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Good growth in the first half of our centenary year
During the first six months of its centenary 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 32% compared with the first half of last year.
Earnings per share from continuing operations rose 20% and headline earnings
per share by 28%. Net asset value per share including investments at market
value increased by 33% to 5 633 cents. The interim dividend was increased by
20% to 90 cents per share (2001: 75 cents).
Despite extremely difficult conditions in the United States, 53% of
operating profits were earned outside South Africa (2001: 65%).
Noteworthy areas of profit improvement included the capital equipment,
motor, cement and lime, coatings, steel tube and financial services business
units. Solid contributions were also made by the businesses acquired late
last year (the motor dealerships in Australia and Protean scientific
products businesses).
The strong performance was achieved despite the weak conditions in the
United States and a continued low economic growth rate in South Africa. We
also benefited modestly from the depreciation in the rand in translating
hard currency earnings.
The key to our success remains the implementation of Value Based Management
throughout the company. This long-term programme is yielding benefits for
shareholders, customers, employees and suppliers.
We look forward to being able to report good progress in earnings per share
growth for the full year. Your company continues to go from strength to
strength during our centenary.
Warren Clewlow Tony Phillips
Chairman Chief Executive Officer
BARLOWORLD LIMITED - INTERIM REPORT
For the six months ended 31 March 2002
Revenue R17.7 billion +32%
Cash flow from operations R884 million +33%
Earnings per share from continuing
Operations (excluding exceptional
items) 228 cents +20%
Headline earnings per share 270 cents +28%
Dividend 90 cents per share +20%
Net asset value per share
(including investments at market
value) 5 633 cents +33%
STRONG GROWTH CONTINUES
Revenues grew 32% to R17.7 billion during the period under review. Trading
conditions in Europe and Australia were good, and in South Africa markets
improved. By contrast, demand for our products and services in the United
States remained depressed and business in the rest of Africa also slowed
slightly.
Operating profit rose 22% to R868 million. Noteworthy areas of profit
improvement included the capital equipment, motor, cement and lime,
coatings, steel tube and financial services businesses. Good contributions
were made by last year`s acquisitions of motor dealerships in Australia and
scientific products businesses. Margins were reduced by the lower
profitability of the US lift truck operations and the Melles Griot laser and
optics business.
Interest charges rose to R207 million (2001: R171 million) as a result of
increased borrowings. The rise in tax charge from R215 million to R283
million was due in part to the effect of secondary tax on companies (STC) on
the special dividend declared by Pretoria Portland Cement Company Limited in
the period under review. The effective tax charge excluding STC and
exceptional items was 32.5% (2001: 32.8%). Net profit was R503 million,
compared with R380 million in the first half of 2001.
Fully diluted earnings per share from continuing operations excluding
exceptional items rose 20% to 228 cents. The growth was achieved despite
restructuring charges incurred during the half of R24 million. The majority
of these charges were in the scientific and industrial distribution
businesses. Approximately 18 cents per share of earnings arose from the
translation of profits from our non-South African businesses.
Headline earnings per share rose 28% to 270 cents.
Cash flow from operations was strong, rising 33% to R884 million.
The balance sheet remains healthy and total assets rose by R3 292 million
from 30 September 2001, due primarily to the impact of currency changes on
international assets. Net asset value per share including investments at
market value rose to 5 633 cents compared with 4 774 cents at 30 September
2001.
The directors have declared an increased interim dividend of 90 cents per
share (2001: 75 cents).
VALUE BASED MANAGEMENT (VBM)
The implementation of VBM is a key driver of increased cash flow, profit and
value creation. VBM makes every management team within Barloworld focus on
creating value for all our stakeholders and is a long-term strategic
programme. The benefits of the many VBM-driven initiatives within the
organisation will continue to grow value as we expand our asset base.
SEGMENTAL REVIEW
Capital Equipment
Revenue Operating profit Net assets
R million
6 months 6 months Year 6 months 6 months Year 6 months Year
ended ended ended ended ended ended ended ended
31 Mar 31 Mar 30 Sep 31 Mar 31 Mar 30 Sep 31 Mar 30 Sep
02 01 01 02 01 01 02 01
Europe
3 257 2 489 4 629 259 201 418 1 993 1 518
South Africa
1 295 984 2 065 49 21 74 1 113 749
Rest of Africa
609 500 1 266 54 64 130 286 377
5 161 3 973 7 960 362 286 622 3 392 2 644
Share of associate income 4 2 (3)
Activity levels in Europe remained high against a background of the
continuing public sector infrastructure investment programme in Spain and
Portugal. Government/European Community-led investment in high-speed trains,
roads and ports ensured strong demand for our products and services and a
firm order book. New equipment sales, which showed a modest decline in
Spain, rose in Portugal. The after market (parts and service) continued to
grow in both countries. The Siberian business continued its satisfactory
development. Total revenues in Europe rose by 31% and operating profit by
29%.
Despite the negative impact of increased interest rates and the fall in the
value of the rand, activity levels rose in South Africa. This increase was
due in part to pre price increase buying. The Smart PartnershipT strategy
resulted in further growth in long-term contract business in the mining
sector. There was a modest improvement in construction and materials
handling activity. Operating profits in South Africa more than doubled as
costs were well contained.
In the rest of Africa, both Botswana & Namibia continued to perform well and
the business climate in Angola improved. The problems in the copper belt in
Zambia resulted in lower operating profits.
Further progress is expected in the second half of the year.
