Consolidated seven-year summary (unaudited)

  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 
* 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.
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 
PROFITABILITY AND ASSET MANAGEMENT CONTINUED 
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. 
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 
* 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. 
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 
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.
* 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.


The seven year review is the responsibility of the directors, has been prepared for illustrative purposes only and because of its nature, may not fairly present Barloworld’s financial information.