Consolidated seven-year summary

for the year ended 30 September

	2008	2007	2006	2005	2004	2003*	2002*
	Rm	Rm	Rm	Rm	Rm	Rm	Rm
Balance sheet
Assets
Property, plant and equipment	8 056	6 847	8 299	7 922	7 706	6 655	7 565
Goodwill and intangible assets	2 626	2 320	3 328	2 745	2 675	1 580	1 903
Investments in associates and joint
ventures and other non-current
assets	2 099	2 233	1 912	2 668	2 843	3 503	4 019
Deferred taxation assets	488	619	750	823	766	472	385
Non-current assets	13 269	12 019	14 289	14 158	13 990	12 210	13 872
Current assets	20 688	18 636	21 365	14 465	13 831	11 548	13 225
Total assets	33 957	30 655	35 654	28 623	27 821	23 758	27 097
Equity and liabilities
Capital and reserves
Share capital and premium	242	223	327	1 397	1 209	712	682
Reserves and retained income	12 606	10 918	13 342	10 089	9 308	8 972	10 552
Interest of shareholders of Barloworld Limited	12 848	11 141	13 669	11 486	10 517	9 684	11 234
Minority interest	185	80	691	644	718	706	791
Interest of all shareholders	13 033	11 221	14 360	12 130	11 235	10 390	12 025
Non-current liabilities	6 252	6 638	7 920	7 761	7 540	4 916	5 195
Deferred taxation liabilities	266	610	870	905	795	617	617
Non-current liabilities	5 986	6 028	7 050	6 856	6 745	4 299	4 578
Current liabilities	14 672	12 796	13 374	8 732	9 046	8 452	9 877
Total equity and liabilities	33 957	30 655	35 654	28 623	27 821	23 758	27 097

	Compound	2008	2007	2006	2005	2004	2003*	2002*
	annual growth %	Rm	Rm	Rm	Rm	Rm	Rm	Rm
Income statement^# Continuing operations
Revenue	10.2	46 830	39 757	32 452	29 211	26 970	25 198	26 098
Operating profit before items listed below	16.7	2 988	2 277	1 658	1 572	1 423	1 342	1 180
BEE transaction charge		(337)
Goodwill amortisation						(121)	(90)	(86)
Pension fund gain				149
Operating profit	15.9	2 651	2 277	1 807	1 572	1 302	1 252	1 094
Fair value adjustments on financial instruments		(80)	295	224	(50)	(108)	(363)	33
Finance costs	23.1	(889)	(631)	(435)	(333)	(365)	(413)	(256)
Income from investments		195	164	139	101	143	139	150
Profit before exceptional items	10.7	1 877	2 105	1 735	1 290	972	615	1 021
Exceptional items		(17)	(74)	116	(20)	(62)	14	159
Profit before taxation		1 860	2 031	1 851	1 270	910	629	1 180
Taxation		(675)	(697)	(556)	(364)	(354)	(193)	(359)
Profit after taxation		1 185	1 334	1 295	906	556	436	821
Income from associates and joint ventures		72	53	54	31	61	73	54
Net profit from continuing operations		1 257	1 387	1 349	937	617	509	875
Discontinued operations
(Loss)/profit from discontinued operations		(11)	1 172	1 397	1 226	1 151	824	835
Net profit		1 246	2 559	2 746	2 163	1 768	1 333	1 710
Attributable to:
Minority shareholders		14	289	389	314	258	211	207
Barloworld Limited shareholders		1 232	2 270	2 357	1 849	1 510	1 122	1 503
		1 246	2 559	2 746	2 163	1 768	1 333	1 710
Headline earnings from continuing operations	6.3	1 259	1 362	1 233	1 148	1 057	661	874
Cash flow statement
Cash flow from operations		1 981	3 888	4 931	3 576	3 153	2 419	3 037
Dividends paid (including minority shareholders)		(622)	(2 629)	(1 295)	(1 197)	(871)	(940)	(649)
Net cash flow from operating activities		1 359	1 259	3 636	2 379	2 282	1 479	2 388
Net cash flow used in investing activities		(2 606)	(880)	(2 938)	(2 980)	(2 124)	(1 812)	(2 621)
Net cash flow from/(used in) financing activities		1 347	(988)	(224)	601	(258)	487	(24)
Net increase/(decrease) in cash and cash equivalents		100	(609)	474		(100)	154	(257)
* Not restated for accounting policy changes due to practical constraints.
# All years have been reclassified for the treatment of the Car rental Scandinavia,Cement, Scientific, Coatings and Steel Tube segments as discontinued operations.

