| Mon 21 May 2012, 7:10 | | BAW\BAWP - Barloworld Limited - Results for the six months ended 31 March 2012 |
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BAW BAWP
BAW
BAW\BAWP - Barloworld Limited - Results for the six months ended 31 March 2012
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")
RESULTS FOR THE SIX MONTHS ENDED 31 MARCH 2012
Salient features
- Revenue up 19% to R28.1 billion
- Operating profit up 50% to R1 282 million
- Profit before exceptional items up 84% to R829 million
- HEPS up 70% to 245 cents (H1`11: 144 cents)
- Interim dividend of 80 cents per share up 60%
- Disposed of Handling US in April 2012 for approximately R460 million
Clive Thomson, CEO of Barloworld, said:
`The financial performance for the six months showed a pleasing trend with
operating profits up 50% and headline earnings per share increasing by 70% over
the first half of last year. We expect the second half to show strong activity
levels primarily driven by significant mining equipment deliveries in southern
Africa and Russia. Automotive and Logistics will continue to perform well.
The acquisition of the Bucyrus distribution businesses in certain of our
southern African Caterpillar dealership territories is currently expected to
close early in the fourth quarter of our financial year.
While recognising the uncertainties created by the economic challenges in the
Eurozone, overall we expect to build on the good progress we have seen in the
first six months and deliver a strong result for the 2012 financial year`.
21 May 2012
Chairman and Chief Executive`s report
The group delivered a strong performance in the first half with revenues up 19%
and operating profits up 50% on the six months ended 31 March 2011. Headline
earnings per share from continuing operations of 245 cents compared to 144 cents
in 2011, representing a 70% increase.
An interim dividend of 80 cents per share was declared which is 60% above the
prior year.
Operational review
Equipment
Equipment southern Africa
Revenue of R7.5 billion for the first half was 41% up on the prior period mainly
driven by mining and contract mining activity.
While confidence levels in the construction industry have shown some
improvement, this has not yet translated into a significant increase in
activity. Revenue in Angola is well ahead of last year as government spending on
infrastructure rehabilitation gains traction.
Operating profit of R689 million is 44% up on 2011 with an operating margin of
9.1% also ahead of last year.
The firm order book at March of R6.2 billion remains strong which augurs well
for second half activity levels.
Equipment Russia
Revenue to March of $211 million is 21% ahead of last year which included the
$60 million mining package deal to Polyus Gold. Strong revenue growth in the
current year was generated by power, forestry, as well as aftersales.
March operating profit of $18.3 million (after intangible amortisation) is 61%
up on the prior year with a very pleasing operating margin of 8.8%. The firm
order book of $90 million is well ahead of the September level and the pipeline
of projects under discussion remains strong.
Equipment Iberia
The Spanish economy has slipped back into recession and the near term outlook
remains challenging due to the impact of the severe austerity measures and
structural reforms.
Industry unit sales have declined further in the current year, however we
continue to make market share gains. Iberia generated an operating loss of
Euro11.1 million (2011: Euro7.9 million loss) which included restructuring costs
of Euro7.1 million (2011: Euro6.1 million) to realign the cost base. Iberia
remained cash positive to March despite the losses incurred.
The firm order book at March is dominated by three large package deals the bulk
of which will be delivered in the 2013 and 2014 financial years.
Automotive and Logistics
Revenue to March of R14.1 billion was 7.5% ahead of the prior year. All segments
produced improved operating results with total operating profit increasing by
35% to R531 million.
Car rental
Rent a Car revenue for the period was 8% ahead of the prior year. This was
driven by a 15% growth in rental days and a 4% increase in revenue per day.
Fleet utilisation further improved to 76%. Operating profit was pleasingly 36%
ahead of last year.
Motor retail
Total South African new vehicle sales for the first quarter of 2012 show an
increase of 6% compared to the prior year driven by an estimated 8% growth in
passenger vehicles for the period. In Australia new vehicle sales for the first
quarter have improved by 5%.
Motor retail revenue for the first six months of R9.6 billion showed an 11%
increase on 2011. The operating profit of R206 million for the period is 27% up
on last year with the operating margin improving from 1.9% to 2.1%. Both
southern Africa and Australia performed well.
Two new motor dealerships were officially opened in Soweto. This joint venture
with respected entrepreneur Dr Richard Maponya is of historic importance, as
these are pioneering dealerships in Soweto and represent a significant growth
opportunity for the group.
Fleet services
Fleet services delivered a solid performance with operating profit increasing by
7% to R144 million. The fleet under finance grew by 14% in the period mainly as
a result of the consolidation of Phakisaworld following the acquisition of the
remaining 50% shareholding with effect from January 2012.
Logistics
The logistics business delivered a strong turnaround with operating profits of
R37 million compared to a loss of R9 million in the prior period. The southern
African business performed well while the international businesses also
improved.
Handling
Activity in the division was 13% ahead of the prior year with revenue of
GBP224.4 million. The operating profit of GBP2.3 million is in line with last
year with good performances from Handling US, UK, Belgium and South Africa while
Netherlands was down.
The agriculture operations also showed an improvement in trading despite
slightly higher losses from the start-up operations in Siberia. Recent drought
conditions in South Africa as well as product availability problems negatively
impacted trading towards the end of the period.
Corporate activity
We continue to evolve the corporate strategy in a direction which results in the
allocation of capital to the opportunities with the highest financial returns.
Negotiations are at an advanced stage with Caterpillar Global Mining LLC in
respect of the acquisition of the Bucyrus distribution businesses for certain of
our existing Cat dealership territories. Upon completion of the acquisition,
Barloworld expects to begin providing sales, service and support for all of the
former Bucyrus mining products in all our dealership territories in southern
Africa. This transaction will significantly enhance the range of surface and
underground equipment solutions we will be able to provide to the mining
industry. The legal and due diligence process in southern Africa is nearing
completion and integration teams are currently evaluating the most effective
systems solutions for the integrated businesses. We expect to be able to make a
formal announcement on this transaction in the near future and it is anticipated
to close, subject to regulatory approvals, early in the fourth quarter of our
financial year. We will then work to finalise the acquisition of a portion of
the Bucyrus distribution business in Russia, which will be concluded as a
separate transaction.
