barloworld limited results · 2015-10-02 · barloworld limited results for the year ended 30...
TRANSCRIPT
Barloworld Limited Results
for the year ended 30 September 2014
Barloworld Limited Results for the year ended 30 September 2014
Overview
Clive Thomson
CE, Barloworld Limited
Barloworld Limited Results for the year ended 30 September 2014
3
● Revenue up 4% to R62.1bn
● Operating profit up 16% to R3 830m
● Basic earnings per share increased 33% to 1 012 cents
● Headline earnings per share from continuing operations up 10% to 857 cents
● Total dividend per share increased 10% to 320 cents
● Australian motor retail operations disposal for R1.3bn
Salient features
Barloworld Limited Results for the year ended 30 September 2014
4
Key developments
Group
Corporate • Tragically 3 work-related fatalities due to motor vehicle accidents – safety priority
• Workforce diversity focus – Level 2 B-BBEE rating
• Driving talent and people development initiatives
• Constituent of the Dow Jones Sustainability Emerging Markets Index
Automotive
and
Logistics
Car Rental • Enhanced level of financial return through operating efficiencies
Motor Retail • Successful disposal of the Australian operations generating proceeds of R1.3bn • Acquired Leach Toyota in Kuruman effective 10 Mar 2014 • Acquired 51% of Jaguar Land Rover Witbank effective 1 Jul 2014
Fleet Services • Acquired fleet leasing company in Tanzania effective 4 Nov 2014
Logistics • Acquired extra heavy abnormal transport business effective 5 Sept 2014
• Sold loss making airfreight business in the Far East effective 1 Nov 2013
Equipment
and
Handling
Equipment
southern Africa
• Successful integration of EMPR which delivered results well ahead of acquisition expectations
Equipment
Russia
• Pleasing performance notwithstanding impact of Ukraine crisis and mining
slowdown
Equipment
Iberia
• Improving macro economic outlook but construction sector remains subdued • Implemented restructuring in Spain which will lower cost base by €7.4m into 2015
Power Systems • Strategic plan finalised with Caterpillar to grow electric power, marine, petroleum
and industrial segments
Handling • Acquisition of AGCO agricultural dealership in Zambia in Sept
• Netherlands Handling business sold in Dec 2013 to complete exit of international
Handling operations
Barloworld Limited Results for the year ended 30 September 2014
5
Group revenue and operating profit split – September 2014
50%
50%
Revenue
Equipment and Handling
Automotive and Logistics
58%
42%
Operating profit
Equipment and Handling
Automotive and Logistics
Barloworld Limited Results for the year ended 30 September 2014
Financial overview
Don Wilson
Finance director
Barloworld Limited Results for the year ended 30 September 2014
7
Income statement highlights
(Rm) FY’14 FY’13 % chg
Continuing operations
Revenue 62 101 59 498 4
EBITDA 6 170 5 389
Operating profit 3 830 3 313 16
Fair value adjustments on financial instruments (156) (47)
Net finance costs (1 078) (972)
Profit before exceptional items 2 596 2 294 13
Exceptional items (66) (79)
Taxation (837) (729)
Income from associates and joint ventures 217 185 17
Net profit after taxation 1 910 1 671 14
Discontinued operations
Profit from discontinued operations 428 46
Net profit 2 338 1 717 36
Basic earnings per share (EPS) 1012 763 33
Headline earnings per share (HEPS) group 883 821
Headline earnings per share (HEPS) continuing operations 857 780 10
Barloworld Limited Results for the year ended 30 September 2014
8
Income statement highlights
(Rm) FY’14 FY’13 % chg
Continuing operations
Revenue 62 101 59 498 4
Equipment and Handling 30 960 30 682 1
Southern Africa 20 903 19 126 9
Europe 4 134 4 377 (6)
Russia 3 994 4 645 (14)
Handling 1 929 2 534 (24)
Automotive and Logistics 31 137 28 806 8
Corporate 4 10
Average exchange rates (Rands) FY’14 FY’13 % chg
United States Dollar 10.57 9.28 14
Euro 14.35 12.18 18
British Sterling 17.56 14.48 21
Barloworld Limited Results for the year ended 30 September 2014
9
Income statement highlights
(Rm) FY’14 FY’13 % chg
Continuing operations
Revenue 62 101 59 498 4
