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Download Annual Financial Statements Managing for VALUE Consolidated Financial Statements 2017 Barloworld Consolidated Financial Statements 2017 Customers Principals People Communities Shareholders and suppliers Barloworld Limited Consolidated Financial Statements 2017 About Barloworld Barloworld is a distributor of leading international brands providing integrated rental, fleet management, product support and logistics solutions. The core divisions of the group comprise Equipment (earthmoving equipment and power systems), Automotive and Logistics (car rental, motor retail, fleet services, used vehicles and disposal solutions, logistics management, supply chain optimisation and waste management). We offer flexible, value adding, innovative business solutions to our customers backed by leading global brands. 115 years of heritage built on solid relationships with our principals and customers. The brands we represent on behalf of our principals include Caterpillar, Avis, Budget, Audi, BMW, Ford, Jaguar, Land Rover, Mazda, Mercedes-Benz, Toyota, Volkswagen and others. Barloworld has a proven track record of long-term relationships with global principals and customers. We have an ability to develop and grow businesses in multiple geographies including challenging territories with high growth prospects. One of our core competencies is an ability to leverage systems and best practices across our chosen business segments. As an organisation, we are committed to sustainable development and playing a leading role in diversity and inclusion. The company was founded in 1902 and currently has operations in over 20 countries around the world with 83% of over 18 000 employees in South Africa. General information Country of incorporation and domicile Company secretary Republic of South Africa LP Manaka Directors Prescribed officers DB Ntsebeza (chairman) PJ Bulterman DM Sewela PK Rankin PJ Blackbeard** E Leeka PJ Bulterman**** NP Dongwana Registered office FNO Edozien 180 Katherine Street HH Hickey Sandton MD Lynch-Bell 2146 SS Mkhabela Postal address NP Mnxasana PO Box 782248 B Ngonyama*** Sandton SS Ntsaluba 2146 SB Pfeiffer* Auditors P Schmid Deloitte & Touche OI Shongwe Company registration number CB Thomson* 1918/000095/06 DG Wilson * Retired with effect from 8 February 2017. Preparer of annual financial statements ** Retired with effect from 30 April 2017. RL Pole CA(SA) *** Resigned with effect from 11 May 2017. **** Retired as an executive director of the board on 8 February 2017 but remained in the employ of the company as a prescribed officer. Barloworld Limited 1 Consolidated Financial Statements 2017 Contents Audited Annual Financial Statements Review and reports Consolidated financial Company financial Additional information statements statements 1 2 3 4 1 2 3 4 1 2 3 4 1 2 3 4 Finance director’s review 2 Accounting policies 15 Company statement of Consolidated seven-year 100 116 Directors’ responsibility Consolidated income comprehensive income summary 5 24 and approval statement Company statement Consolidated summary 101 126 Preparer of financial Consolidated statement of financial position in other currencies 5 24 statements of comprehensive income Company statement Definitions 130 102 Independent auditor’s Consolidated statement of changes in equity Corporate information IBC 6 25 report of financial position Company statement 103 Certificate by secretary 10 Consolidated statement of cash flows 26 Audit committee report 11 of changes in equity Notes to the company 104 Directors’ report 13 Consolidated statement statement of cash flows 28 of cash flows Notes to the company 105 Notes to the consolidated financial statements 30 statement of cash flows Notes to the consolidated 32 financial statements 2 Barloworld Limited Consolidated Financial Statements 2017 Finance director’s review Key performance indicators Adapting and evolving is in our DNA In difficult circumstances we delivered a good set of financial results. Equipment Russia had an outstanding year and our Automotive division’s excellent performance was delivered against a tough industry backdrop. Barloworld has been in existence for 115 years. 