NOTE 1

		Continuing operations
								Equipment and Handling
		Consolidated			Eliminations			Equipment			Handling

		2015 Rm	2014 Rm	2013 Rm	2015 Rm	2014 Rm	2013 Rm	2015 Rm	2014 Rm	2013 Rm	2015 Rm	2014 Rm	2013 Rm
1.	Operating and geographical segments**
	Revenue
	Southern Africa	54 911	53 094	48 632				20 307	20 903	19 126	1 919	1 708	1 613
	Europe^@	4 429	5 012	6 210				3 792	4 134	4 377	108	220	910
	Russia	3 379	3 994	4 645				3 379	3 994	4 645
	North America		1	11								1	11
	Australia
		62 720	62 101	59 498				27 479	29 031	28 148	2 027	1 929	2 534
	Inter-segment revenue***				(2 180)	(1 775)	(1 533)	1 373	1 567	1 169	96	88	56
		62 720	62 101	59 498	(2 180)	(1 775)	(1 533)	28 852	30 598	29 317	2 123	2 017	2 590
	Segment result
	Operating profit/(loss)
	Southern Africa	3 695	3 749	3 045				1 894	1 968	1 678	69	109	86
	Europe^@	(99)	(347)	(141)				71	(168)	(16)	(65)	(53)	(34)
	Russia	397	429	407				397	429	407
	North America	2	(1)	2							2	(1)	2
	Australia
	Operating profit/(loss)	3 995	3 830	3 313				2 362	2 229	2 069	6	55	54
	B-BBEE charge	(251)
	Fair value adjustments on financial instruments	(198)	(156)	(47)				(145)	(113)	(31)	(65)	(48)	(23)
	Total segment result	3 546	3 674	3 266				2 217	2 116	2 038	(59)	7	31
	By geographical region
	Southern Africa	3 277	3 609	3 003				1 787	1 871	1 653	4	64	65
	Europe^@	(97)	(351)	(139)				66	(172)	(15)	(65)	(56)	(36)
	Russia	364	417	400				364	417	400
	North America	2	(1)	2							2	(1)	2
	Australia
	Total segment result	3 546	3 674	3 266				2 217	2 116	2 038	(59)	7	31
	Income from associates and joint ventures	287	217	185				294	227	185		1	3
	Segment result including associate income	3 833	3 891	3 541				2 511	2 343	2 223	(59)	8	34
	Finance costs	(1 252)	(1 117)	(1 000)
	Income from investments	67	39	28
	Exceptional items	(6)	(66)	(79)
		2 642	2 747	2 400
	Taxation	(808)	(837)	(729)
	Net profit	1 834	1 910	1 671
	Non-cash expenses per segment
	Depreciation	2 355	2 198	1 940				681	631	506	36	35	32
	Amortisation of intangibles	129	142	136				72	84	73	2	2	1
	Impairment losses	37	304	54					17				44
	Assets
	Property, plant and equipment	14 380	12 614	11 356				5 750	4 958	3 778	172	170	172
	Intangible assets	1 500	1 380	1 399				1 232	1 132	1 132	4	5	5
	Investment in associates and joint ventures	923	720	571				903	678	533
	Long-term finance lease receivables	142	123	115				22	24
	Long-term financial assets	438	94	108				366	35	42
	Vehicle rental fleet	2 488	2 307	2 081
	Inventories	13 767	11 814	11 688				9 566	7 786	7 661	1 142	1 139	851
	Trade and other receivables	9 331	8 357	7 687				6 752	5 827	5 689	357	316	269
	Assets classified as held for sale	154		371							57		125
	Segment assets	43 123	37 409	35 376				24 591	20 440	18 835	1 732	1 630	1 422
	By geographical region
	Southern Africa	35 134	30 061	26 340				16 867	13 621	12 321	1 631	1 379	1 039
	Europe^@	3 836	3 658	3 696				3 573	3 130	2 990	99	250	383
	Russia	4 152	3 689	3 524				4 152	3 689	3 524
	North America	1	1								1	1
	Australia			1 816
	Total segment assets	43 124	37 409	35 376				24 591	20 440	18 835	1 731	1 630	1 422
	Goodwill	1 769	1 661	1 820				251	206	184	11	9
	Taxation	94	79	62
	Deferred taxation assets	783	695	654
	Cash and cash equivalents	2 386	4 162	2 695
	Consolidated total assets	48 155	44 006	40 607
	Liabilities
	Long-term non-interest-bearing including provisions	2 433	2 402	1 905				92	129	172			6
	Trade and other payables including provisions	11 589	12 309	11 775				5 820	6 247	6 786	598	849	542
	Liabilities directly associated with assets classified as held for sale	43		106							8		82
	Segment liabilities	14 065	14 711	13 786				5 912	6 376	6 958	606	849	630
	By geographical region
	Southern Africa	10 225	11 059	10 300				4 107	4 851	5 419	560	801	451
	Europe^@	2 680	2 904	2 358				659	787	697	41	38	165
	Russia	1 146	738	842				1 146	738	842
	North America	5	10	14							5	10	14
	Australia	9		272
	Total segment liabilities	14 065	14 711	13 786				5 912	6 376	6 958	606	849	630
	Interest-bearing liabilities (excluding held for sale amounts)	13 425	11 316	10 253
	Deferred taxation liabilities	571	377	421
	Taxation	52	116	240
	Consolidated total liabilities	28 113	26 520	24 700
	Capital additions
	Southern Africa	8 222	7 495	6 089				1 900	2 113	1 229	61	42	20
	Europe^@	343	319	296				329	311	274	3	1	16
	Russia	102	261	235				102	261	235
		8 667	8 075	6 628				2 331	2 685	1 738	64	43	36

