8th May 2013 16:02
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)
(Bond issuer code: BIBAW)
("Barloworld" or "the Company")
TRADING STATEMENT
The group has continued its strong performance for the first six months to 31 March 2013, with headline earnings per share (HEPS) expected to be 25% to 35% higher than the comparable earnings of last year.
Revenue in Equipment southern Africa was ahead of the prior period due to the newly acquired Bucyrus business while operating margins were down in line with expectations. Russia continued positively on the back of demand in the mining sector. In Iberia, notwithstanding difficult trading conditions, the operating result to March shows a substantial turnaround as no restructuring was effected during the period. The Handling operation continued its year on year trading improvement.
The Automotive and Logistics division performed well with all business units improving their result on the prior period.
The net finance charge has risen as a result of higher net interest bearing debt in the first half as increased trading activity in most of our regions has led to higher working capital. We benefitted from fair value gains on financial instruments due to rand weakness in the period.
Basic earnings per share are expected to be 45% to 55% higher than last year's comparable earnings, which is higher than the growth in HEPS, due mainly to exceptional losses in the prior year.
During the period, we extended the maturity profile of the R1 billion Bucyrus funding facility into 2015. Fitch Ratings re-affirmed the company's credit rating as AA- (Stable Outlook) following the formal credit review in February 2013.
Barloworld Limited expects to announce its results for the six months to 31 March 2013 on 20 May 2013.
This financial information has not been reviewed or reported on by Barloworld's auditors.
Sandton Sponsor:
08 May 2013 J.P. Morgan Equities SA (Pty) Ltd.
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 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 26 countries around the world with approximately 60% of our eighteen thousand employees in South Africa.
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 [email protected]
Directors
Non-executive: DB Ntsebeza (Chairman), NP Dongwana, AGK Hamilton*, SS Mkhabela, B Ngonyama, SS Ntsaluba, TH Nyasulu,
SB Pfeiffer•
Executive: CB Thomson (Chief Executive), PJ Blackbeard, PJ Bulterman,
M Laubscher, OI Shongwe, DG Wilson
*British •American
Group company secretary: Lerato Manaka
Enquiries: Barloworld Limited: Lethiwe Motloung
Tel +27 11 445 1000
E-mail [email protected]
College Hill: Jacques de Bie, Tel +27 11 447 3030
E-mail [email protected]
For background information visit www.barloworld.com
Related Shares:
BWO.L