Consolidated seven-year summary

FOR THE YEAR ENDED 30 SEPTEMBER

   Compound
annual growth 
%		 2020
Rm		 2019*
Rm		 2018
Rm		 2017
Rm 		2016
Rm 		2015
Rm 		2014
Rm
INCOME STATEMENT                          
CONTINUING OPERATIONS                         
Revenue  (3.7) 49 683  60 206  63 420  61 959  62 074  62 720  62 101 
Operating profit before items listed below  (3.1) 5 122  6 547  6 978  6 694  6 486  6 479  6 170 
Impairment losses on financial assets and contract assets     (292) (75)               
Depreciation     (2 661) (2 387) (2 433) (2 468) (2 294) (2 355) (2 198)
Amortisation of intangible assets     (136) (115) (141) (144) (105) (129) (142)
Operating profit before B-BBEE transaction charge     2 033  3 970  4 404  4 082  4 087  3 995  3 830 
B-BBEE transaction charge     (236) (73)          (251)   
Operating profit  (11.9) 1 797  3 897  4 404  4 082  4 087  3 744  3 830 
Fair value adjustments on financial instruments     (340) 22  (133) (209) (209) (198) (156)
Finance costs  2.2  (1 274) (1 134) (1 182) (1 329) (1 331) (1 252) (1 117)
Income from investments      155  203  147  109  111  67  39 
Profit before non-operating and capital items  (28.8) 338  2 988  3 236  2 653  2 658  2 361  2 596 
Non-operating and capital items     (1 900) 75  (248) (155) 85  (6) (66)
Profit before taxation     (1 562) 3 063  2 988  2 498  2 743  2 355  2 530 
Taxation     (889) (850) (950) (565) (796) (808) (837)
Profit after taxation     (2 451) 2 213  2 038  1 933  1 947  1 547  1 693 
Income from associates and joint ventures     (48) 231  235  93  3  287  217 
Net profit from continuing operations     (2 499) 2 444  2 273  2 026  1 950  1 834  1 910 
DISCONTINUED OPERATIONS                         
Profit/(loss) from discontinued operations        33  1 647  (269) 29     428 
Net profit     (2 499) 2 477  3 920  1 757  1 979  1 834  2 338 
Attributable to:                         
Owners of Barloworld Limited     (2 476) 2 428  3 846  1 643  1 883  1 713  2 143 
Non-controlling interests in subsidiaries     (23) 49  74  114  96  121  195 
      (2 499) 2 477  3 920  1 757  1 979  1 834  2 338 
Headline earnings from continuing operations   1.8  268  1 100  2 427  2 053  1 778  1 960  1 813 

* The restatement is due to Avis fleet no longer being classified as a discontinued operation and the restatement of impairment losses on financial assets and contract assets. 

