2009 2008 2007 2006 2005 2004 2003*
Performance per ordinary share^                    
Weighted average number of ordinary shares in issue during the year net of buy-back   (000)   208 518 204 559 202 673 206 959 207 367 199 375 196 028
Earnings per share Net profit attributable to ordinary shareholders of Barloworld Limited SA cents   321.8 602.2 1 120.0 1 138.9 891.7 757.4 572.4
  Weighted average number of ordinary shares in issue, net of buy-back US cents   36.2 81.1 155.9 173.4 143.6 114.2 71.2
Earnings per share – continuing operations As above, but using results from continuing operations only SA cents   361.1 608.1 679.4 643.1 554.6 280.9 213.3
    US cents   40.6 81.8 94.6 97.9 89.3 42.3 26.5
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   282.5 614.0 1 181.2 1 170.8 887.8 853.7 588.7
  Weighted average number of ordinary shares in issue, net of buy-back US cents   31.8 82.6 164.4 178.2 143.0 128.7 73.2
Headline earnings per share – continuing operations As above, but using results from continuing operations only SA cents   350.6 615.5 672.0 595.8 553.6 530.2 337.0
    US cents   39.4 82.9 93.7 90.7 89.1 79.9 41.9
Dividends per share** Interim and final dividends declared out of current year’s earnings SA cents   110 205 375 600 455 380 290
    US cents   12.4 33.7 52.2 91.3 73.3 57.3 36.1
Dividend cover& Headline earnings (continuing operations) + BEE transaction charge (net of taxation) times   3.0 2.9 3.1 2.0 2.0 2.2 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   5 731 6 451 5 713 6 973 5 620 5 263 5 100
  Number of ordinary shares in issue, net of buy-back US cents   756 779 828 898 884 814 725
Profitability and asset management^     Targets              
Operating margin – Group Operating profit before BEE charge and goodwill amortisation %   4.3 6.3 8.7 9.2 9.1 8.4 7.1
  Revenue – group operations                  
Operating margin – Continuing operations Operating profit before BEE charge and goodwill amortisation % >5 4.7 6.4 5.7 5.1 6.2 5.9 5.6
  Revenue – continuing operations                  
Net asset turn Revenue – group operations times >2.5 1.9 2.2 2.2 1.9 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 9.1 15.1 20.2 19.5 18.6 17.5 14.7
  Average net assets                  
Return on net assets (Trading businesses) As per above Group calculation but excluding leasing and car rental businesses % >20 10.3 20.6 28.8 27.9 26.0 22.8 18.5
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) % >15 4.8 13.6 18 9 18.0 16.8 14.8 9.9
  Average Interest of shareholders of Barloworld Limited                  
Cash flow return on investment (CFROI®) Refer to www.barloworld.com for definition % >8 9.1 10.3 12.2 12.3 10.3 8.9 8.1
Replacement capex to depreciation Replacement capital expenditure %   24.4 14.4 23.0 26.3 43.1 36.6 183.7
  Depreciation charge                  
Effective rate of taxation – continuing operations Tax charge – prior year tax – exceptional tax – secondary tax on companies %   22.2 32.7 28.5 28.9 30.2 25.9 32.5
  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 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
                     
Liquidity and leverage^                    
Total liabilities to total shareholders’ funds Non-current liabilities – deferred tax liabilities + current liabilities % <150 147.3 158.5 167.8 142.2 128.5 140.6 122.7
  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   %   81.3 81.7 80.8 68.8 66.3 68.6 59.1
– Trading businesses   % 30 - 50 48.7 51.4 38.2 31.3 20.9 41.4 29.2
– Leasing businesses   % 600 - 800 567.1 552.3 646.3 563.5 633.8 598.2 814.6
– Car rental businesses   % 200 - 300 204.9 165.3 216.3 233.5 259.2 299.5  
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 2.0 1.8 1.3 1.4 1.3 1.4 1.2
  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 3.4 5.4 2.3 2.1 2.2 2.4 2.5
  Cash flow from operations                  
Current ratio Current assets   >1 1.5 1.4 1.5 1.6 1.7 1.5 1.4
  Current liabilities                  
Quick ratio Current assets – inventories   >0.5 0.9 0.9 1.0 1.2 1.1 1.0 0.8
  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 1.9 3.1 3.8 3.6 3.9 3.0 2.2
– Trading businesses   times >4 2.1 4.4 5.3 6.9 7.7 4.2 2.8
– Leasing businesses   times >1 2.2 1.6 1.6 1.3 1.6 1.5 1.3
– Car rental businesses   times >1.25 1.2 1.0 1.8 1.7 1.9 1.7  
Value added                    
Number of employees       18 918 19 668 21 960 25 716 25 963 25 233 22 749
Revenue per employee Revenue R000's   2 247.1 2 341.2 2 108.4 1 720.9 1 472.6 1 452.2 1 506.4
  Average number of employees                  
Value created per employee Total value created per value added statement R000's   622.2 586.6 681.0 531.4 474.9 452.2 407.3
  Average number of employees                  
Employment cost per employee Salaries, wages and other benefits paid to employees R000's   365.6 326.4 350.8 268.6 252.0 250.5 237.3
  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.
                     
Ordinary shares – JSE Limited performance                    
Closing market prices per share                    
– year-end (30 September)   SA cents   4 900 6 450 12 960 19 950 11 629 7 800 5 675
    US cents   647 779 1 879 1 667 1 829 1 205 807
– highest   SA cents   6 642 13 399 21 750 14 050 11 730 7 979 6 359
– lowest   SA cents   2 451 5900 10 651 10 010 7 790 5 610 4 750
Number of shares in issue at 30 September##   million   209 208 204 201 209 204 196
Volume of shares traded   million   331 293 204 234 187 147 147
Value of shares traded   Rm   13 827 26 423 32 111 27 465 18 230 9 902 8 196
Earnings yield Headline earnings per share %   5.8 9.5 9.1 9.0 7.6 10.9 10.4
  Closing market price per share                  
Dividend yield Dividends per share %   2.2 3.9 2.9 4.6 3.9 4.9 5.1
  Closing market price per share                  
Total shareholder return – Barloworld Limited                    
– Annual share price gain”   %   (24.0) (50.2) 0.1 11.4 49.1 37.4 (3.8)
– Total shareholder return Annual share price gain + dividend yield     (21.8) (46.4) 78.6# 16.0 53.0 42.3 1.3
Total shareholder return – JSE all share (Alsi) index                    
– Alsi index (30 September)       24 911 23 836 29 959 22 375 16 875 11 761 8 926
– Gain/(loss) in Alsi index – year to 30 September   %   4.5 (20.4) 43.5 43.5 43.5 31.8 (5.7)
– Dividend yield   %   3.9 3.7 2.4 2.5 2.5 2.7 3.6
– Total shareholder return   %   8.4 (16.8) 36.3 35.0 46.0 34.5 (2.1)
Price: Earnings ratio Closing market price per share times   17.3 10.5 11.0 11.1 13.1 9.1 9.6
  Headline earnings per share                  
Price: Earnings ratio – JSE Alsi index       12.6 10.6 16.4 16.1 15.2 14.6 9.7
Market capitalisation at 30 September” Closing market price per share X number of shares in issue at 30 September Rm   11 145 13 427 26 418 25 993 24 260 15 897 11 142
Premium (under)/over interest of shareholders of Barloworld Limited Market capitalisation – Interest of shareholders of Barloworld Limited Rm   (708.4) 579.1 15 277 12 324 12 774 5 380 1 458
* Not restated for accounting policy changes due to practical constraints.
^ The number of shares in issue excludes shares issued in the 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.