| Tue 15 May 2001, 0:00 | | Barloworld Interims |
|
Dear Shareholder
During the first six months of the 2001 financial year, Barloworld made
substantial progress in the creation of value for shareholders and in our
development as a leading international industrial brand management company.
Revenues increased by 28% compared with the first half of last year,
operating profits from continuing operations grew by 47%, and earnings per
share from continuing operations by 31%. The interim dividend was also
increased by 25% to 75 cents per share (2000:60 cents).
65% of operating profits (2000:57%) are now earned outside South Africa.
Noteworthy areas of profit improvement included the cement and lime
operations, which are primarily in South Africa, the industrial distribution
operations in Europe, the capital equipment business in Iberia, the global
laser and photonics business and our operations in the Rest of Africa. This
strong performance was achieved despite a sharp downturn in the United
States and little growth in many of the sectors of the South African economy
in which we operate.
In line with our strategy to grow our brands and geographic footprint we
acquired Barton Freightliner in October 2000. Barton is a heavy-duty truck
dealership based in Memphis, Tennessee.
The management team continues to focus on the implementation of value based
management throughout the organisation. This long-term programme is on track
and is yielding benefits for shareholders, customers and employees.
The implementation of the new Barloworld corporate identity throughout every
business unit is on track for completion by September 2002. Already the
Barloworld brand is increasingly recognised across many of the markets we
serve as a mark of excellence in products and services.
We look forward to being able to report further progress for the full year.
Yours faithfully,
Warren Clewlow, Chairman & Tony Phillips, CEO
BARLOWORLD LIMITED
INTERIM REPORT
For the six months ended 31 March 2001
# Revenue +28%
# Operating profit +47%
# EPS from continuing operations +31 %
# 65% operating profit outside South Africa
# Headline earnings per share +36 %
# Dividend 75 cents per share
RESULTS
Revenues grew 28% to R13.4 billion during the period under review. A
downturn in North America and difficult markets in South Africa and
Australia contrasted with growth in Europe and in the Rest of Africa.
Operating profit from continuing operations rose 47% to R719 million. The
implementation of value based management (VBM) throughout the company
continues to drive this profit improvement.
Earnings per share from continuing operations rose 31% from 147 cents per
share to 193 cents. In terms of the JSE Securities Exchange South Africa
disclosure requirement, the headline earnings per share for the six months
ended 31 March 2001 were 211 cents (2000: 155 cents) and the headline
earnings for the year to 30 September 2000 were 383 cents.
Noteworthy areas of operating profit growth included the cement and lime
operations, which are primarily in South Africa, the industrial distribution
operations in Europe, the capital equipment business in Iberia and the laser
and photonics business worldwide. The Rest of Africa also performed well,
moving strongly into profit. Restructuring continues in those parts of the
company, which did not perform as well, notably the capital equipment and
steel tube operations in South Africa and the South African and Australian
coatings businesses.
Interest charges rose to R171 million (2000:R83 million) as a result of
increased borrowings arising from acquisitions and buy-backs of shares over
the past year.
Total tax paid rose 44% to R215 million due largely to the effect of
secondary tax on companies (STC) on the 2000 final dividend. The effective
tax charge excluding STC rose to 31% (2000: 30%).
Net profit was R380 million, compared with R867 million in the first half of
2000, which included the exceptional profit of R585 million from the sale of
the technology investments.
Cash flow from operations remained strong. The continued expansion of the
company through acquisition and internal growth, combined with the impact of
currency changes on international asset valuations, saw total assets on the
balance sheet rise by
R2 327 million to R19 065 million.
The balance sheet remains healthy, with gearing excluding leasing operations
of 26% at 31 March 2001 (30 Sept. 2000: 13%).
The directors have declared an increased interim dividend of 75 cents per
share (2000: 60 cents).
SEGMENTAL REVIEW
Capital Equipment
Revenue Operating Profit Net Assets
Including share of
Associates
R 6 months Year 6 months Year
Million ended ended ended ended
31 Mar 31 Mar 30 Sep 31 Mar 31 Mar 30 Sep 31 Mar 30 Sep
01 00 00 01 00 00 01 00
Europe 2,502 1,782 3,941 205 150 321 1,273 971
South
Africa 984 930 1,811 21 33 50 720 636
Rest of
Africa 500 251 439 64 3 21 286 200
3,986 2,963 6,191 290 186 392 2,279 1,807
In Europe, the Spanish and Portuguese economies remained strong. The
continuing public sector infrastructure investment programme, which includes
the development of the high-speed rail network in Spain, ensured that the
market for construction equipment also remained strong and the firm order
book increased. We continue to make progress in the development of our
operations in Siberia. Overall capital equipment revenues in Europe rose 40%
and operating profits by 37%.