   2020 
Rm		 2019* 
Rm		 2018^ 
Rm		 2017 
Rm		 2016 
Rm		 2015 
Rm		 2014 
Rm
STATEMENT OF FINANCIAL POSITION                      
Assets                      
Property, plant and equipment  12 239  12 062  12 657  12 659  13 806  14 380  12 614 
Right-of-use assets  1 611                   
Goodwill and intangible assets  2 984  3 258  3 401  3 534  3 728  3 240  3 041 
Investments in associates, joint ventures and other non-current assets  2 622  3 120  2 463  1 737  1 518  1 503  937 
Deferred taxation assets  1 014  766  710  683  1 127  783  695 
Non-current assets  20 470  19 206  19 231  18 613  20 179  19 906  17 287 
Current assets  27 379  27 855  29 678  24 368  25 015  28 052  26 719 
Assets classified as held for sale  29  327  497  3 343  828  197  – 
Total assets  47 878  47 388  49 406  46 324  46 022  48 155  44 006 
Equity and liabilities                      
Capital and reserves                      
Share capital and premium  (1 121) 441  441  441  441  282  316 
Reserves and retained income  20 625  23 182  21 791  19 834  18 501  19 144  16 566 
Interest of shareholders of Barloworld Limited   19 504  23 623  22 232  20 275  18 942  19 426  16 882 
Non-controlling interest  246  272  517  602  737  616  604 
Interest of all shareholders  19 750  23 895  22 750  20 877  19 679  20 042  17 486 
Non-current liabilities  11 251  7 930  8 917  10 852  12 446  12 078  9 700 
Deferred taxation liabilities  806  572  632  538  703  571  377 
Non-current liabilities  10 445  7 358  8 285  10 314  11 743  11 507  9 323 
Current liabilities  16 877  15 485  17 466  13 798  13 830  15 992  16 820 
Liabilities directly associated with assets classified as held for sale     78  126  797  67  43  – 
Total equity and liabilities  47 878  47 388  49 406  46 324  46 022  48 155  44 006 
STATEMENT OF CASH FLOWS                      
Cash inflow/(outflow) from operations  3 541  3 711  1 700  3 734  5 715  (824) 1 047 
Dividends paid (including non-controlling interest) (1 127) (1 057) (953) (803) (772) (814) (742)
Net cash retained from/(applied to) operating activities  2 414  2 654  747  2 931  4 943  (1 638) 305 
Net cash (used in)/generated from investing activities  (2 966) (647) 1 891  (329) (1 436) (1 826) (69)
Net cash (used in)/generated from financing activities  (884) (2 858) 1 080  (1 642) (2 753) 1 532  1 070 
Net (decrease)/increase in cash and cash equivalents  (1 318) (851) 3 718  960  754  (1 933) 1 306 
*  The restatement is due to Avis fleet no longer being classified as a discontinued operation and the restatement of impairment losses on financial assets and contract assets. 
^  The restatement in 2018 is due to the restatement of inventory and trade and other payables. 
         Targets  2020  2019*  2018^  2017  2016  2015  2014 
PERFORMANCE PER ORDINARY SHARE                  
Weighted average number of ordinary shares in issue during the year net of buy-back     (000)    200 330  211 085  210 875  210 780  211 425  211 843  211 669 

Earnings per share 

 Net profit attributable to ordinary shareholders of Barloworld Limited  SA cents     (1 236.0) 1 150.2  1 823.8  779.6  890.5  808.7  1 012.3 
Weighted average number of ordinary shares in issue, net of buy-back  US cents     (75.0) 80.4  140.2  58.2  60.4  67.5  95.8 
Earnings per share – continuing operations  As above, but using results from continuing results only  SA cents     (1 236.0) 1 134.6  1 042.8  907.2  876.8  808.7  810.3 
      US cents     (76.0) 79.3  80.2  67.8  59.4  67.5  76.7 

Headline earnings per share  

 Net profit attributable to ordinary shareholders of Barloworld Limited + goodwill impairment -/(+) non trading profits/(losses) net of tax and non-controlling interest thereof  SA cents     (267.6) 1 100.0  1 192.1  883.4  838.1  813.8  882.5 
Weighted average number of ordinary shares in issue, net of buy-back  US cents     (16.4) 76.9  91.6  66.0  56.8  67.9  83.5 
Headline earnings per share – continuing operations  As above, but using results from continuing results only  SA cents     (267.6) 1 100.0  1 150.9  974.5  840.9  925.5  856.5 
      US cents     (16.4) 76.9  88.5  72.8  57.0  77.3  81.0 
Headline earnings per share – continuing operations excluding B-BBEE and finance cost on discontinued operations  As above, but using results from continuing results normalised^  SA cents     (106.9) 1 098.0  1 150.9  875.9  752.2  925.5  856.5 
      US cents     (6.6) 76.7  88.5  65.4  51.0  77.3  81.0 
Dividends per share  Interim and final dividends declared out of current year’s earnings  SA cents        462.0  462.0  390.0  345.0  345.0  320.0 
      US cents        32.3  35.5  29.1  23.4  28.8  30.3 

Dividend cover 

 Headline earnings (continuing operations) + B-BBEE transaction charge (net of taxation) times  1.9  2.5  2.1  2.3  2.6  2.5 
Dividends paid out of current year’s earnings 

Net asset value per share 

 Interest of shareholders of Barloworld Limited, including investments at market value  SA cents     9 783  11 182  10 453  9 533  8 997  9 157  7 941 
Number of ordinary shares in issue, net of buy-back  US cents     587  737  739  706  654  661  703 
^ Headline earnings per share – continuing operations excluding B-BBEE transactions and material disposal, as per the Barloworld long term incentive scheme performance measurements. 
PROFITABILITY AND ASSET MANAGEMENT              