Within the Automotive and Logistics division we have made some niche
acquisitions including Avis Coach Charter, Dreamworks (a fuel management
company) and post March, Ecosse (a specialised chemical transporter). We have
also acquired the remaining 50% shareholding in our fleet services joint
venture, Phakisaworld.
The sale of the US Handling business to Briggs and LiftOne was concluded at the
end of April. The purchase consideration approximated tangible net asset value
and realised approximately US$60 million in cash for the group.
Empowerment, transformation and sustainable development
Barloworld again achieved first position in the general industrial sector of the
Financial Mail`s 2012 top empowerment companies survey. We have held this
position for the past three years. In addition, we were ranked 12th overall in
2012, previously being 18th and 21st in 2011 and 2010 respectively.
Barloworld Limited and all but one of our business units currently have a Level
2 BEE rating. In order to remain a leader in empowerment and transformation, the
group target is to maintain the B-BBEE status of Level 2 or 3 notwithstanding
the increased thresholds and new standards that came into effect early this
year.
We continue to make good progress on our various sustainable development
objectives including energy and greenhouse gas emissions efficiency
improvements, water conservation and recycling. Safety remains a primary focus
area in all our operations.
Directorate
Mr MJN Njeke and Justice SAM Baqwa resigned from the board on 29 February and 10
May 2012 respectively. Mr Njeke was appointed chairman of a major South African
insurance company while Justice Baqwa was appointed a permanent judge of the
North and South Gauteng High Court of South Africa.
Ms B Ngonyama and Ms NP Dongwana were appointed as non-executive directors of
the board with effect from 1 May 2012. In addition Ms B Ngonyama was appointed a
member of the audit committee from that date.
Outlook
While the Chinese growth outlook has moderated, commodity demand remains strong.
The Equipment southern Africa firm mining order book is at record levels and we
are therefore projecting a strong second half for 2012. While the lead times for
mining equipment remain tight, we have secured production slots with Caterpillar
to meet our customers` future delivery requirements.
Construction activity in South Africa continues to show a slow recovery. Recent
government infrastructure spend projections in SA are positive but have yet to
materialise into activity for our industry. Increasing infrastructure spend in
Angola will have a beneficial impact on our short-term results.
In Russia the strong activity levels experienced in the first half are expected
to be exceeded in the second half. This is underpinned by a strong firm order
book driven by continued demand for commodities and a growing domestic economy.
The pipeline of projects in Russia is strong with a high probability of being
converted into firm orders.
We are unlikely to see any meaningful improvement in the Spanish economy in the
near term but will benefit from cost savings in the second half as well as some
machine deliveries from the package deals. While some further limited
rationalisation is likely to be undertaken before financial year end the
significant restructure costs incurred in the first half will not reoccur.
The automotive industry in SA may see some slowing in the balance of this year
as consumers face up to increased fuel and energy prices, increased inflation
and the threat of rising interest rates in the latter part of the year. We
nonetheless project continued improvement in profitability in the second half.
In Logistics, our southern African business has seen good volume increases in
certain key contracts and has benefited from a number of cost saving
initiatives. Several complementary business opportunities to increase activity
levels are currently under consideration and the overall business is expected to
show continued progress.
Our materials handling businesses should show limited on-going improvement
notwithstanding slowing order intake as a result of the Eurozone debt crisis.
We expect the second half of the financial year to show strong activity levels
primarily driven by significant mining equipment deliveries in southern Africa
and Russia. Automotive and Logistics will continue to perform well. The
acquisition of the Bucyrus distribution businesses in certain of our southern
African Caterpillar dealership territories is currently expected to close early
in the fourth quarter of our financial year. While recognising the uncertainties
created by the economic challenges in the Eurozone, overall we expect to build
on the good progress we have seen in the first six months and to deliver a
strong result for the 2012 financial year.
DB Ntsebeza CB Thomson
Chairman Chief Executive Officer
Group financial review
Revenue for the six months increased by 19% to R28.1 billion. The improvement on
last year was mainly driven by increased activity in mining in Equipment
southern Africa and Russia and the motor retail businesses.
Earnings before interest, taxation, depreciation and amortisation (EBITDA)
increased by 30% to R2 244 million while operating profit rose by 50% to R1 282
million. Operating profit in Equipment southern Africa and Russia improved by
R211 million (44%) and R66 million (85%), respectively. The combined Automotive
and Logistics division recorded improved profits of R531 million, up by 35%
largely owing to a return to profit in the logistics business and increased
margins in car rental and motor retail.
Restructuring charges of R73 million (Euro7.1 million) were incurred in
Equipment Iberia where trading conditions remained difficult. The increase in
the company`s share price since September 2011 resulted in a charge for the six
months of R118 million (1H`11: R64 million) in respect of cash-settled Share
Appreciation Rights previously awarded to employees. A change in the statutory
measure of inflation for the UK pensioner increases reduced the company`s
pension fund liability in the period giving rise to a once-off benefit to
operating profit of R74 million (GBP6 million).
Increased trading activity and rand volatility contributed to higher foreign
currency contract costs and negative fair value adjustments in Equipment
southern Africa and the South African handling and agriculture businesses.
Net finance costs of R348 million are in line with last year. This was mainly
due to lower short-term interest rates despite higher average borrowings during
the period.
Exceptional charges of R26 million mainly relate to the impairment of intangible
assets in the US Handling business which is now held for sale.
Taxation, before Secondary Tax on Companies (STC), increased by R200 million to
R343 million. The charge includes the impairment of the deferred tax asset in
Handling US (R61 million). The effective taxation rate (excluding STC, prior
year taxation and taxation on exceptional items) was 34.5% (1H`11: 32.7%). The
effective rate was negatively impacted by the decision not to raise further
deferred tax assets relating to losses in Spain.
Income from associates of R31 million mainly comprises the contribution from the
equipment joint venture in the Democratic Republic of Congo.
Headline earnings per share (HEPS) increased by 70% to 245 cents (1H`11: 144
cents).
Cash flow and debt
Improved activity mainly in Equipment southern Africa and Russia has led to
increased investment in working capital. This, coupled with growth in leasing
assets and the short-term vehicle rental fleet, has led to an outflow of funds
in the period of R3 462 million.
