Financial & operational data
- Statement of financial position
- Income statement
- Statement of cash flows
Statement of Financial Position
| R million |
Notes |
2021 | 2020 | |
|---|---|---|---|---|
| ASSETS | ||||
| Non-current assets | 21 237 | 20 470 | ||
| Property, plant and equipment | 10 | 11 417 | 12 239 | |
| Investment property | 10 | 1 000 | ||
| Right-of-use assets | 11 | 634 | 1 611 | |
| Goodwill | 12 | 2 756 | 1 352 | |
| Intangible assets | 13 | 2 370 | 1 632 | |
| Investment in associates and joint ventures | 14 | 1 880 | 2 148 | |
| Long-term trade and other receivables* | 15 | 134 | 187 | |
| Long-term financial assets | 16 | 198 | 287 | |
| Deferred taxation assets | 17 | 848 | 1 014 | |
| Current assets | 29 220 | 27 379 | ||
| Vehicle rental fleet | 10 | 2 819 | 1 889 | |
| Inventories | 18 | 8 111 | 10 170 | |
| Trade and other receivables | 19 | 6 949 | 7 916 | |
| Contract assets | 20 | 424 | 514 | |
| Taxation | 196 | 147 | ||
| Cash and cash equivalents | 21 | 10 721 | 6 743 | |
| Assets classified as held for sale | 22 | 2 387 | 29 | |
| Total assets | 52 844 | 47 878 | ||
| EQUITY AND LIABILITIES | ||||
| Capital and reserves | ||||
| Share capital and premium | 23 | (1 200) | (1 121) | |
| Other reserves | 4 911 | 5 856 | ||
| Retained income | 17 711 | 14 769 | ||
| Interest of shareholders of Barloworld Limited | 21 422 | 19 504 | ||
| Non-controlling interest | 283 | 246 | ||
| Interest of all shareholders | 21 705 | 19 750 | ||
| Non-current liabilities | 10 139 | 11 251 | ||
| Interest-bearing | 24 | 7 401 | 5 897 | |
| Deferred taxation liabilities | 17 | 1 186 | 806 | |
| Lease liabilities | 27 | 770 | 1 977 | |
| Provisions and other accruals | 25 | 140 | 129 | |
| Contract liabilities | 29 | 445 | 436 | |
| Other non-current liabilities | 26 | 197 | 2 006 | |
| Current liabilities | 19 214 | 16 877 | ||
| Trade and other payables | 28 | 10 441 | 11 096 | |
| Contract liabilities | 29 | 2 131 | 1 272 | |
| Lease liabilities | 27 | 133 | 351 | |
| Provisions and other accruals | 25 | 859 | 622 | |
| Taxation | 155 | 38 | ||
| Amounts due to bankers and short-term loans | 30 | 5 495 | 3 498 | |
| Liabilities directly associated with assets classified as held for sale | 22 | 1 786 | ||
| Total equity and liabilities | 52 844 | 47 878 |
| * | Long-term trade and other receivables was previously referred to as Long-term finance lease receivables. The current year amount includes long-term trade receivables. (Refer to note 15). |
Income Statement
| R million | Notes | 2021 | Restated* 2020 | ||
|---|---|---|---|---|---|
| CONTINUING OPERATIONS | |||||
| Revenue | 2 | 41 553 | 33 909 | ||
| Operating profit before items listed below | 6 942 | 4 711 | |||
| Impairment losses on financial assets and contract assets | 3 | (59) | (245) | ||
| Depreciation | (2 312) | (2 241) | |||
| Amortisation of intangible assets | (181) | (87) | |||
| Operating profit before B-BBEE transaction charge | 4 390 | 2 138 | |||
| B-BBEE transaction charge | 3.1 | (95) | (180) | ||
| Operating profit | 3 | 4 295 | 1 958 | ||
| Fair value adjustments on financial instruments | 4 | (190) | (335) | ||
| Finance costs | 5 | (944) | (971) | ||
| Income from investments | 6 | 124 | 138 | ||
| Profit before non-operating and capital items | 3 285 | 790 | |||
| Non-operating and capital items comprising of: | |||||
| Reversal of impairment/(Impairment) of investments | 14 | 52 | (194) | ||
| Impairment of goodwill | 12 | (687) | |||
| Impairment of indefinite life intangible assets | 13 | (708) | |||
| Impairment of property, plant and equipment, intangibles and other assets | 10, 11, 13 | (49) | (210) | ||
| Other non-operating and capital items | 7 | 192 | 36 | ||
| Profit/(loss) before taxation | 3 480 | (973) | |||
| Taxation | 8 | (644) | (1 068) | ||
| Profit/(loss) after taxation | 2 836 | (2 041) | |||
| Loss from associates and joint ventures | 14 | (13) | (43) | ||
| Profit/(loss) for the year from continuing operations | 2 823 | (2 084) | |||