The South African market showed some signs of improvement, albeit off a low
base. The lack of a price competitive product saw overall market share
decline. The strength of the US dollar continued to adversely impact
margins, especially in small machines. Further restructuring was undertaken
during the period to improve profitability in the future.
Operations in the Rest of Africa showed a substantial improvement in
favourable trading conditions. The profit improvement flowed from doubled
revenues as business expanded. Particular areas of growth were in Botswana,
Zambia following the privatisation of the copper mines and Angola, where the
internal conflict has reduced in intensity.
Industrial Distribution
Revenue Operating Profit Net Assets
Including share of
Associates
R 6 months Year 6 months Year
Million ended ended ended ended
31 Mar 31 Mar 30 Sep 31 Mar 31 Mar 30 Sep 31 Mar 30 Sep
01 00 00 01 00 00 01 00
North
America 1,629 875 1,897 60 68 139 1,577 703
Europe 643 569 1,167 33 7 48 454 584
2,272 1,444 3,064 93 75 187 2,031 1,287
The rapid slowdown in the United States saw reduced profits from industrial
distribution operations. The lift truck market declined sharply impacting
the profitability of the materials handling business. The Ditch Witch
dealership also had a difficult first half with customers being affected by
a combination of economic factors and the harsh winter in the southeast
United States.
Freightliner dealership Barton Freightliner was acquired on 2 October 2000.
Despite the adverse effect of a sharp fall in the market for new heavy-duty
trucks and oversupply in the used market, the business made a small
operating profit. The after-market (parts and service) showed growth in the
period.
The materials handling business in Europe performed well, benefiting from
restructuring programmes in previous periods. This included the re-
organisation of under-performing profit centres as well as inventory
reductions following the implementation of an ERP computer system in 1999.
The business also achieved an increased share of a static new equipment
market.
Motor
Revenue Operating Profit Net Assets
Including share of
Associates
R 6 months Year 6 months Year
Million ended ended ended ended
31 Mar 31 Mar 30 Sep 31 Mar 31 Mar 30 Sep 31 Mar 30 Sep
01 00 00 01 00 00 01 00
South
Africa 2,845 2,344 5,057 49 36 71 1,190 997
Rest of
Africa 127 118 248 4 4 9 27 19
Austra-
Lia 178 212 367 5 5 17 80 81
3,150 2,674 5,672 58 45 97 1,297 1,097
The motor retail operations in South Africa performed well in a market,
which, while improving, remains at low levels. The logistics business in
South Africa continued to show strong revenue growth and is expected to move
into profit in the second half of the year. Lower activity levels in
Botswana were offset by improvements in Namibia. In Australia, a downturn in
motor industry activity levels resulted in a decline in revenues.
Cement & Lime
Revenue Operating Profit Net Assets
Including share of
Associates
R 6 months Year 6 months Year
Million ended ended ended ended
31 Mar 31 Mar 30 Sep 31 Mar 31 Mar 30 Sep 31 Mar 30 Sep
01 00 00 01 00 00 01 00
South
Africa 892 776 1,663 184 118 305 2,209 2,180
Rest of
Africa 78 65 150 12 11 27 88 87
970 841 1,813 196 129 332 2,297 2,267
Cement and lime volumes grew 4% in the period under review. A recovery in
building activity in inland markets after the effects of the abnormal rains
last year, an improved customer mix and increased activity at PPC Saldanha
all contributed to the improvement. The logistics and packaging operations
also benefited from increased sales volumes.
VBM initiatives continued to deliver improved efficiencies and further cost
savings. The VBM programme was instrumental in the significant improvement
in operating margins in all business units and overall, higher revenues and
margins combined to produce an excellent 52% rise in operating profit.
Scientific Products
Revenue Operating Profit Net Assets
Including share of
Associates
R 6 months Year 6 months Year
Million ended ended ended ended
31 Mar 31 Mar 30 Sep 31 Mar 31 Mar 30 Sep 31 Mar 30 Sep
01 00 00 01 00 00 01 00
Europe 452 284 746 41 24 52 797 778
North
Ameri-
Ca 387 221 547 56 21 55 401 315
Asia 104 92 179 11 9 17 112 120
943 597 1,472 108 54 124 1,310 1,213
Scientific products experienced strong growth in the half-year, with sales
growing by 58% and operating profit up 100%.