Group operating margin including IFRS 16 (%) before BEE 

 Operating profit before B-BBEE charge and goodwill impairment   %  >6  4.1  6.6  6.8  6.1  6.2  6.4  6.0 
Revenue – group operations 
Continuing operating margin including IFRS 16 (%) before BEE  Operating profit before B-BBEE charge and goodwill impairment   %  >6  4.1  6.6  6.9  6.6  6.6  6.4  6.2 
   Revenue – continuing operations 

Net asset turn 

 Revenue – group operations  times  >3  1.6  1.8  2.1  2.2  2.1  2.1  2.4 
Average net assets 
Return on net assets (group) incl IFRS 16  Operating profit + B-BBEE transaction charge + investment income + income from Associates and Joint Ventures  %  >18  6.8  13.4  15.1  13.4  13.3  13.4  15.3 
Return on net assets (Trading businesses) As per above group calculation but excluding leasing and car rental businesses  %  >20  8.1  12.4  13.5  12.6  12.7  12.8  15.2 

Return on net operating assets (group)^^ 

 Net profit attributable to ordinary shareholders of Barloworld Limited – net exceptional items + B-BBEE transaction charge (net of tax) %  >20  9.7  18.7  20.5  18.4  15.9  17.0  18.7 
Average net operating assets                            

Return on ordinary shareholders’ funds (excluding exceptional items) (group)

 Net profit attributable to ordinary shareholders of Barloworld Limited – net exceptional items + B-BBEE transaction charge (net of tax) %  >15  (1.5) 10.6  11.8  9.5  9.2  10.9  11.6 
Average Interest of shareholders of Barloworld Limited 

Replacement capex to depreciation 

 Replacement capital expenditure  %  23.7  26.5  9.7  12.2  18.9  29.3  21.6 
Depreciation charge 

Effective rate of taxation – continuing operations 

 Tax charge – prior year tax – non-operating and capital items tax – secondary tax on companies  %  251.0  27.8  28.5  23.9  27.0  37.1  34.1 
Profit before tax -/(+) non-operating and capital items + goodwill impairment 
^^ Return on net operating assets – group excluding B-BBEE transactions, material accounting changes and material disposal, as per the Barloworld long term incentive scheme performance measurements.
* The restatement is due to Avis fleet no longer being classified as a discontinued operation and the restatement of impairment losses on financial assets and contract assets. 
^ The restatement in 2018 is due to the restatement of inventory and trade and other payables. 
LIQUIDITY AND LEVERAGE                           

Total liabilities to total shareholders’ funds incl IFRS 16 

 Non-current liabilities – deferred tax liabilities + current liabilities  %  <150  59.4  35.0  113.2  115.5  130.0  137.4  149.5 
Interest of all shareholders 

Net debt to total shareholders’ funds 

 Non-current interest-bearing liabilities + amounts due to bankers and short-term loans – cash and cash equivalents  %  25.2  4.5  14.4  27.6  40.7  55.1  40.9 
Interest of all shareholders 
Total borrowings to total shareholders’ funds  Non-current interest-bearing liabilities + amounts due to bankers and short-term loans + convertible bond                           
– Total group  Interest of all shareholders %     47.6  32.7  49.1  46.4  56.1  66.9  64.7 
– Trading businesses  %  30 – 50  27.6  10.1  25.3  20.9  28.9  42.9  39.7 
– Leasing businesses  %  600 – 800  633.8  604.2  614.3  560.1  720.1  688.4  661.8 
– Car rental businesses  %  200 – 300  183.9  207.6  203.8  203.3  216.4  210.9  205.4 

Net borrowings/EBITDA 

 Non-current interest-bearing liabilities + amounts due to bankers and short-term loans + convertible bond – cash and cash equivalents  times  <2.5  1.0  0.2  0.5  0.8  1.2  1.8  1.6 
Operating profit + impairment of goodwill and intangible assets + depreciation charge