EBITDA 6 170 5 389
Operating profit 3 830 3 313 16
Fair value adjustments on financial instruments (156) (47)
Net finance costs (1 078) (972)
Profit before exceptional items 2 596 2 294 13
Exceptional items (66) (79)
Taxation (837) (729)
Income from associates and joint ventures 217 185 17
Net profit after taxation 1 910 1 671 14
Discontinued operations
Profit from discontinued operations 428 46
Net profit 2 338 1 717 36
Basic earnings per share (EPS) 1012 763 33
Headline earnings per share (HEPS) group 883 821
Headline earnings per share (HEPS) continuing operations 857 780 10
Barloworld Limited Results for the year ended 30 September 2014
10
Income statement highlights
(Rm) FY’14 FY’13 % chg
Continuing operations
Revenue 62 101 59 498 4
EBITDA 6 170 5 389
Operating profit 3 830 3 313 16
Equipment and Handling 2 284 2 123 8
Southern Africa 1 968 1 678 17
Europe (168) (16)
Russia 429 407 5
Handling 55 54 2
Automotive and Logistics 1 644 1 322 24
Corporate (98) (132)
Barloworld Limited Results for the year ended 30 September 2014
11
Income statement highlights
(Rm) FY’14 FY’13 % chg
Continuing operations
Revenue 62 101 59 498 4
EBITDA 6 170 5 389
Operating profit 3 830 3 313 16
Fair value adjustments on financial instruments (156) (47)
Net finance costs (1 078) (972)
Profit before exceptional items 2 596 2 294 13
Exceptional items (66) (79)
Taxation (837) (729)
Income from associates and joint ventures 217 185 17
Net profit after taxation 1 910 1 671 14
Discontinued operations
Profit from discontinued operations 428 46
Net profit 2 338 1 717 36
Basic earnings per share (EPS) 1012 763 33
Headline earnings per share (HEPS) group 883 821
Headline earnings per share (HEPS) continuing operations 857 780 10
Barloworld Limited Results for the year ended 30 September 2014
12
Statement of financial position
(Rm) FY’14 FY’13
Non-current assets 17 287 16 023
Current assets (excluding cash) 22 557 21 518
Cash and cash equivalents 4 162 2 695
Assets classified as held for sale 371
Total assets 44 006 40 607
Interest of all shareholders 17 486 15 907
Total debt 11 316 10 253
Other liabilities 15 204 14 341
Liabilities classified as held for sale 106
Total equity and liabilities 44 006 40 607
Net debt 7 154 7 558
Barloworld Limited Results for the year ended 30 September 2014
13
Summarised statement of cash flows
(Rm) FY’14 FY’13
Operating cash flows before working capital 6 302 5 924
(Increase) / decrease in working capital (470) 539
Net investment in leasing assets and vehicle rental fleet (2 879) (2 208)
Cash generated from operations 2 953 4 255
Other net cash flows (1 997) (1 648)
Dividends paid (742) (598)
Net cash retained from operating activities 214 2 009
Net cash applied to investing activities (69) (1 349)
Net acquisitions (1 385) (1 454)
Proceeds on disposal 1 316 105
Net cash inflow 145 660
Barloworld Limited Results for the year ended 30 September 2014
14
Investment in working capital
(Rm) FY’14 FY’13
Inventories – (increase) / decrease (251) 17
Receivables – (increase) (350) (176)
Payables – increase 131 698
Total working capital – (increase) / decrease (470) 539
(Rm) FY’14 FY’13
Equipment southern Africa (636) 265
Equipment Europe 140 32
Equipment Russia 159 (32)
Handling (14) (267)
Automotive and Logistics 111 165
Corporate (230) 376
Total working capital – (increase) / decrease (470) 539
Barloworld Limited Results for the year ended 30 September 2014
15
Debt maturity profile
Interest bearing debt Redemption
(Rm) Total Short-term Long-term
South Africa 10 775 4 074 6 701
Offshore 541 321 220
Total debt Sept 2014 11 316 4 395 6 921
Total debt Sept 2013 10 253 2 968 7 285
● Ratio of long-term to short-term debt 61:39 (Sept 2013 – 71:29)
● In Dec 2013 the company issued three senior unsecured notes totalling R1.5bn
● 5 year bank revolving credit facility R1bn
● Barloworld Transport banking facilities of R561m
● R8.4bn (committed R6.1bn) unutilised bank facilities at Sept 2014
● Cash and cash equivalents R4 162m (Sept 2013 – R2 695m)
Barloworld Limited Results for the year ended 30 September 2014
16