Total interest-bearing debt at 31 March 2012 of R9 109 million represents a
group debt to equity ratio of 73% (September 2011: 57%). Short-term debt
represents 34% of total debt. No material long-term debt falls due for repayment
this year or early in 2013. The company issued two corporate bonds on the
domestic capital markets in April raising R760 million. These bonds are
repayable in 2015 and 2017. The proceeds were utilised to repay short-term debt.
Net interest-bearing debt at 31 March 2012 totalled R8 056 million (September
2011: R4 489 million). This represents a net debt to equity ratio of 65%
(September 2011: 36%).
Gearing in the three segments are as follows:
Debt to equity (%) Trading Leasing Car Group Group
rental total debt net debt
Target range 30 - 50 600 - 800 200 - 300
Ratio at 31 March 2012 42 514 255 73 65
Ratio at 30 September 30 577 196 57 36
2011
The company`s credit rating of A+ (Stable Outlook) was re-affirmed by Fitch
Ratings in February 2012.
Total assets employed by the group increased by R1 583 million in the six months
to R32 515 million.
Going forward
Deliveries of inventory to customers in the mining sector in the second half of
the year will see a reduction in working capital by year end. We have secured
bridging finance for the proposed Bucyrus transaction in South Africa and plans
are well advanced to secure the necessary offshore funding for the balance of
the transaction. The proceeds on disposal of the US Handling assets in April
generated net cash of approximately $60 million which will be used to reduce
debt and partly fund the Bucyrus offshore acquisition.
We continue to focus on improving our returns by maintaining strict discipline
over the allocation of capital and releasing capital from underperforming
businesses. Further improvement in our returns is expected this year.
DG Wilson
Finance Director
Operational reviews
EQUIPMENT
Revenue Operating Net operating
profit/(loss) assets
Six months Year Six months Year
ended ended ended ended
R million 31 Mar 31 Mar 30 Sept 31 Mar 31 Mar 30 Sept 31 Mar 30 Sept
2012 2011 2011 2012 2011 2011 2012 2011
- Southern 7 548 5 339 12 578 689 478 1 228 4 912 3 395
Africa
- Europe 1 993 1 744 3 574 (115) (70) (102) 2 193 2 496
- Russia 1 645 1 203 2 535 144 78 226 1 794 1 049
11 186 8 286 18 687 718 486 1 352 8 899 6 940
Share of 34 30 59
associate
income
Barloworld Equipment southern Africa produced a strong result, driven largely by
mining and contract mining. South Africa, Angola, Mozambique and Botswana
produced excellent growth in profitability, due largely to the increased demand
for machine sales and parts and service, to support the large and growing
installed Cat machine population.
The R250 million Remanufacturing Centre in Boksburg, which will double our
component rebuilding capability, was opened on 3 May by Caterpillar Chairman and
CEO Doug Oberhelman. This event coincided with the celebration of the 85th
anniversary of Barloworld`s partnership with Caterpillar. Leadership development
and technical training remain a key sustainability focus and we continue to
aggressively drive a culture of sound environmental health and safety for all
stakeholders in our business.
The firm order book in southern Africa stands at more than R6 billion and
increases in new machine market share are providing a solid base for future
after sales growth, particularly in the mining sector.
Iberia continued to weather the effects of growing uncertainty in the Eurozone.
Both Spain and Portugal have slipped back into recession as their governments
address budget deficits with severe austerity measures. This has led to a
further reduction in the new machines market, leaving the total Iberian industry
at a fraction of what is considered to be normalised levels.
Our Iberian management team continued to focus on extending our market
leadership position, cost control and asset efficiency. Actions taken included
further staff reductions at a cost of Euro7.1 million, the closure of
unprofitable facilities, and a significant reduction of the rental fleet.
Deliveries commenced on the large package deals reported in the previous year.
However, in the case of one large Spanish mining customer, certain orders are
likely to be deferred from 2013 to 2014 due to a reduction in coal subsidies.
The Russian business produced a record result with $211 million in revenues and
$18.3 million in operating profit. The outlook for the full year remains
positive with the current order book of over $90 million.
The mining sector continues to be the primary driver of the Russian revenue
performance, supported by the construction and power segments. Strong growth in
aftermarket revenues continued to be driven by the ongoing increase in our
installed Caterpillar machine population.
Facility development to support our customers throughout the territory remains a
priority with construction in Irkutsk, Krasnoyarsk and Magadan progressing well.
AUTOMOTIVE AND LOGISTICS
Revenue Operating Net operating
profit/(loss) assets*
Six months Year Six months Year
ended ended ended ended
R million 31 Mar 31 Mar 30 Sept 31 Mar 31 Mar 30 31 Mar 30 Sept
2012 2011 2011 2012 2011 Sept 2012 2011
2011
Car rental 1 777 1 645 3 341 144 106 220 2 990 2 429
Southern Africa
Motor retail 9 623 8 680 17 895 206 162 379 3 243 2 982
- Southern 7 240 6 939 14 050 161 126 279 1 940 1 650
Africa
- Australia 2 383 1 741 3 845 45 36 100 1 303 1 332
Fleet services 1 043 824 1 779 144 134 285 2 741 2 455
Southern Africa
Logistics 1 692 1 995 3 400 37 (9) 27 991 870
- Southern 1 282 1 232 2 294 52 15 49 561 392
Africa
- 410 763 1 106 (15) (24) (22) 430 478
Europe, Middle
East and Asia
14 135 13 144 26 415 531 393 911 9 965 8 736
Share of (4) 3 9
associate
(loss)/income
*Includes goodwill of R1 725 million (30 September 2011: R1 733
million).
The division produced a strong result in a competitive trading environment. The
operating margin improved to 3.8% from 3.0% in the prior period. The division
generated good positive operating cash flow, which was reinvested into operating
assets. Despite a modest 7.5% growth in revenue, overall operating profit
improved by 35%.
Avis Rent a Car southern Africa performed well, improving operating profit by
36% despite difficult trading conditions. The business further improved its high
fleet utilisation, grew rental day volumes and increased revenue per rental day.