Current ratio 

 Current assets >1  1.6  1.8  1.7  1.8  1.8  1.8  1.6 
Current liabilities

Quick ratio 

 Current assets – inventories >0.5  1.0  1.3  1.1  1.2  1.1  0.9  0.9 
Current liabilities
Interest cover – continuing operations  Profit before non-operating and capital items + goodwill impairment + B-BBEE transaction charge + interest paid (including interest capitalised and interest included in cost of sales)                           
– Total group  Interest paid (including interest capitalised and interest included in cost of sales)       times  >3  1.3  3.2  3.7  3.0  3.0  2.9  3.3 
– Trading businesses  times  >4  1.9  3.8  5.3  3.8  3.7  3.5  4.0 
– Leasing businesses  times  >1  0.7  4.0  2.0  2.0  1.8  1.9  2.2 
– Car rental businesses  times  >1.25  (1.3) 1.1  2.1  2.0  2.3  2.3  2.4 
VALUE ADDED                               
Number of employees            12 905  15 396  17 417  19 201  20 786  19 745  19 616 

Revenue per employee  

 Revenue  R000’s  3 511.0  3 669.6  3 646.1  3 302.8  3 201.6  3 186.9  3 342.8 
Average number of employees

Value created per employee 

 Total value created per value added statement R000’s  829.5  1 051.7  1 061.4  846.2  778.0  790.1  813.6 
Average number of employees

Employment cost per employee 

 Salaries, wages and other benefits paid to employees R000’s  580.2  577.4  531.2  497.6  469.9  452.7  469.0 
Average number of employees
* The restatement is due to Avis fleet no longer being classified as a discontinued operation and the restatement of impairment losses on financial assets and contract assets.
^ The restatement in 2018 is due to the restatement of inventory and trade and other payables.
ORDINARY SHARES PERFORMANCE – JSE                     
Closing market prices per share                              
– year-end (30 September)    SA cents     6 146  11 560  12 317  12 451  8 327  7 540  9 250 
      US cents     368  762  870  922  606  544  819 
– highest     SA cents     6 212  11 887  18 588  13 300  9 095  10 600  11 648 
– lowest     SA cents     6 034  10 850  11 748  8 256  5 192  7 530  8 790 
Number of shares in issue at 30 September## million     199  211  211  211  211  212  213 
Volume of shares traded     million     1 435  590  221  256  361  173  170 
Value of shares traded     Rm     88 386  68 044  32 233  28 562  25 822  15 941  17 552 

Earnings yield 

 Headline earnings per share  %  (4.4) 9.5  9.3  7.8  10.1  12.3  9.3 
Closing market price per share 

Dividend yield 

 Dividends per share  %  3.8  4.2  3.3  2.9  4.1  4.4  3.3 
Closing market price per share 
Total shareholder return – Barloworld Limited                               
– Annual share price (loss)/gain     %     46.8   (6.1) (1.1) 49.5  10.4  (18.5) (3.0)
– Total shareholder return  Annual share price gain + dividend yield  %     (43.0) (1.9) 2.2  52.4  14.5  (14.1) 0.3 
Total shareholder return – JSE all share (Alsi) index                               
– Alsi index (30 September)          54 265  54 825  55 708  55 580  51 950  50 089  49 336 
– Gain/(loss) in Alsi index – year to   30 September     %     (1.0) (1.6) 0.2  8.9  3.7  1.5  12.0 
– Dividend yield     %     3.2  4.2  3.8  3.7  2.9  3.1  2.9 
– Total shareholder return     %     1.02  0.02  3.3  12.6  5.7  4.6  15.0 
Price: Earnings ratio  Closing market price per share  times     (23.0) 10.5  10.3  14.1  9.9  9.3  10.5 
Headline earnings per share                            
Price: Earnings ratio – JSE Alsi index           13.4  12.0  13.6  20.2  23.4  26.7  16.9 
Market capitalisation at 30 September  Closing market price per share x number of shares in issue at 30 September  Rm     12 251  24 423  26 004  26 223  17 570  15 995  19 664 
Premium over/(under) interest of shareholders of Barloworld Limited  Market capitalisation – Interest of shareholders of Barloworld Limited  Rm     (7 252) 799  3 772  5 948  (1 372) (3 431) 2 782 
## The number of shares in issue excludes shares issued in the respect of the B-BBEE transaction other than to the General staff trust.