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One Barloworld Delivering Value About Barloworld BARLOWORLD LIMITED INTEGRATED REPORT 2019 One Barloworld Delivering value About Barloworld Barloworld is a distributor of leading global brands with corporate offices in Johannesburg (South Africa) and Maidenhead (United Kingdom), providing integrated rental, fleet management, product support and logistics solutions. Established in 1902 in South Africa, we are one of the country’s oldest companies. Inspiring leadership, a reputation for ethical conduct, innovation and a commitment to giving back have ensured Barloworld’s longevity over the past 117 years. The core divisions of the group comprise Equipment (earthmoving equipment and power systems), Automotive (car rental, motor retail, fleet services, used vehicles and disposal solutions) and Logistics (logistics management and supply chain optimisation). The brands we represent on behalf of our principals include Avis, Audi, BMW, Budget, Caterpillar, Ford, Mazda, Mercedes-Benz, Toyota, Volkswagen and others. DEFINING MATERIALITY APPLY 1 Material matters are aligned with risks and applied to inform our managing for value approach which may be altered in response to our operating context from time to time ASSESS 2 The material matters are continuously reviewed against strategy and key metrics for operational performance, as well as impact on ESG issues and importance to stakeholders IDENTIFY 3 Taking into account input from stakeholders as well as macro- economic, social, regulatory and political trends, all business units help to identify potential material matters DEFINE 4 Material matters are those issues that could substantially affect SEND US YOUR our ability to create value in the short-, medium- or long-term, FEEDBACK including our operating context and stakeholder concerns Help us to understand what matters to you by sending your comments and feedback on our integrated report to [email protected] or [email protected] or visit www.barloworld.com to download the feedback form. About this report AIM OF OUR REPORT REPORTING FRAMEWORKS BOARD APPROVAL The primary purpose of our integrated report Our integrated reporting is guided by various The board of directors acknowledges its is to explain to all our stakeholders how codes and standards, including: responsibilities to ensure the integrity of Barloworld creates value over time in line with ○ The King Report on Corporate Governance the integrated report. The board has applied the stakeholder-inclusive intentions of King IVTM. for South Africa, and the accompanying its collective mind to the preparation and The report extends beyond financial reporting Code on Corporate Governance for presentation of the integrated report. and includes non-financial performance, as South Africa King IV ™* The board believes the report addresses well as opportunities and risks related to our ○ The International <IR> Framework all material issues and fairly presents the stakeholders and our operating context that ○ The Companies Act 71 of 2008 (as amended) integrated performance of the group in may have a significant influence on our ability to ○ The JSE Listings Requirements a manner that is relevant, complete and create value. The report also includes outcomes. ○ The Global Reporting Initiative (GRI) responsive. As a board, we believe that We present an assessment of our performance Sustainability Reporting Standards 2016 this integrated report has been prepared in terms of six capitals as defined by the ○ United Nations Sustainable Development in line with best practice as set out in the International Integrated Reporting Council (IIRC). Goals (SDGs). International <IR> Framework and the King IVTM code. SUPPLEMENTARY DOCUMENTS SCOPE AND BOUNDARY This report and the annual general meeting Signed on 10 December 2019 by This integrated report covers the performance (AGM) booklet are available online at of Barloworld Limited for the financial year www.barloworld.com together with: ended 30 September 2019 for all geographic regions in which the Barloworld group and ○ Full consolidated annual financial statements, its subsidiaries operate. are available at: www.barloworld.com DUMISA NTSEBEZA The consolidated data incorporates the company ○ Responses to the GRI Sustainability Chairman and all entities controlled by Barloworld as if Reporting Standards (GRI Content Index), they are a single economic entity. There are are available at: www.barloworld-reports. no other entities over which the group has co.za/integrated-reports/ir-2019/gri- significant influence that it believes should be index/index.php included in the report. Both financial and non- ASSURANCE financial data are aligned to the same financial DOMINIC SEWELA The board, with the support of the audit reporting period allowing for comparison of