The southern African motor retail operations delivered a much improved result.
Improved margins, cost containment and a strong finance and insurance
contribution supported the result, while service hours were marginally lower
than the prior period. The Australian operations continued to perform well.
Avis Fleet Services produced a good result in the current low interest rate
environment. The remaining shares in Phakisaworld Fleet Solutions were acquired
during the period and the business consolidated with effect from January.
The logistics business has improved on the back of focused management actions.
New contracts awarded in southern Africa supported the result. Overall volumes
and margins remain under pressure in the international businesses, however
opportunities to improve the mix of business continue to be progressed.
Associates include our Soweto and Sizwe BEE joint ventures which performed in
line with expectations. The Soweto Toyota and Volkswagen dealerships will take
time to mature in this developing market.
HANDLING
Revenue Operating Net operating
profit/(loss) assets
Six months Year Six months Year
ended ended ended ended
R million 31 Mar 31 Mar 30 Sept 31 Mar 31 Mar 30 Sept 31 Mar 30 Sept
2012 2011 2011 2012 2011 2011 2012 2011
- Southern 779 503 1 141 26 34 76 528 457
Africa
- Europe 1 129 929 1 983 (7) (1) (2) 768 675
- North 882 762 1 585 9 (6) (2) 461 430
America
2 790 2 194 4 709 28 27 72 1 757 1 562
Share of 1 2 3
associate
income
The market for new forklift trucks grew in all our territories but at a slower
pace than last year. UK, Belgium and Netherlands in particular have slowed
largely as a result of the Eurozone debt crisis. Revenue grew in all businesses
apart from the UK which was flat compared to last year. Orders on hand at the
end of March were flat against last year-end, but 7% higher than March last
year. Margins continued to show growth driven mainly by improvements in used,
service and short-term rental though rental utilisation has moderated over the
last quarter in the European operations.
Trading profit was up in all operations apart from The Netherlands with currency
movements impacting the southern African operations. Overall operating profits
are similar to last year. Market shares improved in the UK, Belgium and
Agriculture.
Agricultural sentiment improved and the increased availability of low-cost
tractors has bolstered sales and market share; however, drought conditions in
certain parts of South Africa since March led to a pause in demand. The new
agricultural operations in Mozambique and Siberia both incurred start-up losses
but future prospects remain bright. The SEM activity in South Africa again
showed growth and the product line was introduced to Siberia and Mozambique.
While the division continued to exercise tight control over the asset base,
stock levels were increased to ensure adequate stock for anticipated sales
growth in the second half and in the face of possible product shortages from
some OEMs.
After a strategic review that showed the returns from the Handling business in
the US would not reach group hurdle rates in the near term, the business was
sold at the end of April, generating some US$60 million of cash for the group.
The trading outlook for the remainder of 2012 is marginally positive
notwithstanding slowing order intake as a result of the Eurozone debt crisis.
CORPORATE
Revenue Operating Net operating
(loss)/profit assets/
(liabilities)
Six months Year Six months Year
ended ended ended ended
R million 31 Mar 31 Mar 30 Sept 31 Mar 31 Mar 30 Sept 31 Mar 30 Sept
2012 2011 2011 2012 2011 2011 2012 2011
Southern 10 1 12 (56) (46) (32) 448 587
Africa
Europe 61 (6) (14) (733) (889)
10 1 12 5 (52) (46) (285) (302)
Corporate comprises the activities of the corporate offices, including the
treasuries, in South Africa and the United Kingdom. In southern Africa the
operating loss has increased due to higher provisions required for cash-settled
share appreciation rights previously awarded to staff, following the rise in the
company`s share price since September 2011. In Europe a change in the statutory
measure for inflation on UK pension increases reduced the company`s pension fund
liability in the period giving rise to a once-off benefit to operating profit of
R74 million.
Dividend declaration
Dividend number 167
Notice is hereby given that interim dividend number 167 of 80 cents (gross) per
ordinary share in respect of the six months ended 31 March 2012 has been
declared subject to the applicable dividends tax levied in terms of the Income
Tax Act (Act No. 58 of 1962)(as amended) (the Income Tax Act).
In accordance with paragraphs 11.17 (a) (i) to (x) and 11.17(c) of the JSE
Listings Requirements the following additional information is disclosed:
-?The dividend has been declared out of income reserves;
-?Local dividends tax rate is 15% (fifteen per centum);
-?Gross local dividend amount is 80 cents per ordinary share;
-?Net local dividend amount is 68 cents per ordinary share;
-?Barloworld has 230 934 823 ordinary shares in issue;
-?There are no Secondary Tax on Companies (STC) credits utilised.
In compliance with the requirements of Strate and the JSE Limited, the following
dates are applicable:
- Dividend declared Monday, 21 May 2012
- Last day to trade cum dividend Friday, 8 June 2012
- Shares trade ex-dividend Monday, 11 June 2012
- Record date Friday, 15 June 2012
- Payment date Monday, 18 June 2012
Share certificates may not be dematerialised or rematerialised between Monday,
11 June 2012 and Friday, 15 June 2012, both days inclusive.
On behalf of the board
B Ngwenya
Group company secretary
Condensed consolidated income statement
Six months ended Year ended
R million Notes 31 Mar 31 Mar 30 Sept
2012 2011 2011
Reviewed Reviewed Audited
Revenue 28 121 23 625 49 823
Operating profit before items 2 244 1 729 3 993
listed below (EBITDA)
Depreciation (911) (834) (1 620)
Amortisation of intangible (51) (41) (84)
assets
Operating profit 3 1 282 854 2 289
Fair value adjustments on 4 (106) (66) (65)
financial instruments
Net finance costs and dividends 5 (347) (338) (693)
received
Profit before exceptional items 829 450 1 531
Exceptional items 6 (26) 62 62
Profit before taxation 803 512 1 593
Taxation 7 (343) (143) (566)
Secondary taxation on companies 7 (25) (11) (18)
Profit after taxation 435 358 1 009
Income from associates and joint 31 34 71
ventures
Net profit for the period 466 392 1 080
Net profit attributable to:
Non-controlling interests in 37 33 63
subsidiaries
Owners of Barloworld Limited 429 359 1 017
466 392 1 080
Earnings per share* (cents)
- basic 203.4 170.4 482.7
- diluted 202.1 169.5 479.1
* Refer note 2 for details of headline earnings per share
calculation.