	Continuing operations
	Automotive and Logistics
	Motor retail			Car Rental Southern Africa			Leasing			Logistics			Corporate

	2015 Rm	2014 Rm	2013 Rm	2015 Rm	2014 Rm	2013 Rm	2015 Rm	2014 Rm	2013 Rm	2015 Rm	2014 Rm	2013 Rm	2015 Rm	2014 Rm	2013 Rm
Operating and geographical segments**
Revenue
Southern Africa	20 140	19 173	17 465	5 202	4 510	4 069	3 362	3 087	2 895	3 980	3 709	3 454	1	4	10
Europe^@										529	658	923
Russia
North America
Australia
	20 140	19 173	17 465	5 202	4 510	4 069	3 362	3 087	2 895	4 509	4 367	4 377	1	4	10
Inter-segment revenue***	204	34	25	8		6	125	87	76	255	281	242	119	190	201
	20 344	19 207	17 490	5 210	4 510	4 075	3 487	3 174	2 971	4 764	4 648	4 619	120	194	211
Segment result
Operating profit/(loss)
Southern Africa	487	542	421	470	421	317	572	559	484	186	174	137	17	(24)	(78)
Europe^@										(27)	(52)	(37)	(78)	(74)	(54)
Russia
North America
Australia
Operating profit/(loss)	487	542	421	470	421	317	572	559	484	159	122	100	(61)	(98)	(132)
B-BBEE charge													(251)
Fair value adjustments on financial instruments		2	5			1	1			(5)	(1)	(2)	16	4	3
Total segment result	487	544	426	470	421	318	573	559	484	154	121	98	(296)	(94)	(129)
By geographical region
Southern Africa	487	544	426	470	421	318	573	559	484	181	174	136	(225)	(24)	(79)
Europe^@										(27)	(53)	(38)	(71)	(70)	(50)
Russia
North America
Australia
Total segment result	487	544	426	470	421	318	573	559	484	154	121	98	(296)	(94)	(129)
Income from associates and joint ventures	(5)	(13)	(5)	1	1					(3)	1	2
Segment result including associate income	482	531	421	471	422	318	573	559	484	151	122	100	(296)	(94)	(129)
Finance costs
Income from investments
Exceptional items

