Revenue from continuing operations increased by 1% to R62.7 billion (2014: R62.1 billion). Operating profit rose by 4% to R4 billion (2014: R3.8 billion). Net profit attributable to owners of Barloworld decreased to R1.7 billion (2014: R2.1 billion). Furthermore, headline earnings per share from continuing operations was lower at 813.8cps (2014: 856.5cps).

Dividend declaration
Notice is hereby given that final dividend of 230 cents per ordinary share in respect of the year ended 30 September 2015 has been declared.

Prospects
In Equipment southern Africa we expect mining unit sales to remain under pressure as the major mining companies continue to minimise their capital expenditure and the business is taking steps to ensure tight control over the cost base. Our business model has, however, proven to be resilient in the current environment, underpinned by strong aftermarket growth and we expect this to remain so going forward. The order book at end September of R1.7 billion is slightly down on the comparative book of R1.9 billion at September last year. In Iberia the ongoing recovery of the Spanish economy and the political stability which is likely following the year-end general election should have a positive impact on future public works spending. While Spain currently has one of the fastest growing economies in the Eurozone this is yet to fully translate into increased activity levels in the construction industry. We believe that the current cost structure is appropriate to position the business for future growth and any increase in activity levels will have a direct positive impact on profitability. The current Iberia order book of EURO41.5 million compares to EURO33.1 million last year and is dominated by Power Systems where activity levels remain solid.

The Russian economy is in recession and is suffering from current low commodity prices, with the weak oil price having a negative impact on the overall economy. However, our firm order book at September of USD27.7 million is well up on last year as a result of some recent mining contract awards. Additional contracts signed in October amounting to USD31 million will provide some positive momentum going into the 2016 financial year. In Handling we expect drought conditions to continue to impact agriculture demand in South Africa. However, the disposal of the loss-making Agriculture Russia business in September will benefit results in the year ahead. South African new vehicle sales are likely to maintain the current negative trend into next year. Consumer confidence levels remain low and are likely to be exacerbated by projected interest rate hikes in 2016. The weakening Rand should also translate into higher new vehicle price inflation. This is likely to impact our motor retail business. However, this will be mitigated by growing aftermarket and used vehicle sales.

Car Rental will continue to benefit from the addition of the Budget brand, particularly as inbound tourism is stimulated by a weak Rand, while Avis Fleet is expecting a stable performance in the year ahead. In the Logistics Supply Chain Management business we are likely to see the positive full year earnings impact of new contracts awarded in 2015. The disposals of the loss-making logistics operations in Spain and Germany towards the end of this financial year will ensure an improved result in the Freight Management and Services business in the coming year. While trading conditions remain challenging in certain of our businesses, we are taking appropriate strategic and operational steps which will position the group to make solid progress in the year ahead.

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