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One Barloworld Delivering 30 SEPTEMBER 2020 Value While Adapting and Transforming

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One Barloworld Delivering 30 SEPTEMBER 2020 Value While Adapting and Transforming 2020 Year-end results for the 12 months ended 30 September 2020 One Barloworld delivering 30 SEPTEMBER 2020 value while adapting and transforming SUMMARISED PRELIMINARY AUDITED YEAR-END RESULTS FOR THE 12 MONTHS ENDED ON 30 SEPTEMBER 2020 About Barloworld CORPORATE INFORMATION Barloworld is an industrial processing, distribution and Barloworld Limited service company which distributes leading international (Incorporated in the Republic brands. In our OEM businesses we provide integrated rental, of South Africa) (Registration number: 1918/000095/06) fl eet management and product support through offering (Income tax registration number: fl exible, value adding, and innovative business solutions to 9000/051/71/5) our customers backed by leading global brands. The brands (JSE share code: BAW) we represent on behalf of our principals include Caterpillar, (JSE ISIN: ZAE000026639) Avis, Budget, Mercedes-Benz, Toyota, Volkswagen, Audi, (Share code: BAWP) BMW, Ford, Mazda, among others. The divisions of the (JSE ISIN: ZAE000026647) Group comprise Equipment (earthmoving equipment and (Bond issuer code: BIBAW) (Namibian Stock Exchange power systems), Automotive (car rental, motor retail, fl eet share code: BWL) services, used vehicles and disposal solutions), Logistics (“Barloworld” or “the Company” (logistics management and supply chain optimisation) or “the Group”) and consumer industries (Ingrain — starch and glucose). REGISTERED OFFICE Barloworld has a proven track record of long-term AND BUSINESS ADDRESS relationships with global principals and customers. We Barloworld Limited 61 Katherine Street have an ability to develop and grow businesses in multiple geographies including challenging territories with high PO Box 782248 Sandton, 2146, South Africa growth prospects. One of our core competencies is an T +27 11 445 1000 ability to leverage systems and best practices across our E [email protected] chosen business segments. As an organisation we are committed to sustainable development and playing a DIRECTORS leading role in empowerment and transformation. The Non-executive NP Dongwana (Chairman), Company was founded in 1902 and currently has operations FNO Edozien ^, HH Hickey, in 16 countries around the world. MD Lynch-Bell*, NP Mnxasana, NV Mokhesi, H Molotsi, SS Ntsaluba, P Schmid, The Group’s core divisions comprise of: ^Nigeria * UK Executive DM Sewela (Group Chief Executive EQUIPMENT Offi cer), N Lila (Group Finance Director) Earthmoving equipment and power systems Group company secretary Andiswa Ndoni ENQUIRIES AUTOMOTIVE Barloworld Limited Car rental, motor retail, fl eet services, used vehicles and T +27 11 445 1000 disposal solutions E [email protected] Please refer all investor relations queries to: LOGISTICS Barloworld Investor Relations Logistics management and supply chain optimisation T +27 11 445 1000 E [email protected] SPONSOR Nedbank Corporate CONSUMER INDUSTRIES and Investment Banking Starch and glucose a division of Nedbank Limited SALIENT FEATURES Resilient group performance UNDER AN UNPRECEDENTED TRADING ENVIRONMENT IMPACTED BY THE COVID-19 PANDEMIC REVENUE R49.7 bn down 17% OPERATING MARGIN* 4.1% down from 6.6% AUSTERITY MEASURES IMPLEMENTED TO MANAGE COVID-19 IMPACT, 2020 OVERHEAD COST CONTAINMENT SAVINGS R402m STRONG BALANCE SHEET, COMMITTED FUNDING CAPACITY CLOSING AT R15.6bn GROUP NET DEBT-TO-EBITDA# ^ RATIO 0.6 times FY19: 0.2 times GROUP EBITDA TO GROSS INTEREST# ^ PAID 4.7 times FY19: 5.7 times GROUP RETURN ON INVESTED CAPITAL OF 1.0% FY19: 11.9% GROUP NORMALISED HEADLINE (LOSS)/EARNINGS PER SHARE# ^ O F (30) cents FY19: 1 167** cents Decisive measures IN RESPONSE TO ENSURE THE LONG-TERM VALUE CREATION BY THE GROUP Progress made ON THE STRATEGY WITH THE ACQUISITION OF EQUIPMENT MONGOLIA AND TONGAAT HULETT STARCH (NOW INGRAIN) * Excluding IFRS 16 impact. # Excluding B-BBEE charges. ** amount reported in 2019 includes the fair value adjustment on the USD deposits in the UK. The adjusted normalised HEPS 2019 number which excludes the USD deposits in the UK is 1 098 cents. 01 Chief Executive’s report DOMINIC SEWELA Group Chief Executive Offi cer Going into 2020, our focus was on the delivery of our strategy and the achievements of the ambitious targets we set for ourselves, as well as ensuring the complete adoption of the Active Shareholder Model. Though we anticipated that we were going into a year with continued macroeconomic challenges, the onset of the novel coronavirus pandemic (COVID-19) and the ensuing economic impact, was something no one could have predicted. Barloworld, like many other corporations in South Africa and globally, had to navigate this challenging and uncertain reality. 