The Melles Griot laser and photonics business maintained the momentum seen
throughout the previous year and achieved a record performance, with strong
revenue and operating profit growth. New business gains in the
telecommunications and semiconductor markets were a feature of the period.
However, a noticeable slowdown in new orders from these sectors was seen
during the second quarter, linked to the general weakening of the US and
Japanese economies.
Stronger demand in European markets and increasing margins saw a second
quarter improvement in the Laboratory business. This reflected both the
benefit of efficiency gains as well as some recovery through price increases
of higher raw material costs.
Coatings
Revenue Operating Profit Net Assets
Including share of
Associates
R 6 months Year 6 months Year
Million ended ended ended ended
31 Mar 31 Mar 30 Sep 31 Mar 31 Mar 30 Sep 31 Mar 30 Sep
01 00 00 01 00 00 01 00
South
Africa 534 528 873 28 33 48 442 412
Rest of
Africa 40 35 68 3 1 5 16 13
Europe 37 34 84 (2) 2 8 17 18
Austra-
Lia &
Asia 417 430 863 (3) (5) (10) 307 310
1,028 1,027 1,888 26 31 51 782 753
In South Africa, the improved profitability of the decorative coatings
business on static volumes was offset by losses in the industrial coatings
joint venture and the inks business. Steps are being taken to discontinue
the industrial coatings joint venture. The operations in other African
countries enjoyed improved trading conditions. In the United Kingdom
increased customer rebates resulted in a loss. Despite a downturn in the
market, the Australian operations broke even prior to restructuring costs.
Steel Tube
Revenue Operating Profit Net Assets
Including share of
Associates
R 6 months Year 6 months Year
Million ended ended ended ended
31 Mar 31 Mar 30 Sep 31 Mar 31 Mar 30 Sep 31 Mar 30 Sep
01 00 00 01 00 00 01 00
South
Africa 631 557 1,179 (4) 0 7 453 440
Substantially improved profitability levels in the second quarter did not
offset the effect of lower margins in the first quarter due to a sharp fall
in international steel prices. The ongoing restructuring of the business
continued and losses in the distribution network declined. The steel tube
operations remain affected by the impact on demand of low levels of fixed
capital formation in the South African economy and over-capacity in the
industry.
Financial Services & Other
Revenue Operating Profit Net Assets
Including share of
Associates
R 6 months Year 6 months Year
Million ended ended ended ended
31 Mar 31 Mar 30 Sep 31 Mar 31 Mar 30 Sep 31 Mar 30 Sep
01 00 00 01 00 00 01 00
Leas-
ing 331 289 591 17 17 16 3,046 2,725
Other 70 61 99 (25) (26) 17 839 866
401 350 690 (8) (9) 33 3,885 3,591
The motor leasing book in South Africa and the United Kingdom rental book
both expanded and made satisfactory profits. The South African capital
equipment leasing book contracted and made a loss due to an increased bad
debt provision relating to the construction industry.
Other activities include corporate operations in the United Kingdom and
South Africa, and shared services such as treasury, risk management and
information technology.
VALUE BASED MANAGEMENT (VBM)
The implementation of VBM throughout the organisation is progressing well.
VBM is designed to drive every management team within Barloworld to focus on
creating shareholder, customer and employee value. It is a long-term
strategic focus that is fundamentally changing the way the company is
managed. It was a key driver of the improved performance for the period
under review. The benefits of the many VBM-driven initiatives within the
organisation will continue to be realised in the future as we pursue our VBM
goals of ensuring that over the business cycle each business unit on average
earns returns in excess of the cost of capital.
ACQUISITIONS AND DISPOSALS
During the period under review acquisitions with a total cost of R507
million included Barton Freightliner Inc. of Memphis, Tennessee; Mooiplaas
Dolomite (Pty) Limited in South Africa through listed 68% owned subsidiary
Pretoria Portland Cement Company Limited, the vehicle accident repair
operations of Avis Southern Africa Limited and a Delta motor dealership in
Pretoria. Disposals during the period under review included the sale of
Thesen Island in the Western Cape, South Africa.