Taxation
Net profit
Non-cash expenses per segment
Depreciation	50	44	46	560	526	457	830	772	747	185	176	135	12	14	17
Amortisation of intangibles	6	5	7	2	1	3	7	2	5	38	46	44	2	2	3
Impairment losses						10					287		4
Assets
Property, plant and equipment	1 493	1 288	1 985	331	316	346	4 111	3 731	3 498	1 818	1 408	902	704	743	675
Intangible assets	52	48	15	18	5	5	13	8	5	172	170	223	10	12	14
Investment in associates and joint ventures	17	14	3	1	1	1					21	20	2	6	14
Long-term finance lease receivables							120	99	115
Long-term financial assets	44	39	44							16	8	6	12	12	16
Vehicle rental fleet				2 488	2 307	2 081
Inventories	2 699	2 600	2 912	308	218	188	59	51	58	31	20	18	(38)
Trade and other receivables	650	628	650	492	422	378	654	527	540	1 163	1 072	961	(737)	(435)	(800)
Assets classified as held for sale			203							97		43
Segment assets	4 955	4 617	5 812	3 638	3 269	2 999	4 957	4 416	4 216	3 297	2 699	2 173	(47)	338	(81)
By geographical region
Southern Africa	4 955	4 617	3 996	3 638	3 269	2 999	4 957	4 416	4 216	3 052	2 407	1 844	34	352	(75)
Europe^@										245	292	329	(81)	(14)	(6)
Russia
North America
Australia			1 816
Total segment assets	4 955	4 617	5 812	3 638	3 269	2 999	4 957	4 416	4 216	3 297	2 699	2 173	(47)	338	(81)
Goodwill	198	191	194	791	791	791	307	292	292	210	171	359
Taxation
Deferred taxation assets
Cash and cash equivalents
Consolidated total assets
Liabilities
Long-term non-interest-bearing including provisions	68	56	79		1	2	323	305	284		2	20	1 950	1 909	1 342
Trade and other payables including provisions	2 318	2 303	2 242	1 644	1 460	1 134	849	793	741	859	936	999	(499)	(279)	(669)
Liabilities directly associated with assets classified as held for sale			6							35		18
Segment liabilities	2 386	2 359	2 327	1 644	1 461	1 136	1 172	1 098	1 025	894	938	1 037	1 451	1 630	673
By geographical region
Southern Africa	2 377	2 359	2 055	1 644	1 461	1 136	1 172	1 098	1 025	811	789	852	(446)	(300)	(638)
Europe^@										83	149	185	1 897	1 930	1 311
Russia
North America
Australia	9		272
Total segment liabilities	2 386	2 359	2 327	1 644	1 461	1 136	1 172	1 098	1 025	894	938	1 037	1 451	1 630	673
Interest-bearing liabilities (excluding held for sale amounts)
Deferred taxation liabilities
Taxation
Consolidated total liabilities
Capital additions
Southern Africa	236	128	120	3 340	2 830	2 436	2 010	1 726	2 053	654	588	188	21	68	43
Europe^@										11	7	6
Russia
	236	128	128	3 340	2 830	2 436	2 010	1 726	2 053	665	595	194	21	68	43

	Discontinued operations
	Automotive Car Trading: Australia

	2015 Rm	2014 Rm	2013 Rm
Operating and geographical segments**
Revenue
Southern Africa
Europe^@
Russia
North America
Australia		2 783	5 503
		2 783	5 503
Inter-segment revenue***

Segment result
Operating profit/(loss)
Southern Africa
Europe@
Russia
North America
Australia		86	145
Operating profit/(loss)		86	145
B-BBEE charge
Fair value adjustments on financial instruments
Total segment result		86	145
By geographical region
Southern Africa
Europe^@
Russia
North America
Australia		86	145
Total segment result		86	145
Income from associates and joint ventures
Segment result including associate income		86	145
Finance costs		(8)	(22)
Income from investments			1
Exceptional items			40
		78	84
Taxation		(24)	(38)
Net profit		54	46
Non-cash expenses per segment
Depreciation		10	20
Amortisation of intangibles
Impairment losses			40
Assets
Property, plant and equipment
Intangible assets
Investment in associates and joint ventures
Long-term finance lease receivables
Long-term financial assets
Vehicle rental fleet
Inventories
Trade and other receivables
Assets classified as held for sale
Segment assets
By geographical region
Southern Africa
Europe^@
Russia
North America
Australia
Total segment assets
Goodwill
Taxation
Deferred taxation assets
Cash and cash equivalents
Consolidated total assets
Liabilities
Long-term non-interest-bearing including provisions
Trade and other payables including provisions
Liabilities directly associated with assets classified as held for sale
Segment liabilities
By geographical region
Southern Africa
Europe^@
Russia
North America
Australia
Total segment liabilities
Interest-bearing liabilities (excluding held for sale amounts)
Deferred taxation liabilities
Taxation
Consolidated total liabilities
Capital additions
Southern Africa
Europe^@
Russia