Condensed consolidated statement of comprehensive income
Six months ended Year ended
R million 31 Mar 31 Mar 30 Sept
2012 2011 2011
Reviewed Reviewed Audited
Profit for the period 466 392 1 080
Other comprehensive income
Exchange (loss)/gain on translation of (277) (71) 1 048
foreign operations
Translation reserves realised on the 11 11
disposal of foreign subsidiaries
(Loss)/gain on cash flow hedges (225) 29 246
Net actuarial losses on post-retirement (9) (274)
benefit obligations
Taxation on other comprehensive income 63 (8) (62)
Other comprehensive income for the (448) (39) 969
period, net of taxation
Total comprehensive income for the 18 353 2 049
period
Total comprehensive income attributable
to:
Non-controlling interests in 37 33 63
subsidiaries
Owners of Barloworld Limited (19) 320 1 986
18 353 2 049
Condensed consolidated statement of financial position
R million Notes 31 Mar 31 Mar 30 Sept
2012 2011 2011
Reviewed Reviewed Audited
ASSETS
Non-current assets 12 369 11 922 12 667
Property, plant and equipment 8 774 7 889 8 743
Goodwill 2 071 2 152 2 092
Intangible assets 398 401 421
Investment in associates and 8 305 298 329
joint ventures
Finance lease receivables 98 257 286
Long-term financial assets 9 147 130 147
Deferred taxation assets 576 795 649
Current assets 19 510 15 452 18 252
Vehicle rental fleet 1 955 1 644 1 695
Inventories 9 372 6 813 7 323
Trade and other receivables 7 107 5 793 6 448
Taxation 23 18 32
Cash and cash equivalents 15 1 053 1 184 2 754
Assets classified as held for 10 636 12 13
sale
Total assets 32 515 27 386 30 932
EQUITY AND LIABILITIES
Capital and reserves
Share capital and premium 305 299 304
Other reserves 2 586 1 718 3 016
Retained income 9 275 8 789 9 069
Interest of shareholders of 12 166 10 806 12 389
Barloworld Limited
Non-controlling interest 277 247 263
Interest of all shareholders 12 443 11 053 12 652
Non-current liabilities 7 558 6 044 7 279
Interest-bearing 5 971 4 643 5 522
Deferred taxation liabilities 197 311 229
Provisions 254 225 265
Other non-interest bearing 1 136 865 1 263
Current liabilities 12 514 10 289 10 996
Trade and other payables 8 343 6 577 8 395
Provisions 794 560 633
Taxation 239 162 247
Amounts due to bankers and short- 3 138 2 990 1 721
term loans
Liabilities directly associated 10 5
with assets classified as held
for sale
Total equity and liabilities 32 515 27 386 30 932
Condensed consolidated statement of changes in equity
R million Share Other Retained Attribut- Non-con- Interest
capital reserves income able to trolling of all
and Barloworld interest share-
premium Limited holders
share-
holders
Balance at 1 295 1 750 8 548 10 593 233 10 826
October 2010
Total (39) 359 320 33 353
comprehensive
income for the
period
Transactions
with owners,
recorded
directly in
equity
Other reserve 7 (2) 5 5
movements
Dividends (116) (116) (19) (135)
Shares issued 4 4 4
in current
period
Balance at 31 299 1 718 8 789 10 806 247 11 053
March 2011
Total 1 282 384 1 666 30 1 696
comprehensive
income for the
period
Transactions
with owners,
recorded
directly in
equity
Other reserve 16 3 19 1 20
movements
Dividends (107) (107) (15) (122)
Treasury shares 3 3 3
issued
Shares issued 2 2 2
in current
period
Balance at 30 304 3 016 9 069 12 389 263 12 652
September 2011
Total (448) 429 (19) 37 18
comprehensive
income for the
period
Transactions
with owners,
recorded
directly in
equity
Other reserve 18 18 4 22
movements
Dividends (223) (223) (27) (250)
Shares issued 1 1 1
in current
period
Balance at 31 305 2 586 9 275 12 166 277 12 443
March 2012
Condensed consolidated statement of cash flows
Six months ended Year
ended
R million Notes 31 Mar 31 Mar 30 Sept
2012 2011 2011
Reviewed Reviewed Audited
Cash flow from operating activities
Operating cash flows before 2 384 1 913 4 528
movements in working capital
Increase in working capital (3 574) (1 345) (27)
Cash generated from operations (1 190) 568 4 501
before investment in rental assets
Net investment in fleet leasing and 11 (685) (539) (1 013)
equipment rental assets
Net investment in vehicle rental 11 (470) (144) (384)
fleet
Cash (utilised in)/generated from (2 345) (115) 3 104
operations
Realised fair value adjustments on (33) (91) (172)
financial instruments
Finance costs and investment income (308) (338) (628)
Taxation paid (295) (171) (389)
Cash (outflow)/inflow from (2 981) (715) 1 915
operations
Dividends paid (including non- 12 (250) (135) (257)
controlling interest)
Net cash (applied to)/from (3 231) (850) 1 658
operating activities
Net cash applied to investing (231) (435) (712)
activities
Acquisition of subsidiaries, 13 (88) (401) (271)
investments and intangibles
Proceeds on disposal of 14 7 181 185
subsidiaries, investments,
intangibles and loans repaid
Net investment in leasing 33 55 56
receivables
Acquisition of property, plant and (327) (302) (880)
equipment
Proceeds on disposal of property, 144 32 198
plant and equipment
Net cash (outflow)/inflow before (3 462) (1 285) 946
financing activities
Net cash from/(used in) financing 1 790 368 (178)
activities
Ordinary shares issued 1 4 6
Shares repurchased for forfeitable (18) (21)
share plan
Increase/(decrease) in interest- 1 789 382 (163)
bearing liabilities
Net (decrease)/increase in cash and (1 672) (917) 768
cash equivalents
Cash and cash equivalents at 2 754 1 928 1 928
beginning of period
Cash and cash equivalents held for 6 6
sale at beginning of period
Effect of foreign exchange rate (29) (43) 52
movements
Cash acquired on acquisition of 210
subsidiary
Cash and cash equivalents at end of 1 053 1 184 2 754
period
Notes to the condensed consolidated financial statements
1. BASIS OF PREPARATION
The condensed financial information has been prepared in
accordance with the framework concepts and the measurement and
recognition requirements of International Financial Reporting
Standards (IFRS), IAS 34: Interim Financial Reporting and in
compliance with the requirements of the Companies Act, No 71 of
2008, of South Africa. The report has been prepared using
accounting policies that comply with IFRS which are consistent
with those applied in the financial statements for the year ended
30 September 2011, except for the adoption of the following
amended standards:
- IAS 24 Related party disclosure (Revised)
- IFRS 7 Disclosures - Transfers of financial assets
- IFRS 1 Severe hyperinflation and removal of fixed dates for
first-time adopters
- IAS 12 Deferred tax: Recovery of underlying Assets
- Annual improvements project 2010, the group adopted the
following amendments:
* IFRS 1 First time adoption of international financial reporting
* IFRS 7 Financial Instruments - Disclosure
* IAS 1 Presentation of financial statements
* IAS 34 Interim financial reporting
* IFRIC 13 Customer loyalty programmes
The effect of the adoption of the above standards are mainly of a
disclosure nature and will not have a material impact on the
financial results.