On 2 May 2001, it was announced that PPC is making an offer for Portland
Holdings Cement Limited, Zimbabwe. This offer is subject to regulatory and
shareholder approvals.
INTERNATIONAL ACCOUNTING STANDARDS
These results are fully compliant with International Accounting Standards
(IAS) and comparative figures for the six months to 31 March 2000 have been
restated. The same accounting policies used at 30 September 2000 have been
applied.
PROSPECTS
The strong drive to implement value based management throughout the
organisation provides a powerful platform on which the growth of Barloworld
is being built.
The international spread of Barloworld's business activities means that our
growth is influenced by the performance of the world's major economies. A
slow-down in the US and the potential knock-on effect into other economies
would adversely affect a number of our activities.
The company is expecting to report increased earnings per share for the full
year, but the rate of increase may not be at the level achieved in the first
half.
Unaudited Audited
Group income statement Six months Year
Ended ended
31 31 % 30
March March September
R million 2001 2000 Change 2000
Revenue 13,381 10,453 28 21,969
Operating Profit 719 489 47 1,174
Finance costs (171) ( 83) (244)
Income from investment 103 90 255
Goodwill amortisation (39) (21) (47)
Profit from continuing
Operations 612 475 29 1,138
Trading loss from discontinuing
Operations (9) (31) (51)
Profit before exceptional
Items 603 444 1,087
Exceptional items 7 582 668
Profit before taxation 610 1,026 1,755
Taxation (215) (149) (302)
Profit after taxation 395 877 1,453
Income from associates 28 19 40
Minority interest and 6 %
Preference shareholders in
Barloworld Limited (43) (29) (87)
Net profit 380 867 1,406
Weighted average number of
Ordinary shares in issue during
The Period (000)
- Basic 195,988 213,947 205,594
- Fully diluted 201,541 218,289 209,977
Net profit per share (cents)
- Basic 194 406 684
- Fully diluted 191 400 675
Earnings per share from
Continuing operations before
Exceptional items (cents)
- Basic 193 147 31 380
- Fully diluted 190 146 30 378
Dividends per share (cents) 75 60 180
Group balance sheet Unaudited Audited
31 31 30
March March September
R million 2001 2000 2000
Non-current assets 9,475 7,160 8,186
Property, plant and
Equipment 5,989 5,076 5,297
Other non-current assets 389 413 494
Goodwill and intangible
Assets 1,262 590 890
Investment in associates
And joint ventures 340 151 310
Finance lease receivables 1,298 757 1,007
Deferred tax assets 197 173 188
Current assets 9,590 8,261 8,552
Inventories 4,118 3,259 3,677
Trade and other
Receivables 4,564 4,226 3,931
Cash and cash equivalents 908 776 944
Total assets 19,065 15,421 16,738
Capital and reserves
Share capital and premium 682 702 690
Non-distributable
Reserves 1,557 1,145 1,240
Retained surplus 6,024 5,577 5,951
Equity portion of
Convertible bond 19 20 17
Interest of shareholders
Of Barloworld Limited 8,282 7,444 7,898
Minority interest 564 551 556
Interest of all
Shareholders 8,846 7,995 8,454
Non-current liabilities 3,029 2,623 2,881
Interest-bearing 2,000 1,868 1,912
Deferred tax liabilities 294 281 281
Convertible bond 200 169 180
Non-interest bearing 535 305 508
Current liabilities 7,190 4,803 5,403
Amounts due to bankers
And short-term loans 2,927 1,241 1,602
Taxation 337 194 214
Trade and other payables 3,502 2,882 3,178
Provisions 424 486 409
Total equity and
liabilities 19,065 15,421 16,738
Summarised group cash flow Unaudited Audited
Statement six months Year
31 31 30
March March September
R million 2001 2000 2000
Cash available from operations
Cash available from operations 699 518 1,423
Dividends paid (271) (240) (381)
Net cash flow from operating
Activities 428 278 1,042
Net cash applied to from
Investing activities (1,210) (544) (1,693)
Acquisition of subsidiaries
And investments (507) (85) (696)
Buy-back of Barloworld shares (89) (622) (768)
Acquisition of property, plant
And equipment
- Replacement (417) (236) (551)
- Expansion
- rental assets (436) (271) (795)
- other (64) (186) (168)
Proceeds on disposal of