02 GROUP REVIEW DIVIDEND The constrained consumer demand that was Barloworld has met its solvency and liquidity experienced in 2019 continued during the year. obligations and given the current market The onset of the global COVID-19 pandemic conditions, the board took the important in our geographies started impacting trading precautionary measure not to declare a in March 2020 triggered by trade restrictions, final dividend payment for the year ended lockdowns and travel restrictions that resulted 30 September 2020. This position will be in negative knock-on effects in the trading reviewed again at the interim period in 2021. environment. The Group’s performance during the year was resilient, reflecting the difficult PROGRESS ON OUR STRATEGY trading environment and the challenges faced The Group aims to sustainably double by our businesses with the Equipment divisions its intrinsic value every four years, enabled performing much better than anticipated. by the managing-for-value operating model. Post the recent strategic review, the Group The Group revenue decreased by 17% to has positioning itself as an industrial R49.7 billion (2019: R60.2 billion) with the processing, distribution and services operating margin declining from 6.6% to company. In light of this the Group has set 4.1%. The operating profit for the Group its vision to create enduring economic and of R1.8 billion was 54% down on prior year social value for stakeholders by building (2019: R3.9 billion), negatively impacted by businesses that serve industrial customers. lower revenues and higher costs. Our fundamental strategic levers — Group normalised headline earnings per ‘fix, optimise and grow’ remain unchanged, share (HEPS*^), excluding the impact of though in response to the immediate IFRS 16, B-BBEE charges and the fair value challenges Barloworld faces, and to ensure on the USD deposits in the UK was a (30) the Group’s legacy in the long term, we cent loss down on prior year of 1 167 cents. have honed our strategic focus, balancing Including these charges, the reported HEPS short-term decisions with long-term thinking. loss was (268) cents. Normalised HEPS*^ While our goal remains the achievement was impacted by all operations performing of above-market growth and ROIC^ >13% at levels well below the prior year due to the with positive economic profits. We seek COVID-19. to create value by balancing our long-term growth ambitions with focusing on achieving A return on invested capital (ROIC^) of 1.0% acceptable returns for our shareholders in was generated compared to 11.9% achieved the medium term. This will continue to be in 2019 due to a reduction in operating underpinned by our sustainable development profit. framework and informed by the macro- environment, including the immediate to longer term impacts of the COVID-19 pandemic on societies and economies, and our strategic outlook. 03 CHIEF EXECUTIVE ’ S REPORT CONTINUED Our strategy, already in implementation, Retail remain under due consideration. The remains ambitious. It is achievable with an Group is also considering market conditions organisation-wide focus aligned with our in the Logistics business and evaluating its longer-term vision, fine-tuned objectives, and future options around this business. certain execution elements being accelerated. The active shareholder model, a key strategic The board and management remain lever to changing the nature of the Group’s committed to the prudent implementation operating model is in place. With the reviewed of the Group strategy and resource allocation head office costs the Group continues to drive through the set strategic levers: certain elements centrally while employing a more flexible resource model and driven 1. Fix, restructure or exit businesses that do execution through utilising divisional resources not meet the Group’s portfolio criteria; more effectively. The redevelopment of 2. Optimise existing businesses that meet Barlow Park at 180 Katherine Street precinct the Group’s portfolio guardrails to in Sandton is being reassessed in line with achieve full potential; current market conditions. 3. Implement an active shareholder In terms of growth, two acquisitions that operating model; and are in line with the Group’s strategy were 4. Pursue programmatic acquisitive growth closed on 1 September 2020 and 31 October in line with the revised strategy, focused 2020, respectively and are being integrated on adding high growth, cash generative into the Group. The Mongolian Caterpillar businesses to the portfolio. dealership acquisition was concluded, and the transaction closed on 1 September 2020. During the period, good progress was made in The transaction was de-risked through a all areas of the strategy. The Group’s strategy deferral of a large part of the premium being and clear set of guardrails (capital light, high made
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