Salient features

Revenue up 18% to R58.6 billion
Operating profit up 31% to R2 988 million
Profit before exceptional items up 38% to R2 119 million
HEPS up 46% to 680 cents (2011: 465 cents)
Return on net operating assets 18.8% (2011: 17.1%)
Total dividend of 230 cents per share up 48%
Acquired Bucyrus mining distribution businesses in southern Africa for R1 381 million
Disposed of Handling US and UK businesses for approximately R1 091 million

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Interview with the CEO

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, Mazda, 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 65% of our nineteen thousand employees in South Africa.


Clive Thomson, CEO of Barloworld, said:

The group delivered a very pleasing result for 2012 with operating profits up 31% and HEPS increasing by 46%. Our Equipment businesses in southern Africa and Russia achieved record mining deliveries and Automotive and Logistics delivered strong results in all trading segments.

We also concluded a number of important strategic transactions. The most significant was the acquisition of the Bucyrus distribution businesses in southern Africa for R1.4 billion which now provides us with the most complete mining equipment product range in the industry. Importantly, we finalised the disposals of our materials handling businesses in the US and UK for R1.1 billion, which continues our redeployment of capital into higher returning

There is more uncertainty in the global and local economy for the year ahead which has led to some deferment in mining capital expenditure plans. This will impact equipment demand and deliveries but overall we expect the group to continue to make solid progress across most of our businesses.

19 November 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
Operating segments