				2008	2007	2006	2005
Performance per ordinary share^
Weighted average number of ordinary shares in issue during the year net of buy-back		(000)		204 559	202 673	206 959	207 367
Earnings per share	Net profit attributable to ordinary shareholders of Barloworld Limited	SA cents		602.2	1 120.0	1 138.9	891.7
	Weighted average number of ordinary shares in issue, net of buy-back	US cents		81.1	155.9	173.4	143.6
Earnings per share – continuing operations	As above, but using results from continuing operations only	SA cents		608.1	679.4	643.1	554.6
		US cents		81.8	94.6	97.9	89.3
Headline earnings per share	Net profit attributable to ordinary shareholders of Barloworld Limited + goodwill amortisation -/(+) non trading profits/(losses) net of tax and minority interest thereof	SA cents		614.0	1 181.2	1 170.8	887.8
	Weighted average number of ordinary shares in issue, net of buy-back	US cents		82.6	164.4	178.2	143.0
Headline earnings per share – continuing operations	As above, but using results from continuing operations only	SA cents		615.5	672.0	595.8	553.6
		US cents		82.6	93.7	90.7	89.1
Dividends per share**	Interim and final dividends declared out of current year’s earnings	SA cents		250	375	600	455
		US cents		33.7	52.2	91.3	73.3
Dividend cover^&	Headline earnings + BEE transaction charge (net of taxation)	times		2.9	3.1	2.0	2.0
	Dividends paid out of current year’s earnings
Net asset value per share	Interest of shareholders of Barloworld Limited, incl investments at market value	SA cents		6 451	5 713	6 973	5 620
	Number of ordinary shares in issue, net of buy-back	US cents		779	828	898	884
Profitability and asset management^			Targets
Operating margin – group	Operating profit before BEE charge and goodwill amortisation	%		6.3	8.7	9.2	9.1
	Revenue – group operations
Operating margin – continuing operations	Operating profit before BEE charge and goodwill amortisation	%	>6	6.4	5.7	5.1	6.2
	Revenue – continuing operations
Net asset turn	Revenue – group operations	times	>2.5	2.2	2.2	1.9	2.0
	Average net assets
Return on net assets (Group)	Operating profit (after goodwill amortisation) + BEE transaction charge + Investment income + Income from associates and joint ventures	%	>18	15.1	20.2	19.5	18.6
	Average net assets
Return on net assets (Trading businesses)	As per above Group calculation but excluding leasing and car rental businesses	%	>20	20.6	28.8	27.9	26.0
Return on ordinary shareholders’ funds (excluding exceptional items)	Net profit attributable to ordinary shareholders of Barloworld Limited – net exceptional items + BEE transaction charge (net of tax)	%	>20	13.6	18.9	18.0	16.8
	Average interest of shareholders of Barloworld Limited
Cash flow return on investment (CFROI^®)	Refer for definition	%	>8	10.3	12.2	12.3	10.3
Replacement capex to depreciation	Replacement capital expenditure	%		14.4	23.0	26.3	43.1
	Depreciation charge
Effective rate of taxation – continuing operations	Tax charge – prior year tax – exceptional tax – secondary tax on companies	%		32.7	28.5	28.9	30.2
	Profit before tax -/(+) exceptional items + goodwill amortisation