This report was prepared under the supervision of IG Stevens,
BCom CA(SA), Group General Manager - Finance.
Six months ended Year
ended
R million 31 Mar 31 Mar 30 Sept
2012 2011 2011
Reviewed Reviewed Audited
2. RECONCILIATION OF NET PROFIT TO
HEADLINE EARNINGS
Group
Net profit attributable to Barloworld 429 359 1 017
shareholders
Adjusted for the following:
Realisation of translation reserve on 11 11
disposal of foreign investments and
subsidiaries
Profit on disposal of properties, (14) (72) (286)
investments and subsidiaries
Impairment of assets and costs 30
associated with the disposal of
business
Loss on sale of intangible assets 1 1
Loss/(profit) on sale of plant and 1 6 (7)
equipment excluding rental assets
Impairment of goodwill 8 211
Impairment/(reversal of impairment) 2 (1) (3)
of investments in associates and
joint ventures
Impairment of plant and equipment 5
Gross remeasurements excluded from 27 (55) (68)
headline earnings
Taxation charge on disposal of 1 32
properties, investments and
subsidiaries
Taxation charge associated with the 61
disposal of business
Taxation benefit on impairment of (2)
plant and equipment
Taxation effects of remeasurements 62 30
Non-controlling interest in (2)
subsidiaries in remeasurements
Net remeasurements excluded from 87 (55) (38)
headline earnings
Headline earnings 516 304 979
Weighted average number of ordinary
shares in issue during the period
(000)
- basic 210 946 210 625 210 708
- diluted 212 219 211 846 212 261
Headline earnings per share (cents)
- basic 244.6 144.3 464.6
- diluted 243.1 143.5 461.2
3. OPERATING PROFIT
Included in operating profit are:
Cost of sales (including allocation 22 333 18 911 39 633
of depreciation)
Loss/(profit) on disposal of other 1 6 (7)
plant and equipment
Amortisation of intangible assets in 15 11 19
terms of IFRS 3 Business Combinations
4. FAIR VALUE ADJUSTMENTS ON FINANCIAL
INSTRUMENTS
(Losses)/gains arising from:
Forward exchange contracts and other (109) (49) (19)
financial instruments
Translation of foreign currency 3 (17) (46)
monetary items
(106) (66) (65)
5. NET FINANCE COSTS AND DIVIDENDS
RECEIVED
Total finance costs (376) (370) (755)
Interest on financial assets not at 28 31 60
fair value through profit or loss
Net finance costs (348) (339) (695)
Dividends - listed and unlisted 1 1 2
investments
(347) (338) (693)
6. EXCEPTIONAL ITEMS
Profit on disposal of properties, 14 72 286
investments and subsidiaries
Impairment of assets and costs (30)
associated with the disposal of
business
Realisation of translation reserve on (11) (11)
disposal of foreign investments
Impairment of goodwill (8) (211)
(Impairment)/reversal of impairments (2) 1 3
of investments
Impairment of property, plant and (5)
equipment
Gross exceptional (loss)/profit (26) 62 62
Taxation charge on exceptional items (1) (30)
Taxation charge associated with the (61)
disposal of business
Net exceptional (loss)/profit before (88) 62 32
non-controlling interest
Non-controlling interest on 2
exceptional items
Net exceptional (loss)/profit (86) 62 32
7. TAXATION
Taxation per income statement (343) (143) (566)
Prior year taxation 5 4 (11)
Taxation on exceptional items (62) (30)
Taxation on profit before STC, prior (286) (147) (525)
year taxation and exceptional items
Secondary taxation on companies (25) (11) (18)
Effective taxation rate excluding
exceptional items, prior year
taxation (%)
- excluding STC 34.5 32.7 34.2
- including STC 37.4 35.1 35.9
Six months ended Year
ended
R million 31 Mar 31 Mar 30 Sept
2012 2011 2011
Book Book Book
value value value
8. INVESTMENT IN ASSOCIATES AND JOINT
VENTURES
Joint ventures 161 181 175
Unlisted associates 125 112 134
286 293 309
Loans and advances 19 5 20
305 298 329
9. LONG-TERM FINANCIAL ASSETS
Listed investments* 9 14 8
Unlisted investments 25 25 25
34 39 33
Other long-term financial assets 113 91 114
147 130 147
*PPC shares held amounting to R9 million (March 2011: R14 million
and September 2011: R8 million) for the commitment to deliver PPC
shares to option holders following the unbundling of PPC.