**	The geographical segments are determined by the location of assets.
***	Inter segment revenue is priced on an arm’s-length basis.
@	Including Middle East and Asia and Iberia

Revenue generated in South Africa for the year was R45 447 million (2014: R43 616 million; 2013 R40 306 million)

Non-current assets based in South Africa was R13 246 million (2014: R11 596 million; 2013: R10 103 million)

1.1

Segmentation for purpose of gearing and interest cover targets

These schedules are provided to assist users to gain a better understanding of how the group segments its statement of financial position and income statement in order to set appropriate gearing and interest cover targets. For this purpose three broad segments have been defined namely:

•	Trading (dealership and logistics businesses)
•	Leasing (long-term leasing solutions including fleet services)
•	Car Rental (short-term car hire)

In view of the nature of the Leasing and Car Rental businesses, these operations are more highly geared and in this respect are different from the rest of the group. Equipment rental businesses with a net book value of rental assets of R3 009 million (2014: R2 577 million; 2013: R1 719 million) are included as part of the Trading operations.

	Total group				Trading			Leasing			Car Rental

		2015 Rm	2014 Rm	2013 Rm	2015 Rm	2014 Rm	2013 Rm	2015 Rm	2014 Rm	2013 Rm	2015 Rm	2014 Rm	2013 Rm
Consolidated statement of financial position
Assets
Property, plant and equipment
Cost		23 334	20 826	18 991	14 433	12 628	11 354	5 683	5 195	4 868	3 218	3 003	2 769
Accumulated depreciation		6 460	5 885	5 449	4 490	4 040	3 737	1 572	1 464	1 370	399	381	342
Net book value		16 873	14 921	13 542	9 943	8 568	7 617	4 111	3 731	3 498	2 819	2 622	2 427
Less: Items reflected under current assets as vehicle rental fleet and assets classified as held for sale		2 494	2 307	2 186	6		105				2 488	2 307	2 081
Property, plant and equipment – net book value		14 380	12 614	11 356	9 937	8 567	7 512	4 111	3 731	3 498	331	316	346
Goodwill		1 740	1 661	1 820	641	578	737	307	292	292	791	791	791
Intangible assets		1 500	1 380	1 399	1 470	1 367	1 389	13	8	5	18	5	5
Finance lease receivables		142	123	115	22	24		120	99	115
Long-term financial assets, investment in associates and joint ventures		1 361	814	679	1 360	813	678				1	1	1
Deferred taxation assets		783	695	654	772	689	651	8	2	2	2	4	1
Non-current assets		19 906	17 287	16 023	14 204	12 038	10 967	4 559	4 133	3 912	1 144	1 116	1 144
Current assets		28 052	26 719	24 213	23 921	22 843	20 880	809	887	652	3 322	2 989	2 681
Finance lease receivables		258	146	137	107	17		151	129	137
Cash and cash equivalents		2 372	4 162	2 695	2 280	3 985	2 620	66	147	47	25	31	28
Other current assets		25 422	22 411	21 381	21 533	18 841	18 260	592	612	468	3 296	2 958	2 653
Assets classified as held for sale		197		371	197		371
Total assets		48 155	44 006	40 607	38 322	35 010	32 218	5 368	4 891	4 564	4 465	4 105	3 825
Equity and liabilities
Interest of all shareholders		20 042	17 486	15 907	18 620	16 154	14 674	512	474	437	910	858	796
Non-current liabilities		12 078	9 700	9 611	6 286	4 428	4 447	3 922	3 556	3 332	1 870	1 716	1 832
