Edition:
India

Barloworld Says To Institute Group-Wide Retrenchments


Thursday, 28 May 2020 

May 28 (Reuters) - Barloworld Ltd ::JSE: BAW - BAWP - VOLUNTARY BUSINESS UPDATE.BARLOWORLD - IN MOTOR TRADING, OPERATIONAL ACTIVITIES LIMITED TO MOTOR RETAIL THAT SUPPORTED ESSENTIAL SERVICES THROUGH A SELECT NUMBER OF SITES.BARLOWORLD LTD - IN LOGISTICS, APPROXIMATELY 55% OF TRANSPORT FLEET HAS BEEN OPERATIONAL DURING LOCKDOWN PERIOD.BARLOWORLD LTD - GROUP'S GEARING LEVELS REMAIN LOW AND WELL WITHIN COVENANTS.BARLOWORLD - ACTIVITY LEVELS IN EQUIPMENT SOUTHERN AFRICA CONTINUED TO RECOVER WITH APRIL RANGING BETWEEN 35% AND 45% COMPARED TO PRE-LOCKDOWN LEVELS.BARLOWORLD LTD - MOST OF OUR BUSINESSES HAVE BEEN SEVERELY AFFECTED BY RESTRICTIONS ON TRADE AS WELL AS VARIOUS LOCKDOWNS.BARLOWORLD LTD - ACTIVELY REVIEWING AND MONITORING ALL FACILITIES ON AN ONGOING BASIS AND REMAIN CONFIDENT OF OUR GOOD LIQUIDITY POSITION.BARLOWORLD LTD - DECIDED TO INSTITUTE GROUP-WIDE RETRENCHMENTS, IN ADDITION TO 12 MONTH REMUNERATION SACRIFICE PLAN IMPLEMENTED ON 1 MAY 2020.BARLOWORLD LTD - RETRENCHMENT PROCESSES ARE EXPECTED TO BE COMPLETED BY END OF CURRENT FINANCIAL YEAR.BARLOWORLD LTD - AT 30 APRIL 2020, NET DEBT POSITION (EXCLUDING IFRS 16) INCREASING TO OVER R4 BILLION IN LINE WITH OPERATIONAL CYCLES.BARLOWORLD LTD - HEADROOM ON COMMITTED FACILITIES FOR BOTH LOCAL AND OFF-SHORE OPERATIONS REMAINS SUBSTANTIAL AT OVER R7 BILLION.BARLOWORLD LTD - ALSO HAVE NON-COMMITTED FACILITIES OF OVER R3 BILLION.