Subsidiaries, investments and
Property, plant and equipment 303 856 1,285
Increase / (decrease) in
interest bearing liabilities 746 (142) 411
Net decrease in case and cash
Equivalents (36) (408) (240)
Cash and cash equivalents at
Beginning of period 944 1,184 1,184
Cash and cash equivalents at
End of period 908 776 944
Other group salient features
Unaudited Audited
Six months ended Year ended
31 March 31 March 30 September
2001 2000 2000
Number of ordinary shares in
issue (000) 195,284 200,937 197,330
Net asset value per share
including investments at
market value (cents) 4,238 3,895 4,081
Total liabilities to total
shareholders' funds (%) 112.3 89.4 94.7
Total borrowings to total
shareholders' funds
- gross excluding leasing
operations(%) 26.0 8.8 12.6
- gross including leasing
operations(%) 58.0 41.0 43.7
Interest cover (times)
- excluding leasing operations 4.5 6.6 5.5
- including leasing operations 3.1 3.3 3.3
Revenue Operating profit Net asset
including share
of associates
6 months Year 6 months Year
Ended Ended Ended Ended
31/3/ 31/3/ 30/09/ 31/3/ 31/3 30/09/ 31/03 30/09/
2001 2000 2000 2001 2000 2000 2001 2000
Capital
Equipment
3,986 2,963 6,191 290 186 392 2,279 1,807
Industrial
Distribution
2,272 1,444 3,064 93 75 187 2,031 1,287
Motor 3,150 2,674 5,672 58 45 97 1,297 1,097
Cement
& lime 970 841 1,813 196 129 332 2,297 2,267
Scientific
Products 943 597 1,472 108 54 124 1,310 1,213
Coatings
1,028 1,027 1,888 26 31 51 782 753
Steel tube
631 557 1,179 (4) 0 7 453 440
Financial
services &
other 401 350 690 (8) (9) 33 3,885 3,591
Total 13,381 10,453 21,969 759 511 1,223 14,334 12,455
Statement of changes in equity
Unaudited Audited
Six months Year ended
ended
31 March 31 March 30 Septem-
R million 2001 2000 ber 2000
Interest of Barloworld Limited
shareholders
Balance at the beginning of period
- As previously reported 7,898 6,470 6,470
- Effect of changes in
accounting policies 774 774
- As restated 7,898 7,244 7,244
Net movements not recognised in
the income statement 239 (453) (418)
Buy-back of Barloworld Limited
shares (89) (622) (768)
Exchange gains on translation
of the financial statements
of foreign operations 317 167 264
Increase in other reserve
movements 11 2 86
Net movements recognised in the
income statement 145 653 1,072
Net profit for the period 380 867 1,406
Dividends on ordinary shares (235) (214) (334)
Balance at the end of the period 8,282 7,444 7,898
NOTES
Unaudited Audited
Six months ended Year ended
31 March 31 March 30 September
R million 2001 2000 2000
1 Operating profit
Included in operating profit
are:
Cost of sales 10,187 7,819 18,017
Depreciation 504 429 876
Profit on sale of plant and
Equipment 3 5 46
2 Finance costs
Finance costs 171 84 247
Less: Capitalised to property,
plant and equipment 0 1 3
171 83 244
3 Taxation
Taxation per income statement 215 149 302
Add: Taxation on exceptional
items 4 1 4
Less: Secondary tax on companies
(STC) (29) (10) (13)
Taxation on profit before
exceptional items and STC 190 140 293
Effective taxation rate
(excluding exceptional items and
STC) 31.0% 29.4% 25.8%
4 Net profit from continuing
operations excluding exceptional
items
Net profit attributable to
ordinary shareholders 380 867 1,406
Loss from discontinuing operations 9 31 51
Profit on sale of shares in
Comparex Holdings Limited (113)
Profit on sale of shares in
Dimension Data (585) (585)
Impairment losses 59
(Profit)/loss on sale of property
and non current assets (7) 3 (29)
2 (551) (617)
Taxation (4) (1) (4)
Interest of outside shareholders (1) (3)
Exceptional profits and trading
losses from discontinuing
operations (included) (2) (553) (624)
Net profit from continuing
operations excluding exceptional
items
attributable to ordinary
shareholders 378 314 782
5 Share buy-back
During the period under review and prior to the annual general meeting held
on 31 January 2001, a wholly owned subsidiary purchased 2 046 600 ordinary
shares at an average cost per share of R43,80. This brought the cumulative
number of shares repurchased since the start of the buy-back programme to 19
025 200, being 8,9% of the issued share capital.