Capital structure remains strong
Group segmental gearing ratios within target ranges
Debt to equity (%) Trading Leasing Car Rental Total Group
Target range 30 - 50 600 - 800 200 - 300 Gross Net
Ratio at 30 Sept 2014 40 662 205 65 41
Ratio at 30 Sept 2013 38 666 224 64 48
● Net debt of R7 154m (2013: R7 558m)
● EBITDA interest cover 5.5 x (2013: 5.4 x)
Barloworld Limited Results for the year ended 30 September 2014
Divisional overview
Barloworld Limited Results for the year ended 30 September 2014
Divisional overview
Equipment southern Africa
19
Barloworld Limited Results for the year ended 30 September 2014
● Revenue up 9.3% to R20.9bn
● Operating profit up 17.3% to R1 968m
● Operating margin expansion due to aftermarket mix and rental growth
● EMPR continues to deliver well ahead of acquisition projections
● Geographic spread provided resilience in a tough mining climate
• Zambia, Mozambique and Namibia delivered strong results
● Income from joint ventures up 23.7% to R223m
Operational review – Equipment southern Africa
0 1 000 2 000 3 000
SouthernAfrica
Operating profit (Rm)
Sep 2014 Sep 2013
Margin
9.4%
8.8%
20
Barloworld Limited Results for the year ended 30 September 2014
Southern Africa sales history
37%
30%
28%
34%
46%
36%
33%
41% 43%
0
5
10
15
20
2006 2007 2008 2009 2010 2011 2012 2013 2014
Rbn
Equipment sales Product support
21
Barloworld Limited Results for the year ended 30 September 2014
Southern Africa revenue – Sept 2014
47%
43%
6%
4%
Revenue by line of business
New equipment Product support
Used equipment Rental
28%
30% 21%
9%
12%
New equipment sales by industry
Mining Construction
EMPR Power
Contract mining
22
Barloworld Limited Results for the year ended 30 September 2014
*Using a constant R/$ exchange rate of R9.25
Equipment industry outlook (southern Africa)
0
5
10
15
20
25
30
2000
2001
2002
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013
2014
2015
2016
2017
2018
2019
*Rbn
Building Construction Heavy Construction Contract Mining Mining Houses
Actual Outlook
23
Barloworld Limited Results for the year ended 30 September 2014
Surface mining opportunities 2015 - 2020
Coal
Orapa Cut 3 (2015-2016)
Etango-Bannerman (2019-20)
Exxaro Medupi Exp (2015)
Argent- Shanduka (2015)
Sedibelo PPM (2016)
Belfast Project–Exxaro (2016-18)
Zambeze Rio Tinto (2017)
Moatize exp - Vale (2016)
ResGen – Boikarabelo (2015)
Waterberg Coal –Sekoko (2017)
Kipanya BHP (2016-2018)
Zonnebloem Xstrata (2017)
Mogalakwena Amplats (2017)
Cateruca - AEMR (2016-18) Lumwana-Barrick Gold (2018)
Jwaneng Cut 9 (2017-20)
Iron ore Diamonds Platinum Copper
Anglo – New Largo (2017)
Uranium
Vedanta (2016)
Zinc
Sishen - KIO (2015-20)
24
Barloworld Limited Results for the year ended 30 September 2014
Underground mining opportunities 2015 - 2020
ARM/Vale - Lubambe
Glencore Mopani
Glencore Rosh Pinah
De Beers Venetia
Hebei iron/IDC – Palabora (lift 2)
Ivanhoe Platinum
Cheyenne Mining
Vaalbult – Highwall Mine
Kangra – Kusiponga
Anglo – New Denmark
Continental – De Wittekrans
Sasol Bossjespruit
Lonmin – Boabab
PGM- Waterberg
Coal Iron ore Diamonds Platinum Copper
25
Barloworld Limited Results for the year ended 30 September 2014
● EMPR deliveries and shorter lead times from CAT contribute to lower levels of firm
back orders at R1.9bn (Sept 2013: R3.5bn)
● Replacement orders for new mining equipment only expected from H2 2015
● Deferral of mining capex sustains growth in rental and aftersales
● Infrastructure development in southern Africa bodes well for construction demand
● 2015 revenue outlook range of R20.0bn to R22.0bn (2014: R20.9bn)
Equipment southern Africa – outlook
0 2 000 4 000
SouthernAfrica
Order book (Rm)
Sept 2014 Sept 2013
Barloworld Limited Results for the year ended 30 September 2014
Divisional overview
Equipment Russia
27
Barloworld Limited Results for the year ended 30 September 2014
● Pleasing result under difficult economic and political circumstances
● Operating profit up 5% to R429m at 10.7% margin
● Sustained aftermarket activity continued to support result
● Tight cost control and efficiency improvements
