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Audited consolidated annual financial statements for the year ended 30 September 2021
Barloworld Limited
(Incorporated in the Republic of South Africa)
(Registration number 1918/000095/06)
(Income Tax Registration number 9000/051/71/5)
(JSE Share code: BAW)
(JSE ISIN: ZAE000026639)
(JSE Share code: BAWP)
(JSE ISIN: ZAE000026647)
(Bond issuer code: BIBAW)
(Namibian Stock Exchange share code: BWL)
("Barloworld" or the "company" or the "group")
SHORT FORM ANNOUNCEMENT
AUDITED CONSOLIDATED ANNUAL FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2021
Group Salient features
- Group headline earnings per share ("HEPS") of 1 195 cents (FY2020: loss of 268 cents)
- Group normalised HEPS from continuing operations#^ of 1 323 cents (FY2020: 70 cents)
- Group revenue of R53.8 billion up 8.4% (FY2020: R49.7 billion) with revenue from continuing operations up 22.5% to
R41.6 billion
- Strong balance sheet with a robust cash balance of R10.8 billion maintained
- Group net debt position (including Ingrain) at R2.3 billion
- Improvement of group EBITDA to gross interest paid to 9.2 times (FY2020: 5.9 times)
- Enhanced group ROIC^ of 11.3% (FY2020: 1.0%)
- Equipment Mongolia and Ingrain contributed 19.2% of total operating profit
- 119.4% increase in operating profit to R4.3 billion
- Operating margin of 10.3% (FY2020: 5.8%)
- Ordinary dividend 300 cents per share (FY2020: Nil), therefore total ordinary dividend of 437 cents per share for
FY2021
- A special dividend of 1 150 cents per share
- Basic earnings per share of 1 391 cents (FY2020: loss of 1 236 cents per share)
# Normalised headline earnings is adjusted for the B-BBEE charges and impact of IFRS 16 and the USD denominated cash
in the UK in September 2020 only
^ Certain information presented in this announcement is regarded as additional performance measures. These measures
are not defined by IFRS, not uniformly defined or used by all entities and may not be comparable with similar labelled
measures and disclosures provided by other entities. This information has been included to further illustrate the
performance of the business and align with measures the board and management have selected to monitor performance against
set targets. Because of its nature, such information may not fairly present the financial position of the company; and is
the responsibility of the directors of the company. A disclosure document is included in the 2021 Annual Financial Statements
and on the company's website.
Dividend declaration
Notice is hereby given that the final ordinary dividend number 184 and a special dividend has been declared (collectively
"the dividends") in respect of the twelve months ended 30 September 2021 subject to the applicable dividends tax levied in
terms of the Income Tax Act (Act No. 58 of 1962) (as amended) (the Income Tax Act) as follows:
Dividend Gross amount Withholding tax Net amount
Ordinary 300 cents per share 20% 240 cents per share
Special 1 150 cents per share 20% 920 cents per share
Payment of the special dividend is subject to the exchange control approval by the South African Reserve Bank. A further
announcement will be released once such approval has been obtained.
In accordance with paragraphs 11.17(a)(i) to (ix) and 11.17(c) of the JSE Listings Requirements the following additional
information is disclosed:
- The dividends have been declared out of income reserves
- The company's income tax number is IT 9000051715
- Local dividends tax rate is 20% (twenty per cent)
- Barloworld has 200 249 906 ordinary shares in issue.
In compliance with the requirements of Strate and the JSE Limited, the following dates are applicable to the dividends:
Dividends declared Monday, 22 November 2021
Finalisation date Tuesday, 28 December 2021
Last day to trade cum dividends Tuesday, 04 January 2022
Ordinary shares trade ex-dividends Wednesday, 05 January 2022
Record date Friday, 07 January 2022
Payment date Monday, 10 January 2022
Share certificates may not be dematerialised or rematerialised between Wednesday, 05 January 2022 and Friday,
07 January 2022, both days inclusive.
SHORT FORM ANNOUNCEMENT
This short form announcement is the responsibility of the board of directors of Barloworld and is a summarised version of the full
announcement in respect of the annual financial results for the period ended 30 September 2021 of Barloworld and its subsidiaries
(collectively "the group") and as such it does not contain full or complete details pertaining to the group's results. Any investment
decisions should be made based on the full announcement.
The full announcement can be found on the group's website: https://www.barloworld.com/investors/yearend-results-presentations/
and on the JSE's website at: https://senspdf.jse.co.za/documents/2021/jse/isse/BAWE/ye2021.pdf
The full announcement is available for inspection, at no charge, at the registered office of Barloworld (61 Katherine Street, Sandton,
Johannesburg, 2146) from 09:00 to 16:00 on business days. Copies of the full announcement can be requested from the registered office
by contacting the company secretary on +27 11 445 1000.
AUDIT OPINION
The annual financial statements were audited by the group's joint auditors Ernst & Young Inc. and SNG Grant Thornton Inc., who expressed
an unqualified audit opinion thereon. The full audit opinion, including any key audit matters, is available on the group's website
https://www.barloworld.com/investors/ together with the Barloworld annual financial statements.
DIRECTORS
Non-executive:
NN Gwagwa (Chairman), FNO Edozien*, HH Hickey, MD Lynch-Bell**, NP Mnxasana, NV Mokhesi, H Molotsi, P Schmid
Executive:
DM Sewela (Group Chief Executive), N Lila (Group Finance Director)
* Nigeria ** UK
Group company secretary
Vasta Mhlongo
Sandton
22 November 2021
Sponsor:
Nedbank Corporate and Investment Banking, a division of Nedbank Limited
Enquiries:
Nwabisa Piki
Group Investor Relations
Tel: +27 11 445 1890
E-mail: nwabisap@barloworld.com
ABOUT BARLOWORLD
Barloworld is positioned as an industrial processing, distribution, and services company with two primary areas of focus: Industrial
Equipment and Services and Consumer Industries (food and ingredient solutions), with our remaining interests in the rapidly changing
Automotive world, focused on car rental and leasing activities. Our provision of Industrial Equipment and related services, offers
earthmoving equipment, industrial services and power systems, which enable the operation and maintenance of a large array of mining,
construction and power solutions for our customers, with whom we have built enduring relationships based on mutual trust. Through our
Consumer Industries business, Ingrain, we provide large enterprises with the ingredients essential to the manufacturing of a range of
products including food and beverages, paper, pharmaceuticals, building materials and adhesives, amongst others.
Date: 22-11-2021 07:05:00
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