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Send  Print  Share  RSS  Twitter  17 Nov 2010

JSE Results: Barloworld

 
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Audited Results for the year ended 30 September 2010



– Revenue R40 830 million (2009: R45 269 million)


– EBITDA R3 318 million (2009: R4 061 million)


– HEPS from continuing operations 212 cents (2009: 351 cents)


– Agreement to acquire remaining 50% of Caterpillar dealership in Russia


– Disposal of car rental Scandinavia concluded for R1 billion enterprise value


– Net cash inflow before financing R2 286 million (2009: R1 207 million)


– Net debt reduced by R3 billion


– Strong working capital management


– Order books starting to rebuild across most businesses


– Total dividend of 75 cents per share (2009: 110 cents)






Clive Thomson, CEO of Barloworld, said:

“The second half of the financial year yielded a significantly stronger performance than the first half due to improved trading conditions for most of our businesses and the results of actions taken to realign our cost base with prevailing activity levels. Cash flow for the year was strong as a result of intense focus on working capital management and the successful execution of the Scandinavian car rental disposal.



An exciting development is our agreement to acquire the remaining 50% of our Caterpillar joint venture in Russia, subject to regulatory approvals. This will provide us with significant long term growth opportunities in the mining, infrastructure, power and forestry segments in Siberia and the Russian Far East.



The recently announced acquisition by Caterpillar of Bucyrus International will, once completed, provide a major opportunity to broaden our product line and after market offering to customers in the mining industry.



Our financial position is strong and we are well placed to benefit from some positive trends emerging in the economies and market sectors where we operate. Our focus is now firmly on executing profitable growth initiatives to drive financial returns and value creation for our stakeholders in the year ahead.”





BARLOWORLD TO ACQUIRE 100% OF RUSSIAN CATERPILLAR DEALERSHIP


Barloworld today announced it has reached agreement to acquire the remaining 50% shareholding in its Russian Caterpillar equipment joint venture (Vostochnaya Technica) for $52 million (approximately R365 million) (“The Transaction”). The Transaction is subject to certain regulatory and other approvals.

Barloworld Chief Executive Officer, Clive Thomson said: “This acquisition is in line with our strategy to grow our core Caterpillar equipment business. It is an opportunity which provides the group with significant long term growth potential in the mining, infrastructure, power systems and forestry segments in Siberia and the Russian Far East. We will work very closely with our principal, Caterpillar, to drive market leadership and have ambitious plans in place to expand our distribution footprint, increase coverage and enhance customer service.”




Please see attached announcements for full details.



Enquiries:

Barloworld Limited:

Sibani Mngomezulu

Tel +27 11 445 1000

E-mail invest@barloworld.com

College Hill:

Jacques de Bie

Tel +27 11 447 3030

E-mail Jacques.deBie@collegehill.co.za





Regards,

Louise



Louise van der Merwe



--------------------------------------------------------------------------------

College Hill
Fountain Grove | 5 Second Road | Hyde Park | Sandton 2196 | Johannesburg | South Africa
T +27 11 447 3030 | F +27 11 447 6910
www.collegehill.com

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