				2004	2003*	2002*
Performance per ordinary share^
Weighted average number of ordinary shares in issue during the year net of buy-back		(000)		199 375	196 028	195 284
Earnings per share	Net profit attributable to ordinary shareholders of Barloworld Limited	SA cents		757.4	572.4	769.6
	Weighted average number of ordinary shares in issue, net of buy-back	US cents		114.2	71.2	72.3
Earnings per share – continuing operations	As above, but using results from continuing operations only	SA cents		280.9	213.3	420.4
		US cents		42.3	26.5	39.5
Headline earnings per share	Net profit attributable to ordinary shareholders of Barloworld Limited + goodwill amortisation -/(+) non trading profits/(losses) net of tax and minority interest thereof	SA cents		853.7	588.7	621.7
	Weighted average number of ordinary shares in issue, net of buy-back	US cents		128.7	73.2	58.4
Headline earnings per share – continuing operations	As above, but using results from continuing operations only	SA cents		530.2	337.0	447.4
		US cents		79.9	41.9	42.0
Dividends per share**	Interim and final dividends declared out of current year’s earnings	SA cents		380	290	275
		US cents		57.3	36.1	25.8
Dividend cover^&	Headline earnings + BEE transaction charge (net of taxation)	times		2.2	2.0	2.3
	Dividends paid out of current year’s earnings
Net asset value per share	Interest of shareholders of Barloworld Limited, incl investments at market value	SA cents		5 263	5 100	5 872
	Number of ordinary shares in issue, net of buy-back	US cents		814	725	558
Profitability and asset management^			Targets
Operating margin – group	Operating profit before BEE charge and goodwill amortisation	%		8.4	7.1	5.7
	Revenue – group operations
Operating margin – continuing operations	Operating profit before BEE charge and goodwill amortisation	%	>6	5.9	5.6	4.7
	Revenue – continuing operations
Net asset turn	Revenue – group operations	times	>2.5	2.0	2.0	2.0
	Average net assets
Return on net assets (Group)	Operating profit (after goodwill amortisation) + BEE transaction charge + Investment income + Income from associates and joint ventures	%	>18	17.5	14.7	12.8
	Average net assets
Return on net assets (Trading businesses)	As per above Group calculation but excluding leasing and car rental businesses	%	>20	22.8	18.5	16.0
Return on ordinary shareholders’ funds (excluding exceptional items)	Net profit attributable to ordinary shareholders of Barloworld Limited – net exceptional items + BEE transaction charge (net of tax)	%	>20	14.8	9.9	11.2
	Average interest of shareholders of Barloworld Limited
Cash flow return on investment (CFROI^®)	Refer for definition	%	>8	8.9	8.1	8.5
Replacement capex to depreciation	Replacement capital expenditure	%		36.6	183.7	66.7
	Depreciation charge
Effective rate of taxation – continuing operations	Tax charge – prior year tax – exceptional tax – secondary tax on companies	%		25.9	32.5	27.8
	Profit before tax -/(+) exceptional items + goodwill amortisation
* Not restated for accounting policy changes due to practical constraints.
^ All years have been reclassified for the treatment of the Car rental Scandinavia, Cement, Scientific, Coatings and Steel Tube segments as discontinued operations.
** Excludes special centenary dividend of 100 cents declared in November 2002 and special dividend of 500 cents paid in April 2007.
& For 2007 and prior years this ratio was calculated as Headline earnings per share divided by dividends per share.

			Targets	2008	2007	2006	2005
Liquidity and leverage^
Total liabilities to total shareholders’ funds	Non-current liabilities – deferred tax liabilities + current liabilities	%	<150	158.5	167.8	142.2	128.5
	Interest of all shareholders
Total borrowings to total shareholders’ funds	Non-current interest-bearing liabilities + amounts due to bankers and short-term loans + convertible bond
	Interest of all shareholders
– Total group		%		81.7	80.8	68.8	66.3
– Trading businesses		%	30 – 50	51.4	38.2	31.3	20.9
– Leasing businesses		%	600 – 800	552.3	646.3	563.5	633.8
– Car rental businesses		%	200 – 300	165.3	216.3	233.5	259.2
Net borrowings/EBITDA	Non-current interest-bearing liabilities + amounts due to bankers and short-term loans + convertible bond – cash and cash equivalents	times	<2.5	1.8	1.3	1.4	1.3
	Operating profit + amortisation of goodwill and intangible assets + depreciation charge
Number of years to repay interest-bearing debt	Non-current interest-bearing liabilities + amounts due to bankers and short-term loans + convertible bond	years	<5	5.4	2.3	2.1	2.2
	Cash flow from operations
Current ratio	Current assets		>1	1.4	1.5	1.6	1.7
	Current liabilities
Quick ratio	Current assets – inventories		>0.5	0.9	1.0	1.2	1.1
	Current liabilities
Interest cover – continuing operations	Profit before exceptional items + goodwill amortisation + BEE transaction charge + interest paid (incl interest capitalised and interest included in cost of sales)
	Interest paid (incl interest capitalised and interest included in cost of sales)
– Total group		times	>3	2.9	3.4	3.6	3.9
– Trading businesses		times	>4	4.4	5.3	6.9	7.7
– Leasing businesses		times	>1	1.3	1.4	1.3	1.6
– Car rental businesses		times	>1.25	1.0	1.8	1.7	1.9

