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BAW BAWP
BAW
BAW - Barloworld - Trading Statement
Barloworld Limited
(Incorporated in the Republic of South Africa)
(Registration number 1918/000095/06)
(Share code: BAW)
(JSE ISIN: ZAE000026639)
(Share code: BAWP)
(JSE ISIN: ZAE000026647)
("Barloworld or the Company")
TRADING STATEMENT
Trading statement in respect of the six months ended 31 March 2010.
In terms of the Listings Requirements of the JSE Limited, a listed company is
required to publish a trading statement as soon as a reasonable degree of
certainty exists that the financial results for the period to be reported on
will differ by at least 20% from those of the previous corresponding period.
Trading in equipment southern Africa for the six months to March 2010 declined
significantly due to the slowdown in construction and mining, particularly in
South Africa and Angola, compared to the record performance in the prior period.
Order books are however trending upwards for the first time in eighteen months
with some major tenders pending which, if successful, will materially impact
these order books.
All segments within the automotive division continued to perform well. Trading
conditions in our international handling, logistics and equipment operations
remained very difficult and further restructuring charges were incurred in our
equipment business in Spain to realign the cost base with lower activity levels.
Strong positive cash flows have been generated due largely to working capital
reductions in equipment southern Africa.
Headline earnings per share from continuing operations are expected to be
between 30 and 50 cents compared to the 199.6 cents reported in the prior
period. Group headline earnings per share from both continuing and discontinued
operations are expected to show a small profit per share (2009: 146.4 cents) due
to the lower earnings from continuing operations and losses incurred in the Car
Rental Scandinavian operations.
Group basic earnings per share for the six months to March 2010 are expected to
be a loss of between 60 cents and 80 cents compared to a profit of 183.3 cents
in the prior year. This is a result of the lower headline earnings referred to
above and a goodwill impairment of R152 million due to the decline in
profitability of our Middle East logistics operations.
Barloworld Limited expects to announce its results for the six months to 31
March 2010 on 10 May 2010.
This financial information has not been reviewed or reported on by Barloworld`s
auditors.
Enquiries
Barloworld Limited: Jacey de Gidts 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
26 April 2010
Sponsor: J.P. Morgan Equities Limited
Date: 26/04/2010 16:20:01 Produced by the JSE SENS Department.
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