● EMPR performing well supported by aftermarket growth
● Expansion in power rental fleet to oil & gas customers
Operational review – Equipment Russia
0 200 400 600
Russia
Operating Profit (Rm)
Sep 2014 Sep 2013
Margin
10.7%
8.8%
28
Barloworld Limited Results for the year ended 30 September 2014
Russia sales history
25%
24%
25%
29% 36%
28%
27% 33%
46%
0
100
200
300
400
500
600
2006 2007 2008 2009 2010 2011 2012 2013 2014
US$m
Equipment sales Product support
29
Barloworld Limited Results for the year ended 30 September 2014
Russia revenue profile – Sept 2014
48%
46%
1% 5%
Revenue by line of business
New equipment Product support
Used equipment Rental
60%
17%
10%
3%
10%
New equipment sales by industry
Mining Construction Power
Oil and gas Other
30
Barloworld Limited Results for the year ended 30 September 2014
Surface mining – green field projects
Opportunity 2015 2016 2017
Units 50 87 110
Dollars US$57m US$184m US$280m
31
Barloworld Limited Results for the year ended 30 September 2014
Power of Siberia opportunity
Total length – 4000 km
Length on VT territory – 2100 km
- Phase 1 ~ 3200 km
- Phase 2 ~ 800 km
Project costs – $55 bn
Estimated opportunity over 3 year period:
Pipe-laying machines = 90 units
Construction and Forestry = 320 units
32
Barloworld Limited Results for the year ended 30 September 2014
● Order book significantly lower, driven by downturn in mining industry
● Ukraine crisis and US/EU sanctions continue to create uncertainty
● Gold mining relatively active while coal market remains depressed
● A number of promising green field mining sites are close to development stage
● Significant pipeline opportunities
● Focus remains on growing aftermarket revenues
● 2015 revenue outlook range of US$350m to US$400m (2014: US$382m)
Equipment Russia – outlook
0 20 40 60
Russia
Order book (US$m)
Sept 2014 Sept 2013
Barloworld Limited Results for the year ended 30 September 2014
Divisional overview
Equipment Iberia
34
Barloworld Limited Results for the year ended 30 September 2014
● Revenue down 21% in Euro terms as large package deals not repeated
● Improving macro economic conditions but construction market remains subdued
● Operating loss in Spain necessitated further headcount reduction
● Restructuring costs of €6.2m (R88.5m) – will generate 2015 savings of €7.4m
● Power Systems activity continues to underpin revenues
● Market leadership position maintained
Operational review – Equipment Iberia
- 400 - 200 0
Operating profit (Rm)
Sept 2014 Sept 2013
Margin
-4.1%
-0.3%
35
Barloworld Limited Results for the year ended 30 September 2014
Machine industry – Spain
0
5 000
10 000
15 000
20 000
25 000
19
81
19
82
19
83
19
84
19
85
19
86
19
87
19
88
19
89
19
90
19
91
19
92
19
93
19
94
19
95
19
96
19
97
19
98
19
99
20
00
20
01
20
02
20
03
20
04
20
05
20
06
20
07
20
08
20
09
20
10
20
11
20
12
20
13
20
14
20
15
20
16
20
17
20
18
20
19
20
20
Actual Outlook
Units
36
Barloworld Limited Results for the year ended 30 September 2014
Iberia sales history
32%
30% 30%
34%
40% 37% 33% 35%
41%
0
100
200
300
400
500
600
700
800
900
2006 2007 2008 2009 2010 2011 2012 2013 2014
EURm
Equipment sales Product support
37
Barloworld Limited Results for the year ended 30 September 2014
Iberia revenue profile – Sept 2014
39%
41%
17%
3%
Revenue by line of business
New equipment Product support
Used equipment Rental
8%
37%
7%
48%
New equipment sales by industry
Mining Construction
Other Power
38
Barloworld Limited Results for the year ended 30 September 2014
Cost savings – Iberia
Headcount Payroll costs Other operating costs
2008 2 382 €114.5m €43.2m
2014 1 373 €67.8m €19.1m
2015
estimate 1 211 €61.0m €17.6m
● €53.5m reduction in payroll costs from 2008 to 2015
● €25.6m reduction in other operating costs from 2008 to 2015
● Total saving of €79.1m
39
Barloworld Limited Results for the year ended 30 September 2014
● Macro economic environment expected to show continued improvement
● Industry recovery to date limited to smaller general construction machines
● Power marine and oil & gas segments to deliver steady growth
● Continued drive to capture customer aftermarket revenue opportunity