Value added
Number of employees				19 668	21 960	25 716	25 963
Revenue per employee	Revenue	R000’s		2 341.2	2 108.4	1 720.9	1 472.6
	Average number of employees
Value created per employee	Total value created per value added statement	R000’s		586.6	681.0	531.4	474.9
	Average number of employees
Employment cost per employee	Salaries, wages and other benefits paid to employees	R000’s		326.4	350.8	268.6	252.0
	Average number of employees

			Targets	2004	2003*	2002*
Liquidity and leverage^
Total liabilities to total shareholders’ funds	Non-current liabilities – deferred tax liabilities + current liabilities	%	<150	140.6	122.7	120.2
	Interest of all shareholders
Total borrowings to total shareholders’ funds	Non-current interest-bearing liabilities + amounts due to bankers and short-term loans + convertible bond
	Interest of all shareholders
– Total group		%		68.6	59.1	59.8
– Trading businesses		%	30 – 50	41.4	29.2	23.3
– Leasing businesses		%	600 – 800	598.2	814.6	947.2
– Car rental businesses		%	200 – 300	299.5
Net borrowings/EBITDA	Non-current interest-bearing liabilities + amounts due to bankers and short-term loans + convertible bond – cash and cash equivalents	times	<2.5	1.4	1.2	1.6
	Operating profit + amortisation of goodwill and intangible assets + depreciation charge
Number of years to repay interest-bearing debt	Non-current interest-bearing liabilities + amounts due to bankers and short-term loans + convertible bond	years	<5	2.4	2.5	2.4
	Cash flow from operations
Current ratio	Current assets		>1	1.5	1.4	1.3
	Current liabilities
Quick ratio	Current assets – inventories		>0.5	1.0	0.8	0.7
	Current liabilities
Interest cover – continuing operations	Profit before exceptional items + goodwill amortisation + BEE transaction charge + interest paid (incl interest capitalised and interest included in cost of sales)
	Interest paid (incl interest capitalised and interest included in cost of sales)
– Total group		times	>3	3.0	2.2	3.0
– Trading businesses		times	>4	4.2	2.8	5.3
– Leasing businesses		times	>1	1.5	1.3	1.2
– Car rental businesses		times	>1.25	1.7

Value added
Number of employees				25 233	22 749	23 192
Revenue per employee	Revenue	R000’s		1 452.2	1 506.4	1 550.8
	Average number of employees
Value created per employee	Total value created per value added statement	R000’s		452.2	407.3	430.6
	Average number of employees
Employment cost per employee	Salaries, wages and other benefits paid to employees	R000’s		250.5	237.3	251.3
	Average number of employees
* Not restated for accounting policy changes due to practical constraints.
^ All years have been reclassified for the treatment of the Car rental Scandinavia, Cement, Scientific, Coatings and Steel Tube segments as discontinued operations.

			2008	2007	2006	2005
Ordinary shares – JSE Limited Performance
Closing market prices per share
– year-end (30 September)		SA cents	6 450	12 960	12 950	11 629
		US cents	779	1 879	1 667	1 829
– highest		SA cents	13 399	21 750	14 050	11 730
– lowest		SA cents	5 900	10 651	10 010	7 790
Number of shares in issue at 30 September^##		million	208	204	201	209
Volume of shares traded		million	293	204	234	187
Value of shares traded		Rm	26 423	32 111	27 465	18 230
Earnings yield	Headline earnings per share	%	9.5	9.1	9.0	7.6
	Closing market price per share
Dividend yield	Dividends per share	%	3.9	2.9	4.6	3.9
	Closing market price per share
Total shareholder return – Barloworld Limited
– Annual share price gain^@		%	(50.2)	0.1	11.4	49.1
– Total shareholder return	Annual share price gain + dividend yield	%	(46.4)	78.6^#	16.0	53.0
Total shareholder return – JSE all share (Alsi) index
– Alsi index (30 September)			23 836	29 959	22 375	16 875
– Gain in Alsi index – year to 30 September		%	(20.4)	32.6	43.5	43.5
– Dividend yield		%	3.7	2.4	2.4	2.5
– Total shareholder return		%	(16.8)	36.3	35.0	46.0
Price: Earnings ratio	Closing market price per share	times	10.5	11.0	11.1	13.1
	Headline earnings per share
Price: Earnings ratio – JSE Alsi index			10.6	16.4	16.1	15.2
Market capitalisation at 30 September^@	Closing market price per share X number of shares in issue at 30 September	Rm	13 427	26 418	25 993	24 260
Premium over interest of shareholders of Barloworld Limited	Market capitalisation – interest of shareholders of Barloworld Limited	Rm	579	15 277	12 324	12 774

