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BAW
BAW
BAW - Barloworld Limited - Trading Statement
Barloworld Limited
(Incorporated in the Republic of South Africa)
(Registration number 1918/000095/06)
(Share code: BAW)
(ISIN: ZAE000026639)
("Barloworld or the Company")
TRADING STATEMENT
Despite the difficult trading environment, Equipment southern Africa
delivered a solid operating performance albeit weaker in the second half of
the year. The Automotive division performed well in a very difficult year for
the industry. The southern Africa Handling and Logistics businesses returned
satisfactory results.
In our international operations the depressed economic conditions translated
into lower levels of activity impacting both revenue and profit.
While operating profits are expected to be 20% to 30% lower, basic earnings
per share and headline earnings per share (HEPS) from continuing operations
are expected to be 40% to 50% lower than the prior year.
The decline in earnings is mainly attributable to the lower operating profit,
restructuring charges to realign our cost base with lower activity levels,
adverse fair value adjustments on financial instruments due to the stronger
rand and higher finance costs.
Basic earnings per share and headline earnings per share (including both
continuing and discontinued operations) are expected to decline by 45% to 55%
mainly due to lower earnings from continuing operations and losses incurred
in the Scandinavian car rental operations which are disclosed as
discontinued.
Operating cash generation has been strong resulting in a further
strengthening of the group balance sheet. In addition, improvements were
made to the company`s debt profile this year. In October 2008 a seven year
corporate bond of R750 million was issued in the South African market at a
fixed interest rate of 11.67% per annum. The proceeds were utilised to repay
short term debt. Subsequently, a R700 million five year loan facility was
concluded with a local bank and in September 2009 the UK syndicated facility
was renewed ahead of its maturity in 2010, for an amount of GBP80 million.
This financial information has not been reviewed or reported on by
Barloworld`s auditors.
Barloworld Limited expects to announce its results for the year to 30
September 2009 on 16 November 2009.
Sandton
5 November 2009
Sponsor:
J.P. Morgan Equities Ltd.
Date: 05/11/2009 14:51:01 Produced by the JSE SENS Department.
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