● Spain restructuring will deliver €7.4m savings in 2015
● Portugal restructure will cost €900k in Q1 2015 with 12 month payback
● 2015 revenue outlook range of €290m to €315m (2014: €290m)
Equipment Iberia – outlook
0 20 40 60
Iberia
Order book (€m)
Sept 2014 Sept 2013
Barloworld Limited Results for the year ended 30 September 2014
Divisional overview
Power systems
41
Barloworld Limited Results for the year ended 30 September 2014
Strong project pipeline in Power
Major projects
Southern Africa Russia Iberia
•Large EP & mining projects
(Letseng Diamond, Morupule
power station and Centralities)
•Mozambique LNG Plant
•Angola Sonaref refinery
•South African marine shipyards
•Power of Siberia pipeline
•Oil & gas rental
•Mining projects
(Polus, Rus. Platina)
•Data centres (Telefonica, PT)
• International oil & gas EPC
projects
•Marine engine and propulsion
system opportunities
• Industrial and rail opportunities
42
Barloworld Limited Results for the year ended 30 September 2014
● Recently awarded Transnet tug tender
● Revenue ~US$17.5m prime product sales
● After sales opportunity ~US$14.6m
● Deliveries to take place during next
3 years
● Scope of supply for 8 tug vessels
• 2 main engines per vessel
• 2 auxiliary engines per vessel
● New tender for 5 more vessels to be
issued shortly
Marine – Transnet tug vessels (South Africa)
43
Barloworld Limited Results for the year ended 30 September 2014
● Power represents a significant medium term growth opportunity
● Dedicated organisation structure established and specialist skills recruited
● Strategic plan (2015-2018) agreed with Caterpillar covering all power segments
● Order book increased from US$69m to US$78m with strong projects pipeline
● Growing international service opportunities in marine and oil & gas
● 2015 revenue outlook range of US$350m to US$410m (2014: US$344m)
Power systems – outlook
0 50 100
Power
Order book* (US$m)
Sept 2014 Sept 2013
* Included with Equipment order books by geography
Barloworld Limited Results for the year ended 30 September 2014
Divisional overview
Handling
45
Barloworld Limited Results for the year ended 30 September 2014
● Operating profit up 2% – remaining operations up 20%
● Agriculture SA delivers record sales with strong growth in higher tech sectors
● Sales double and breakeven established in Mozambique agriculture
● Market share growth in very difficult Russian agriculture market
● Hyster operation in SA grows profits on improved after market performance
● 2015 revenue outlook range of R2.0bn to R2.4bn (2014: R1.93bn)
Operational review – Handling
0 20 40 60
Handling
Operating Profit (Rm)
Sept 2014 Sept 2013
Margin
2.9%
2.1%
Barloworld Limited Results for the year ended 30 September 2014
Divisional overview
Automotive and Logistics
47
Barloworld Limited Results for the year ended 30 September 2014
● Strong result in a demanding trading environment
● Revenue: R31.1bn (FY’12: R28.8bn) – up 8.1%
● Record operating profit R1 644m (FY’13: R1 322m) – up 24%
● Operating margin for the year 5.3% (FY’13: 4.6%)
● All business segments performed well
Operational review – Automotive and Logistics
0 100 200 300 400 500 600
Logistics
Fleet Services
Motor Retail
Car Rental
Operating Profit (Rm)
2014 2013
9.3% 7.8%
2.8% 2.4%
18.1% 16.7%
2.8% 2.3%
Margin
+33%
+29%
+16%
+22%
48
Barloworld Limited Results for the year ended 30 September 2014
● Well balanced Automotive portfolio and
stable platform to grow logistics
● Revenue CAGR of 11.2% delivers
operating profit CAGR of 26.6% over
period
● Operating margins improved from 3.6%
(FY2011) to 5.3%
● Targeted capital allocation supports
sustained long term value creation
● The divisional platform and collective
approach provides various inter-business
unit synergies
Integrated business model delivers sustained value
0
300
600
900
1200
1500
1800
2011 2012 2013 2014
Rm Operating profit
Operating profit 1H Operating profit 2H
0
300
600
900
1200
1500
1800
2011 2012 2013 2014
Rm Operating profit by BU
Car Rental Motor Retail Fleet Services Logistics
49
