacted on cash flows.
20. Auditor`s review
Deloitte & Touche has reviewed these interim results. The unmodified review
opinion is available for inspection at the company`s registered office.
Segmental summary
Revenue
Six months ended Year ended
31 Mar 09 31 Mar 08 30 Sep 08
R million Reviewed Reviewed Audited
Equipment 9 095 9 182 20 389
Automotive 8 297 8 090 17 005
Handling 2 732 3 061 6 145
Logistics 2 362 817 3 208
Corporate 28 33 83
Total continuing 22 514 21 183 46 830
operations
Southern Africa 14 589 12 778 29 166
Europe 5 676 6 093 12 965
United States 989 909 1 850
Australia & Asia 1 260 1 403 2 849
Total continuing 22 514 21 183 46 830
operations
Operating profit/(loss)
Six months ended Year ended
31 Mar 09 31 Mar 08 30 Sep 08
R million Reviewed Reviewed Audited
Equipment 686 864 2 057
Automotive 320 310 540
Handling 44 98 172
Logistics 33 46 135
Corporate (38) (6) (253)
Total continuing 1 045 1 312 2 651
operations
Southern Africa 1 135 897 1 967
Europe (82) 366 586
United States (20) 16 36
Australia & Asia 12 33 62
Total continuing 1 045 1 312 2 651
operations
Fair value adjustments
on financial
instruments
Six months ended Year ended
31 Mar 09 31 Mar 08 30 Sep 08
R million Reviewed Reviewed Audited
Equipment (40) 103 49
Automotive 2 8 4
Handling (32) (2) (25)
Logistics - - 1
Corporate (4) (40) (109)
Total continuing (74) 69 (80)
operations
Southern Africa (78) 70 (88)
Europe 4 (1) 8
United States - - -
Australia & Asia - - -
Total continuing (74) 69 (80)
operations
Segment result: Operating
profit/(loss) including fair
value adjustments
Six months ended Year ended
31 Mar 09 31 Mar 08 30 Sep 08
R million Reviewed Reviewed Audited
Equipment 646 967 2 106
Automotive 322 318 544
Handling 12 96 147
Logistics 33 46 136
Corporate (42) (46) (362)
Total continuing 971 1 381 2 571
operations
Southern Africa 1 057 967 1 879
Europe (78) 365 594
United States (20) 16 36
Australia & Asia 12 33 62
Total continuing 971 1 381 2 571
operations
Operating margin (%)
Six months ended Year ended
31 Mar 09 31 Mar 08 30 Sep 08
R million Reviewed Reviewed Audited
Equipment 7,5 9,4 10,1
Automotive 3,9 3,8 3,2
Handling 1,6 3,2 2,8
Logistics 1,4 5,6 4,2
Corporate
Total continuing 4,6 6,2 5,7
operations
Southern Africa 7,8 7,0 6,7
Europe (1,4) 6,0 4,5
United States (2,0) 1,8 1,9
Australia & Asia 0,9 2,4 2,2
Total continuing 4,6 6,2 5,7
operations
Net operating assets/
(liabilities)
31 Mar 09 30 Sep 08
R million Reviewed Audited
Equipment 10 170 9 150
Automotive 5 803 6 048
Handling 1 900 1 609
Logistics 1 383 1 285
Corporate 265 284
Total continuing 19 521 18 376
operations
Southern Africa 11 925 10 445
Europe 5 953 6 330
United States 636 618
Australia & Asia 1 007 983
Total continuing 19 521 18 376
operations
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
Transfer secretaries - South Africa
Link Market Services South Africa
(Proprietary) Limited
(Registration number 2000/007239/07)
11 Diagonal Street
Johannesburg, 2001
(PO Box 4844, Johannesburg)
Tel: +27 11 630 0000
Registrars - United Kingdom
Equiniti Limited
Aspect House, Spencer Road
Lancing, West Sussex
BN99 6DA, England
Tel: +44 190 383 3381
Transfer secretaries - Namibia
Transfer Secretaries (Proprietary) Limited
(Registration number 93/713)
Shop 8, Kaiser Krone Centre
Post Street Mall
Windhoek, Namibia
(PO Box 2401, Windhoek, Namibia)
Tel: +264 61 227 647
www.barloworld.com
Date: 11/05/2009 07:32:28 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.
| Profile Group (Pty) Ltd. has taken care in preparing all information on this website, but does not accept any liability for errors or out-of-date information. | |||||||||||||
| Other Profile Group sites: FundsData Online (unit trust data) | Profile Group corporate site | |||||||||||||
| [ Terms of Use | Privacy Policy | PAIA manual | FAQs/Help | Site Map | © Copyright Reserved 2026 ] | |||||||||||||
|
|||||||||||||