Six months ended Year
ended
R million 31 Mar 31 Mar 30 Sept
2012 2011 2011
Reviewed Reviewed Audited
10. ASSETS CLASSIFIED AS HELD FOR SALE
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 equipment, 275 12 1
intangibles and vehicle rental fleet
Inventories 154 11
Trade and other current receivables 207 1
Assets of disposal group held for 636 12 13
sale
Trade and other payables (5)
Total liabilities associated with (5)
assets classified as held for sale
Net assets classified as held for 636 12 8
sale
Per business segment:
Equipment 9
Automotive and Logistics 12 8
Handling 627
Total group 636 12 8
During the early part of the financial year the group decided to
market the US Handling business for sale as part of a strategic
move. Refer to note 19 for details on the sale that occurred
after the interim period.
Six months ended Year
ended
R million 31 Mar 31 Mar 30 Sept
2012 2011 2011
Reviewed Reviewed Audited
11. NET INVESTMENT IN FLEET LEASING AND
RENTAL ASSETS
Net investment in fleet leasing and (685) (539) (1 013)
equipment rental assets
Additions (1 231) (1 114) (2 406)
Proceeds and transfers on disposals 546 575 1 393
Net investment in vehicle rental (470) (144) (384)
fleet
Additions (1 202) (1 084) (2 169)
Proceeds and transfers on disposals 732 940 1 785
12. DIVIDENDS PAID
Ordinary shares
Final dividend No 166 paid on 16 (223) (117) (117)
January 2012: 105 cents per share
(2011: No 164 - 55 cents per share)
Interim dividend No 165 paid on 13 (106)
June 2011: 50 cents per share
Paid to Barloworld Limited (223) (117) (223)
shareholders
Paid to non-controlling interest (27) (18) (34)
(250) (135) (257)
6% cumulative non-redeemable preference shares
Preference dividends totalling R22 500 were declared and paid on
each of the following dates:
- 27 October 2011 (paid on 21 November 2011)
- 27 May 2011 (paid on 6 June 2011)
Preference dividends totalling R22 500 were declared on 30 March
2012 and were paid on 30 April 2012.
13. ACQUISITION OF SUBSIDIARIES,
INVESTMENTS AND INTANGIBLES
Inventories acquired (4) (513) (513)
Receivables acquired (98) (254) (254)
Payables, taxation and deferred 90 339 334
taxation acquired
Borrowings net of cash 156 69 69
Property, plant and equipment and (162) (181) (181)
other non-current assets
Total net assets acquired (18) (540) (545)
Goodwill arising on acquisition (11) (81) (95)
Intangibles arising on acquisition (6) (101) (82)
in terms of IFRS 3 business
combinations
Total purchase consideration (35) (722) (722)
Deconsolidation of joint venture 21 361 361
Net cash cost of subsidiary acquired (14) (361) (361)
Bank balances and cash in 213
subsidiaries acquired
Investments and intangibles acquired (74) (40) (123)
Cash amounts paid to acquire (88) (401) (271)
subsidiaries, investments and
intangibles
The company had a 50% joint interest in Phakisaworld and on 11
January 2012 the company acquired the remaining 50% interest for
a total cash consideration of R14 million. The acquisition-date
fair value of the joint interest held by the company immediately
before the acquisition amounted to R21 million, the provisional
gain recognised as a result of premeasuring to fair value
amounted to R7.8 million. The primary reason for the acquisition
was to obtain control over Phakisaworld. Goodwill arose from
relationships with the National Department of Transport to whom
existing fleet solution products could be introduced and the
potential expansion of fleet solutions to other government
departments.
14. PROCEEDS ON DISPOSAL OF
SUBSIDIARIES, INVESTMENTS,
INTANGIBLES AND LOANS REPAID
Inventories disposed 11 11
Receivables disposed 78 108
Payables, taxation and deferred (7) (80) (115)
taxation balances disposed
Borrowings net of cash 2 2
Property, plant and equipment, non- 4 5
current assets, goodwill and
intangibles
Net assets disposed 4 4 11
Profit (loss) on disposal 3 (4) (7)
Net cash proceeds on disposal of 7 4
subsidiaries
Bank balances and cash in (2)
subsidiaries disposed of
Proceeds on disposal of investments 7 9
and intangibles
Investment in associates and joint 174 174
ventures loans, intangibles and
loans repaid
Cash proceeds on disposal of 7 181 185
subsidiaries, investments,
intangibles and loans repaid
15. CASH AND CASH EQUIVALENTS
Cash balances not available for use 501 356 503
due to reserving and other
restrictions
16. COMMITMENTS
Capital commitments to be incurred 1 308 1 345 1 316
Contracted 1 122 1 023 1 236
Approved but not yet contracted 186 322 80
Operating lease commitments 2 019 1 918 2 009
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 930 920 1 316
agreements discounted with recourse,
other guarantees and claims
Litigation, current or pending, is
not considered likely to have a
material adverse effect on the
group.
Buy-back and repurchase commitments* 197 208 161
*The related assets are estimated to have a value at least equal
to the repurchase 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.
There are no material contingent liabilities in joint venture
companies.
18. RELATED PARTY TRANSACTIONS
There have been no significant changes in related party
relationships since the previous year. Other than in the normal
course of business, there have been no significant transactions
during the six months with associate companies, joint ventures
and other related parties.
19. EVENTS AFTER THE REPORTING PERIOD
The US Materials Handling business was sold to Briggs Equipment
and LiftOne during April 2012. Each purchaser will acquire a
portion of our assets and represent the Hyster forklift brand in
the existing dealership territory in the south-east of the United
States. The purchase price approximates tangible net asset value
and will realise net cash proceeds of approximately $60 million.
The company issued two further corporate bonds on the domestic
capital markets in April raising R760 million. These bonds are
repayable in 2015 and 2017. The proceeds were utilised to repay
short-term debt.
No other material events have occurred between the end of the
reporting period and the date of the release of these financial
statements.
20. AUDITOR`S REVIEW
Deloitte & Touche has reviewed these interim results. This review
was conducted in accordance with the International Standards on
Review Engagement 2410, Review of Interim Financial Information
performed by the Independent Auditor.
Their unmodified review opinion is available for inspection at
the company`s registered office. Any reference to future
financial performance indicated in this report has not been
reviewed or reported on by the group`s auditors.
Additionally, Deloitte & Touche has performed certain agreed-upon
procedures in respect of certain of the non-financial salient
features. No assurance has been provided in relation to this
information. Their agreed-upon procedures report is available for
inspection at the company`s registered office.