At the annual general meeting held on 31 January 2001, the authority to
continue acquiring shares was renewed for a further year. Members passed,
and the Registrar of Companies has registered special resolutions
authorising, inter alia, the repurchase of a maximum of 20% of the company's
issued ordinary share capital in the aggregate in any one financial year.
The weighted average number of shares in issue for the period was 196.0
million (2000:213.9 million) following the share buy-back programme.
Unaudited Unaudited Audited
Six months Six months Year ended
ended ended
31 March 2001 31 March 2000 30 September 2000
Market Book Market Book Market Book
value/ value value/ value value/ value
Directors' Directors' Directors'
R Million valuation valuation valuation
6 Other non-
current assets
Listed
investment 10 4 296 50 10 4
Unlisted
investments 273 263 317 313 365 361
283 267 613 363 375 365
Other non-
current assets 122 50 129
389 413 494
7 Investment in
associates and
joint ventures
Listed associates 218 153 357 143
Unlisted
Associates 320 148 263 130 328 140
538 301 263 130 685 283
Loans and advances 39 21 27
340 151 310
Unaudited Audited
Notes Six months ended Year ended
31 March 31 March 30 September
R million 2001 2000 2000
8 Borrowings
The company's borrowings
are limited by its articles
of association
The most restrictive
limitations are as follows:
Maximum permissible 8,379 7,552 7,991
Actual 5,127 3,278 3,694
9 Capital expenditure 917 693 1,514
Expansion
- Rental assets 436 271 795
- Other 64 186 168
Replacement 417 236 551
10 Commitments
Capital commitments to be
incurred 438 280 945
Contracted 315 236 914
Approved 123 44 31
Operating lease commitments 1,278 1,610 1,411
Finance lease commitments 1 367 97
11 Contingent liabilities
Bills, lease and hire-
purchase agreements
discounted with recourse 3 30 3
Other guarantees and claims 147 62 363
12 Accounting policy
The accounting policies used to prepare the interim financial statements are
consistent with those used in the 2000 annual financial statements. They
have been prepared in accordance with International Accounting Standards
(IAS) and South African statements of Generally Accepted Accounting
Practice.
March 2000 comparatives have been restated to achieve compliance with IAS.
The effect of this restatement was a decrease in the net profit attributable
to shareholders for the half-year ended 31 March 2000 of R 47 million (22
cents per share). The effect on profit from continuing operations excluding
exceptional items was a reduction of R18 million (8 cents per share)
DIVIDEND DECLARATION FOR THE HALF YEAR ENDED 31 MARCH 2001
Notice is hereby given that an interim ordinary dividend (No. 143) of 75
cents per share has been declared, payable on 9 July 2001 to shareholders
registered in the register of members of the company at the close of
business on 8 June 2001.
The register of members will be closed from 9 June to 17 June 2001,
inclusive, for the purpose of determining those members to whom the dividend
will be paid.
The dividend is declared in the currency of the Republic of South Africa
and, where applicable, will be converted into British Sterling for payment
from the United Kingdom at the telegraphic transfer rate of exchange ruling
on the first business day after 11 June 2001 on which foreign currency
dealings are transacted.
By order of the Board, M J Barnett, Secretary
Sandton, 14 May 2001
DIRECTORS
Non-executive: W A M Clewlow #(Chairman), R K J Chambers #, P T W Curtis #,
Sir Andrew Hugh-Smith*#, M J Levett #, D B Ntsebeza, L A Tager, E P Theron
#. Executive: A J Phillips*(Chief Executive), D C Arnold, K Brown*,
M D Coward, L S Day*, J E Gomersall*, A J Lamprecht, P M Surgey. *British #
Member of audit committee.
ADDRESSES
Registered office and business address: Transfer secretaries:
Katherine Street Mercantile Registrars
P.O. Box 782248 Limited
Sandton 11 Diagonal Street
2146, South Africa Johannesburg
2091, South Africa
United Kingdom registrar: Postal address:
Lloyds TSB Registrars P O Box 1053
The Causeway, Worthing Johannesburg
West Sussex, BN99 6DA, England 2000, South Africa
FOR MORE INFORMATION CONTACT BARLOWORLD CORPORATE COMMUNICATION, Ph +27 11
445 1202 OR E-MAIL: invest@barloworld.com OR VISIT THE BARLOWORLD WEBSITE
www.barloworld.com