Group chief executive performance data. Any limitations are disclosed committee, is ultimately responsible for in the relevant section. Barloworld’s system of internal control, designed to identify, evaluate, manage, Any material events up to the board approval and provide reasonable assurance against date on 10 December 2019 are also included. material misstatement and loss. Financial and non-financial performance We apply a combined assurance model, which NOPASIKA LILA Group finance director data reflected in this report is for continuing seeks to optimise the assurance obtained operations only, unless otherwise stated. from management as well as internal and FORWARD LOOKING STATEMENTS Comparatives have been restated to exclude external assurance providers while fostering operations classified as discontinued. a strong ethical climate and mechanisms to We seek to report transparently on challenges ensure compliance. Please refer to page 186 and uncertainties we are likely to encounter for an understanding of our assurance matrix. in pursuing our strategy. As a result, this report The financial information in this report is may contain forward-looking statements in independently assured by our external auditors, regard to our prospects. while selected material non-financial indicators – (please see page 185) are reviewed by Barloworld group internal audit services, while our B-BBEE status is verified by Siyandisa (certificates available on www.barloworld.com). * Copyright and trademarks are owned by the Institute 1 of Directors in Africa NPC and all its rights are reserved Contents PAGES PAGES 1 – 9 10 – 47 About Barloworld IFC Strategy – Managing for value to deliver on About this report 1 our medium-term strategy 10 Delivering value 4 Our strategy 12 2019 performance overview 5 Our operating context 16 Recent milestones 6 Managing the six capitals to deliver value 18 One Barloworld – structured to deliver value 7 Paying tribute to our chairman 29 Our global presence 8 Board of directors 30 Executive committee 32 Chairman’s review 34 Group chief executive’s review 38 Group finance director’s review 42 SECTION SECTION 1 2 PAGES PAGES 48 – 121 123 – 184 Material risks and issues 48 Remuneration report 123 – Risk management 54 Social, ethics and transformation committee report 154 Unpacking our strategic enablers 56 Shareholder profile 156 Differentiated relationships 56 Summarised annual financial statements 157 – Stakeholders 57 Audit committee report 181 – Transformation 60 Assurance 185 – Socio-economic development 68 Assurance report for selected non-financial indicators 185 – Social investment (CSI) 70 Assurance matrix 2019 186 Leveraging our scale and assets and maintaining leading brands 74 Glossary 187 – Equipment southern Africa 75 Corporate information 188 – Equipment Russia 81 – Automotive 87 – Logistics 93 – Corporate 99 Value added statement 102 Managing talent 104 Developing leaders 107 Responsible corporate 108 – Sustainability 108 – Governance 115 SECTION SECTION 2 3 4 3 Delivering value The theme for our 2019 report, ’delivering value’, relates to creating value for all stakeholders. Value creation for all stakeholders is based on our ability to create a profitable, thriving, resilient and durable organisation. We strive to be a company that is not only financially successful but also one that makes a positive difference to achieving sustainable economic, social and environmental outcomes within our various spheres of operation and is respected by society and the communities where we operate. This report sets out to demonstrate the manner in which we drive value creation through the delivery of our strategy in terms of the six capitals and our strategic enablers in the short-, medium- and long-term. 2019 performance overview REVENUE OPERATING NORMALISED HEADLINE PROFIT EARNINGS PER SHARE* R56.8 bn R3 272 m 1 167 cents (2018: R60.1bn) (2018: R3 762m) (2018: 1 151 cents) ORDINARY DIVIDEND SPECIAL DIVIDEND FREE CASH GENERATED PER SHARE PER SHARE DECLARED DURING THE YEAR* 462 cents 228 cents R3.1 bn (2018: 462 cents) (2018: R3.6bn) 2019 RECOGNITION RETURN ON Barloworld is a constituent of: Safety INVESTED CAPITAL* ○ Dow Jones Sustainability Emerging LOST-TIME INJURY FREQUENCY # Markets Index (DJSI) RATE (LTIFR) 0.58, REGRETTABLY ONE WORK-RELATED FATALITY (2018: LTIFR 0.70; Work-related fatalities: 2) 11.9% (2018: 12.3%) Khula Sizwe Barloworld ○ FTSE/JSE Responsible PROPERTY HOLDINGS Investment Index E M P O W E R M E N T TRANSACTION LAUNCHED Mbewu ○ FTSE4Good Index Series SOCIAL IMPACT PROGRAMME LAUNCHED OVERSUBSCRIBED WITH THE R163m R30 m FUNDING TARGET MET TO BE SPENT OVER THREE YEARS * Includes discontinued operations CREATION OF # Lost-time injury frequency rate = (Number of LTIs x 200 000) / hours worked) R2.9
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