Operating segments
Revenue
Six months ended Year
ended
R million 31 Mar 31 Mar 30 Sept
2012 2011 2011
Reviewed Reviewed Audited
Equipment 11 186 8 286 18 687
Automotive and Logistics 14 135 13 144 26 415
Handling 2 790 2 194 4 709
Corporate 10 1 12
Total 28 121 23 625 49 823
Southern Africa 19 679 16 483 35 195
Europe 5 177 4 639 9 198
United States 882 762 1 585
Australia and Asia 2 383 1 741 3 845
Total 28 121 23 625 49 823
Operating segments (continued)
Operating profit/(loss)
Six months ended Year
ended
R million 31 Mar 31 Mar 30 Sept
2012 2011 2011
Reviewed Reviewed Audited
Equipment 718 486 1 352
Automotive and Logistics 531 393 911
Handling 28 27 72
Corporate 5 (52) (46)
Total 1 282 854 2 289
Southern Africa 1 160 847 2 105
Europe 68 (23) 86
United States 9 (6) (2)
Australia and Asia 45 36 100
Total 1 282 854 2 289
Operating segments (continued)
Fair value adjustments
on financial instruments
Six months ended Year
ended
R million 31 Mar 31 Mar 30 Sept
2012 2011 2011
Reviewed Reviewed Audited
Equipment (70) (59) (89)
Automotive and Logistics 5 3
Handling (41) (9) 17
Corporate 2 4
Total (106) (66) (65)
Southern Africa (109) (64) (55)
Europe 3 (3) (11)
United States
Australia and Asia 1 1
Total (106) (66) (65)
Operating segments (continued)
Segment result: Operating
profit/(loss) including fair
value adjustments
Six months ended Year
ended
R million 31 Mar 31 Mar 30 Sept
2012 2011 2011
Reviewed Reviewed Audited
Equipment 648 427 1 263
Automotive and Logistics 536 393 914
Handling (13) 18 89
Corporate 5 (50) (42)
Total 1 176 788 2 224
Southern Africa 1 051 783 2 050
Europe 71 (26) 75
United States 9 (6) (2)
Australia and Asia 45 37 101
Total 1 176 788 2 224
Operating segments (continued)
Operating margin (%) Net operating
assets/
(liabilities)
Six months ended Year
ended
R million 31 Mar 31 Mar 30 Sept 31 Mar 30 Sept
2012 2011 2011 2012 2011
Reviewed Reviewed Audited Reviewed Audited
Equipment 6.4% 5.9% 7.2% 8 899 6 940
Automotive and 3.8% 3.0% 3.4% 9 965 8 736
Logistics
Handling 1.0% 1.2% 1.5% 1 757 1 562
Corporate (285) (302)
Total 4.6% 3.6% 4.6% 20 336 16 936
Southern Africa 5.9% 5.1% 6.0% 14 120 11 365
Europe 1.3% (0.5%) 0.9% 4 452 3 809
United States 1.0% (0.8%) (0.1%) 461 430
Australia and Asia 1.9% 2.1% 2.6% 1 303 1 332
Total 4.6% 3.6% 4.6% 20 336 16 936
Salient features
Six months ended Year
ended
31 Mar 31 Mar 30 Sept
2012 2011 2011
Financial
Headline earnings per share (cents) 244.6 144.3 464.6
Dividends per share (cents) 80 50 155
Operating margin (%) 4.6 3.6 4.6
Net asset turn (times) 2.7 2.6 2.7
EBITDA/interest paid (times) 6.0 4.7 5.3
Net debt/equity (%) 64.7 58.3 35.5
Return on net assets (RONA) (%) 13.1 10.3 13.0
Net asset value per share including 5 774 5 139 5 839
investments at fair value (cents)
Number of ordinary shares in issue, 230 934 230 686 230 878
including BEE shares (000)
Non-financial
Energy consumption (GJ)* 982 120 903 412 1 807 244
Greenhouse gas emissions (CO2e tons)* 100 909 94 685 189 043
Water consumption (ML)* 386 394 767
Number of employees* 19 122 18 440 18 671
LTIFR*+ 1.19 1.26 1.31
Fatalities* 2
dti# B-BBEE rating (level) 2 3 2
Closing rate Average rate
Six months Year Six months ended Year
ended ended ended
Exchange rates 31 Mar 31 Mar 30 Sept 31 Mar 31 Mar 30 Sept
(Rand) 2012 2011 2011 2012 2011 2011
United States 7.67 6.76 8.04 7.86 6.94 6.91
Dollar
Euro 10.22 9.59 10.79 10.51 9.46 9.67
British 12.26 10.84 12.52 12.44 11.04 11.12
Sterling
Agreed-upon procedures as at 31 March 2012, no assurance has been
provided in this regard by the group auditors.
* Limited assurance provided at 30 September 2011.
+Lost time injuries x 200 000 divided by total hours worked.
#Department of Trade and Industry (South Africa).
Corporate information
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 and Logistics (car rental, motor retail, fleet services, used
vehicles and disposal solutions, logistics management and supply chain
optimisation) and Handling (materials handling and agriculture). 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, Audi, BMW, Ford, General Motors, Mercedes-
Benz, Toyota, Volkswagen, Massey Ferguson and others.
Barloworld has a proven track record of 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 sustainable development and playing a leading role in empowerment
and transformation. The company was founded in 1902 and currently has operations
in 27 countries around the world with approximately 60% of our nineteen thousand
employees in South Africa.
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
Directors
Non-executive: DB Ntsebeza (Chairman), NP Dongwana, AGK Hamilton*,
SS Mkhabela, B Ngonyama, SS Ntsaluba, TH Nyasulu, SB Pfeiffer#,
G Rodriguez de Castro de los Rios+
Executive: CB Thomson (Chief Executive), PJ Blackbeard, PJ Bulterman,
M Laubscher, OI Shongwe, DG Wilson
*British +Spanish #American
Group company secretary
Bethuel Ngwenya
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
Sponsor:
J.P. Morgan Equities Limite
For background information visit www.barloworld.com
Date: 21/05/2012 07:10:03 Produced by the JSE SENS Department.
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