| DISCONTINUED OPERATIONS | |||||
| Loss from discontinued operations | 22 | (23) | (415) | ||
| Profit/(loss) for the year | 2 800 | (2 499) | |||
| Attributable to: | |||||
| Owners of Barloworld Limited | 2 756 | (2 476) | |||
| Non-controlling interests in subsidiaries | 44 | (23) | |||
| 2 800 | (2 499) | ||||
| Earnings/(loss) per share from group (cents) | |||||
| – basic | 9 | 1 390.9 | (1 236.0) | ||
| – diluted | 9 | 1 375.8 | (1 236.0) | ||
| Earnings/(loss) per share from continuing operations (cents) | |||||
| – basic | 9 | 1 395.6 | (1 033.8) | ||
| – diluted | 9 | 1 380.5 | (1 033.8) | ||
| Loss per share from discontinued operation (cents) | |||||
| – basic | 9 | (4.7) | (202.2) | ||
| – diluted | 9 | (4.7) | (202.2) | ||
| * | The restatement is due to Motor Retail and Logistics being classified as discontinued operations (Refer to note 36). |
Statement of Cash Flows
| R million | Notes | 2021 | 2020 |
||
|---|---|---|---|---|---|
| CASH FLOWS FROM OPERATING ACTIVITIES | |||||
| Cash receipts from customers | 53 989 | 50 747 | |||
| Cash paid to employees and suppliers | (43 324) | (44 867) | |||
| Cash generated from operations before investment in rental fleets and leasing receivables | A | 10 665 | 5 880 | ||
| Inflow of investment in Leasing receivables | 60 | 65 | |||
| Fleet Leasing and equipment rental fleet | (445) | (673) | |||
| Additions | (2 484) | (2 347) | |||
| Proceeds on disposal | 2 039 | 1 674 | |||
| Vehicles rental fleet | (1 745) | 524 | |||
| Additions | (3 785) | (2 192) | |||
| Proceeds on disposal | 2 040 | 2 716 | |||
| Cash generated from operations | 8 535 | 5 796 | |||
| Finance costs | (1 092) | (1 274) | |||
| Realised adjustments on financial instruments | (114) | (223) | |||
| Dividends received from investments, associates and joint ventures | 173 | 20 | |||
| Interest received | 140 | 155 | |||
| Taxation paid | B | (1 196) | (933) | ||
| Cash inflow from operations | 6 446 | 3 541 | |||
| Dividends paid (including non-controlling interest) | (657) | (1 127) | |||
| Cash retained from operating activities | 5 789 | 2 414 | |||
| CASH FLOWS FROM INVESTING ACTIVITIES | |||||
| Acquisition of subsidiaries | C | (5 329) | (2 766) | ||
| Proceeds on disposal of subsidiaries | D | 878 | 14 | ||
| Investments realised | 389 | 367 | |||
| Acquisition of intangible assets | (51) | (84) | |||
| Acquisition of property, plant and equipment | (521) | (536) | |||
| Replacement capital expenditure | (415) | (254) | |||
| Expansion capital expenditure | (106) | (282) | |||
| Proceeds on disposal of property, plant and equipment | 338 | 39 | |||
| Net cash used in investing activities | (4 296) | (2 966) | |||
| Net cash inflow/(outflow) before financing activities | 1 493 | (552) | |||
| CASH FLOWS FROM FINANCING ACTIVITIES | |||||
| Shares repurchased for equity-settled share-based payments | (98) | (87) | |||
| Share buy back | (79) | (1 562) | |||
| Proceeds from long-term borrowings | 4 552 | 2 760 | |||
| Repayment of long-term borrowings | (1 439) | (1 978) | |||
| Movement in short-term interest-bearing liabilities | 316 | 444 | |||
| Repayments of lease liabilities | (399) | (343) | |||
| Net cash received from (used in) financing activities | E | 2 853 | (766) | ||
| Net increase/(decrease) in cash and cash equivalents | 4 346 | (1 318) | |||
| Cash and cash equivalents at beginning of year | 6 743 | 7 274 | |||
| Cash and cash equivalents held for sale at the beginning of year | 29 | ||||
| Effect of foreign exchange rate movement on cash balance | (250) | 443 | |||
| Effect of foreign exchange rate movement on USD denominated cash | (187) | ||||
| Cash balance held in Escrow | 502 | ||||
| Effect of cash balances classified as held for sale | (118) | ||||
| Cash and cash equivalents at end of year | 10 721 | 6 743 | |||
| Cash balances not available for use due to reserving restrictions (note 21) | 79 | 911 | |||
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