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
 

Interview with the CEO

Clive Thomson

Clive Thomson

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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.

 

 

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

 

Financials Statements

Condensed consolidated income statement
Condensed consolidated statement of comprehensive income
Condensed consolidated statement of financial position
Condensed consolidated statement of changes in equity
Condensed consolidated statement of cash flows
Notes to the condensed consolidated financial statements