Deferred taxation liabilities		571	377	421	414	191	138	157	178	171		8	112
Interest-bearing		9 074	6 921	7 285	3 762	2 140	2 691	3 442	3 073	2 876	1 870	1 707	1 718
Non-interest-bearing		2 433	2 402	1 905	2 110	2 097	1 618	323	305	285		1	2
Current liabilities		15 992	16 820	14 983	13 372	14 428	12 991	934	861	795	1 686	1 531	1 197
Amounts due to bankers and short-term loans		4 351	4 395	2 968	4 219	4 276	2 867	84	63	33	48	56	68
Other current liabilities		11 641	12 425	12 015	9 153	10 152	10 124	850	798	762	1 638	1 475	1 129
Liabilities directly associated with assets classified as held for sale
– Non-interest-bearing		43		106	43		106
Total equity and liabilities		48 155	44 006	40 607	38 322	35 010	32 218	5 368	4 891	4 564	4 465	4 105	3 825
Consolidated income statement
Continuing operations
Revenue		62 720	62 101	59 498	54 156	54 503	52 534	3 362	3 087	2 895	5 202	4 510	4 069
Operating profit before items listed below (EBITDA)		6 479	6 170	5 389	4 036	3 889	3 375	1 409	1 333	1 237	1 033	948	777
Depreciation		(2 355)	(2 198)	(1 940)	(964)	(900)	(735)	(830)	(772)	(748)	(560)	(526)	(457)
Amortisation of intangible assets		(129)	(142)	(136)	(120)	(139)	(128)	(7)	(2)	(5)	(2)	(1)	(3)
Operating profit		3 995	3 830	3 313	2 952	2 851	2 512	572	559	484	471	421	317
B-BBEE charge		(251)			(251)
Fair value adjustments on financial instruments		(198)	(156)	(47)	(199)	(156)	(48)	1					1
Finance costs		(1 252)	(1 117)	(1 000)	(737)	(682)	(622)	(306)	(259)	(220)	(210)	(177)	(158)
Income from investments		67	39	28	54	37	31	12	7	2	1	(5)	(5)
Profit before exceptional items		2 361	2 596	2 294	1 819	2 051	1 873	279	307	266	262	239	155
Exceptional items		(6)	(66)	(79)	(6)	(65)	(72)			1		(1)	(8)
Profit before taxation		2 355	2 530	2 215	1 814	1 985	1 801	279	307	267	262	238	147
Taxation		(808)	(837)	(729)	(714)	(734)	(591)	(54)	(98)	(80)	(40)	(5)	(58)
Profit after taxation		1 547	1 693	1 486	1 099	1 251	1 210	225	209	187	223	233	89
Income from associates and joint ventures		287	217	185	287	216	185					1
Net profit from continuing operations		1 834	1 910	1 671	1 386	1 468	1 395	225	209	187	223	233	89
Discontinued operation
Profit from discontinued operation			428	46		428	46
Net profit		1 834	2 338	1 717	1 386	1 896	1 441	225	209	187	223	233	89
Attributable to:
Owners of Barloworld Limited		1 713	2 143	1 609	1 281	1 711	1 333	210	200	178	221	232	98
Non-controlling interests in subsidiaries		121	195	108	105	186	108	14	8	9	1	1	(9)
		1 834	2 338	1 717	1 386	1 896	1 441	225	209	187	223	233	89
Key financial ratios by segment
Total borrowings to total shareholders’ funds (%)*
Actual		67	65	64	43	40	38	688	662	666	211	205	224
Target^#		^#			30 – 50			600 – 800			200 – 300
Interest cover (times)*
Actual		2.9	3.3	3.3	3.5	4.0	4.5	1.9	2.2	2.2	2.3	2.4	2.0
Target					> 4			> 1			> 1.25
Net debt (%)		55	41	48	31	15	20	675	631	655	208	202	221

**The geographical segments are determined by the location of the assets.

^#	The group gearing target is dependent on the relative mix of assets between the three segments.
*	Refer to www.barloworld.com for definitions.
**	The geographical segments are determined by the location of the assets.