			2004	2003*	2002*
Ordinary shares – JSE Limited Performance
Closing market prices per share
– year-end (30 September)		SA cents	7 800	5 675	5 900
		US cents	1 205	807	560
– highest		SA cents	7 979	6 359	7 300
– lowest		SA cents	5 610	4 750	4 850
Number of shares in issue at 30 September^##		million	204	196	195
Volume of shares traded		million	147	147	106
Value of shares traded		Rm	9 902	8 196	6 414
Earnings yield	Headline earnings per share	%	10.9	10.4	10.5
	Closing market price per share
Dividend yield	Dividends per share	%	4.9	5.1	4.7
	Closing market price per share
Total shareholder return – Barloworld Limited
– Annual share price gain^@		%	37.4	(3.8)	20.2
– Total shareholder return	Annual share price gain + dividend yield	%	42.3	1.3	24.9
Total shareholder return – JSE all share (Alsi) index
– Alsi index (30 September)			11 761	8 926	9 465
– Gain in Alsi index – year to 30 September		%	31.8	(5.7)	16.5
– Dividend yield		%	2.7	3.6	3.8
– Total shareholder return		%	34.5	(2.1)	20.3
Price: Earnings ratio	Closing market price per share	times	9.1	9.6	9.5
	Headline earnings per share
Price: Earnings ratio – JSE Alsi index			14.6	9.7	12.5
Market capitalisation at 30 September^@	Closing market price per share X number of shares in issue at 30 September	Rm	15 897	11 142	11 522
Premium over interest of shareholders of Barloworld Limited	Market capitalisation – interest of shareholders of Barloworld Limited	Rm	5 380	1 458	288

*	Not restated for accounting policy changes due to practical constraints.
##	The number of shares in issue excludes shares issued in respect of the BEE transaction other than to the General staff trust and has been reduced by 19 million purchased by a subsidiary company in terms of a programme to buy back the company’s shares in 2005, 2004 and 2003 (refer note 13).
@	The group’s shareholding in Pretoria Portland Cement Company Limited (“PPC”) with a market value of R19,3 billion was distributed to shareholders in 2007.
#	Calculated taking into account the growth in the Barloworld share price, the value of PPC shares distributed to shareholders per the entitlement ratio, the Barloworld interim, final and special dividends and the PPC final and special dividends.

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Consolidated seven-year summary

Balance sheet

Assets

Non-current assets

Current assets

Total assets

Equity and liabilities

Capital and reserves

Interest of shareholders of Barloworld Limited

Interest of all shareholders

Non-current liabilities

Current liabilities

Total equity and liabilities

Income statement# Continuing operations

Revenue

Operating profit before items listed below

Operating profit

Profit before exceptional items

Profit before taxation

Net profit from continuing operations

Discontinued operations

Net profit

Headline earnings from continuing operations

Cash flow statement

Net cash flow from operating activities

Net increase/(decrease) in cash and cash equivalents

Performance per ordinary share^

Profitability and asset management^

Performance per ordinary share^

Profitability and asset management^

Liquidity and leverage^

Value added

Liquidity and leverage^

Value added

Ordinary shares – JSE Limited Performance

Total shareholder return – Barloworld Limited

Total shareholder return – JSE all share (Alsi) index

Ordinary shares – JSE Limited Performance

Total shareholder return – Barloworld Limited

Total shareholder return – JSE all share (Alsi) index

Income statement^#
Continuing operations