2017 has been a year of change and review in defining our bold future. Profit from continuing HEPS growth operations up 4% to 16% to R2 026 million 975 cents per share (2016: R1 950 million) (2016: 841 cents per share) Following the board’s decision to sell the group’s Equipment Iberia operations, the group has, in terms of IFRS 5, reported the results of Equipment Iberia separately as a discontinued operation and assets and liabilities held for sale in the financial statements for the year ended 30 September 2017. The following commentary regarding current year trends is against restated comparatives to reflect the results from continuing operations unless specifically stated. Financial performance from With approximately 20% of the prior year with Equipment Russia continuing operations for the group’s revenue generated outside increasing by 6.8% in US Dollar terms. year ended 30 September 2017 of South Africa the stronger Rand Automotive produced another record Revenue for the year of R62.0 billion negatively impacted revenues by result increasing operating profits remained resilient and in line with R1.1 billion. by 5.6% to R1.8 billion. Avis fleet the prior year (2016: R62.1 billion) on produced a strong performance the back of an impressive performance Earnings before interest, taxation, increasing its operating margin to in Equipment Russia while our Logistics depreciation and amortisation (EBITDA) 17.4% (2016: 15.4%). In Logistics the business was boosted by the full year of R6.7 billion improved by 3.2% loss of a key customer, restructuring impact of contracts and acquisitions while operating profit and the and other costs associated with in the prior year. Equipment Russia operating margin remained consistent implementing a turnaround strategy benefited from strong mining unit with the prior year at R4.1 billion have negatively impacted operating and aftersales demand, generating and 6.6% respectively. Key to this margins in this business with operating revenue growth of 17.1% in US Dollar achievement amid tough trading profit falling to R101 million terms. Demand for mining equipment conditions was the high level of after (2016: R223 million). in southern Africa showed some sales in both Equipment southern improvement as commodity prices Africa and Russia and the continued The net negative fair value adjustments held up. Automotive revenues were profitability from the sale of used on financial instruments of marginally up by 0.5% vehicles in Automotive. R209 million (2016: R209 million) notwithstanding the sale and closure mainly represent the cost of forward of a number of BMW and General Operating profit in Equipment points on foreign exchange contracts Motors dealerships in Motor Trading. southern Africa was up 13% on the and translation gains and losses on 1 2 3 4 Review and reports Barloworld Limited 3 Consolidated Financial Statements 2017 Finance director’s review continued DG Wilson, Finance director Cash flows Generating free cash flow is a strategic imperative for the group. Despite a strong reduction in working capital in the current year of R1.5 billion (2016: R2.1 billion), cash generated from operations of R6.0 billion was down on the prior year (2016: R7.8 billion). These cash flows were impacted by increased net investment in leasing assets and vehicle rental fleet of R2.9 billion (2016: R1.5 billion). Investing activities of R329 million (2016: R1.4 billion) were driven by additional investment in Angolan US Dollar linked government bonds of R201 million ($15 million) using Kwanza cash on hand as protection against currency devaluation. The total investment in Angolan US Dollar linked government bonds at September was $66 million (2016: $51 million). The disposal of the Handling and Agriculture assets generated proceeds of R301 million. Net cash flows before financing foreign currency denominated The increase in income from associates activities for the year to R2.6 billion monetary assets and liabilities in and joint ventures in the year is mainly were down from R3.5 billion in the Equipment southern Africa. During the attributable to the profitability of prior year but were well up on our year, the strengthening of the Rand the Equipment joint venture in the forecasts. resulted in exchange losses in respect Katanga province of the DRC and of US Dollar deposits held. follows from improved copper and Financial position cobalt prices and the resumption of Total assets employed in the group Finance costs of R1.3 billion are down mining activities at the Katanga Mine. increased by R302 million driven by by R2 million on prior year due to investments in leasing assets and lower average borrowings despite The discontinued Equipment Iberia vehicle rental fleet together with the higher short-term rates in South operations generated losses of improved cash position of the group. Africa. €17.7 million (R269 million) in the This was offset by a decrease in year which were negatively impacted inventories. Assets held for sale of Losses from non-operating and capital by restructuring costs of €9.1 million R3.3 billion comprise Equipment Iberia items of R155 million consist largely (R137 million) and an impairment and the Logistics Middle East business. of impairments of goodwill, other of €5.1 million (R78 million) for the intangibles and other assets of investment and goodwill in the For the second consecutive year total R158 million in Automotive
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