Barloworld Limited Results for the year ended 30 September 2014
Car Rental
Car Rental – southern Africa FY’14 (growth)
Rental days +9.9%
Rental revenue per day +2.7%
● Excellent operating profit growth – up 33%
● Sustained growth in rental days
● Pleasing revenue per day increase in a
competitive environment
• Average Rate increase of 4.8% in Q4
● Operating costs well contained
● Fleet utilisation at 76%
● Strong used vehicle profit contribution
● Sustained customer satisfaction above 90%
50
Barloworld Limited Results for the year ended 30 September 2014
Motor Retail
Motor Retail FY’14 (growth)
New unit sales (Oct 2013 – Sept 2014) -1.1%
Parts revenue +15%
Service hours +0.8%
● Delivered a good result in a declining market
● Revenue up 9.8%
● Improved operating profit by 29% and operating
margin to 2.8%
● Gross margin expansion and cost containment
● Aftersales revenues continued to support the result
● Recently acquired dealerships complement the
overall automotive business model
51
Barloworld Limited Results for the year ended 30 September 2014
Fleet Services
Fleet Services FY’14 (growth)
Finance fleet -1%
Under maintenance +16%
Total vehicles under management (307 000) +11%
● Sustained operating profit growth – up 16%
● Maintained finance fleet
● Solid growth in fleets under maintenance
● Maintained good used vehicle profits
● Progressing growth opportunities in select African
territories
• Acquired a fleet leasing company in Tanzania
effective 4 Nov 2014
52
Barloworld Limited Results for the year ended 30 September 2014
Logistics
● Improved operating profit by 22% to R122m
● Barloworld Transport provided good operating
profit contribution
● Extra heavy transport acquisition 5 Sept 2014
enhances capability in the abnormal load transport
business
● Supply chain management operations impacted by
Ellerines receivable provision of R20m
• Other Ellerines exposure fully provided
● International operations continue to face difficult
trading conditions – actions taken to restore
profitability
● Exited loss making Far East airfreight business
53
Barloworld Limited Results for the year ended 30 September 2014
Automotive and Logistics outlook
Car Rental • Volume and revenue per day increases expected to deliver top line revenue growth into 2015
• Productivity, fleet utilisation and cost focus will maintain return on equity above hurdle rates
• Market leadership position to be maintained
Motor Retail • Solid performance expected in difficult market with some resilience in premium brands
• Targeted dealership acquisitions made will deliver incremental profitability in the year ahead
• Opportunities for growth being explored within broader automotive value chain
Fleet Services • Well positioned for continued organic growth
• Market leadership position and strong return on equity expected to be sustained
• Tanzania acquisition establishes medium term platform for growth in East Africa
Logistics • Recent acquisitions and fleet investments to deliver benefits into 2015
• Continued organic growth with solid opportunity pipeline in southern Africa
• Steps taken to turnaround performance of international businesses
• Operating margin and return on capital expected to improve in the year ahead
Division • Revenue outlook range of R33.0bn to R35.0bn (2014: R31.1bn)
Barloworld Limited Results for the year ended 30 September 2014
Group outlook
Barloworld Limited Results for the year ended 30 September 2014
55
Group outlook
Clive Thomson, CEO of Barloworld, said:
“The group delivered a solid performance for the year with operating profits up 16% and headline
earnings per share from continuing operations up 10%.
While a number of geopolitical risks and economic uncertainties exist globally, our focus will remain
on executing our strategy, driving operational efficiencies and maintaining strong cash flows. We
expect to continue to make good progress into 2015 and are well placed to benefit once the
infrastructure and mining cycles move into a recovery phase across our key geographies.”
17 November 2014
Barloworld Limited Results
for the year ended 30 September 2014