Industrial Distribution
Revenue Operating profit Net assets
R million
6 months 6 months Year 6 months 6 months Year 6 months Year
ended ended ended ended ended ended ended ended
31 Mar 31 Mar 30 Sep 31 Mar 31 Mar 30 Sep 31 Mar 30 Sep
02 01 01 02 01 01 02 01
Europe
838 643 1 684 25 33 75 470 475
North America
2 008 1 629 3 367 24 60 109 1 756 1 527
2 846 2 272 5 051 49 93 184 2 226 2 002
Share of associate income (1) 0 (8)
In Europe, the operations in the United Kingdom and Belgium generated lower
profits due to reduced delivery volumes and preparation costs for the
commencement of the UK Ministry of Defence contract.
In the United States, materials handling equipment demand declined as
capital spending remained constrained by the recession and new lift truck
deliveries fell 30%. The business environment also affected Barloworld
Freightliner where new truck sales were 15% lower than the first half of
last year. Lower volumes, combined with restructuring charges following
staff reductions, resulted in lower profits for the region.
The second half outlook is more positive, with the prospect of a strong
European order book that will be converted to revenues and profit and
expectations of some improvement in the United States.
Motor
Revenue Operating profit Net assets
R million
6 months 6 months Year 6 months 6 months Year 6 months Year
ended ended ended ended ended ended ended ended
31 Mar 31 Mar 30 Sep 31 Mar 31 Mar 30 Sep 31 Mar 30 Sep
02 01 01 02 01 01 02 01
South Africa
3 403 2 796 5 805 68 43 99 737 735
Rest of Africa
174 127 281 6 4 7 28 30
Australia & Asia
848 178 460 17 5 8 527 414
4 425 3 101 6 546 91 52 114 1 292 1 179
Share of associate income 19 16 29
Turnover grew 22% in South Africa as a result of increased market share and
strong buying in advance of exchange rate-led price increases.
In Australia, the business benefited from both a buoyant market and the
additional business flowing from the dealerships acquired in the period July
to September 2001.
The operating margin showed a strong improvement from 1.7% to 2.1% and
operating profit rose 75%.
Avis Southern Africa (26% owned) performed strongly.
The outlook for the second half of the year remains positive in Australia
but less buoyant in South Africa where interest rate increases could reduce
demand. Overall we anticipate further progress.
Cement & Lime
Revenue Operating profit Net assets
R million
6 months 6 months Year 6 months 6 months Year 6 months Year
ended ended ended ended ended ended ended ended
31 Mar 31 Mar 30 Sep 31 Mar 31 Mar 30 Sep 31 Mar 30 Sep
02 01 01 02 01 01 02 01
South Africa
994 831 1 771 222 173 406 1 873 2 106
Rest of Africa
204 78 199 27 11 39 707 117
1 198 909 1 970 249 184 445 2 580 2 223
Share of associate
income 13 8 24
Revenues rose 32% reflecting a 52% increase in exports and the consolidation
of Portland Holdings Limited (Porthold) for the first time. Cement export
volumes and margins benefited from the weaker rand, however domestic volumes
declined marginally. All major production units ran satisfactorily and
achieved further gains in efficiencies. The lime business benefited from
higher burnt dolomite sales, improved pricing on long contracts and higher
levels of activity at the PPC Saldanha material handling facility.
Operating profit increased by 35% with all business units reporting improved
operating margins and profits. Porthold Zimbabwe reported a small operating
profit under difficult economic and operating conditions.
While increased operating profits are expected for the full year, the rate
of growth in the second half is likely to be lower.
Scientific Products
Revenue Operating profit Net assets
R million
6 months 6 months Year 6 months 6 months Year 6 months Year
ended ended ended ended ended ended ended ended
31 Mar 31 Mar 30 Sep 31 Mar 31 Mar 30 Sep 31 Mar 30 Sep
02 01 01 02 01 01 02 01
Europe
746 287 903 46 38 80 1 165 929
North America
365 387 724 (39) 56 62 722 450
Asia
79 104 178 2 11 8 144 127
1 190 778 1 805 9 105 150 2 031 1 506
In Europe, the Laboratory business performed well in a stable trading
environment. Good progress was achieved in integrating the four businesses
acquired from Protean Ltd, and gains from the operational and market
synergies were slightly ahead of expectations. The European laser and
optics business experienced greatly reduced demand from the
telecommunications sector.
In the United States, the decline in the semiconductor and
telecommunications sectors caused a sharp reduction in sales volumes and
consequent losses in the Melles Griot laser and photonics business. The
ongoing programme of restructuring was accelerated and significant cost
economies have already been achieved, with employee numbers reduced by over
25%. The consolidation of the Irvine operations onto an enlarged site in
Carlsbad will be completed by the end of June. Profits in the US laboratory
business were lower than the previous year.
The outlook for the second half is positive, driven by an improvement in
Melles Griot and further growth in the laboratory business.
Coatings
Revenue Operating profit Net assets
R million
6 months 6 months Year 6 months 6 months Year 6 months Year
ended ended ended ended ended ended ended ended
31 Mar 31 Mar 30 Sep 31 Mar 31 Mar 30 Sep 31 Mar 30 Sep
02 01 01 02 01 01 02 01
South Africa
607 535 911 41 24 43 455 395
Rest of Africa
55 40 85 6 3 8 23 22
Europe
54 37 98 0 (2) 4 30 21
Australia & Asia
609 417 796 18 (3) (43) 358 293
1 325 1 029 1 890 65 22 12 866 731
Share of associate
Income 12 4 7
In South Africa, a good result was achieved. Decorative coatings benefited
from improved volumes and the automotive coatings business continued to gain
market share. These factors, combined with continuing efficiency
improvements throughout the business saw operating profits rise 71%.
Operations in the rest of Africa countries also enjoyed improved trading
conditions and in the United Kingdom volumes increased in the traditionally
slow first half of the year.
In Australia, improvements in all aspects of the business resulted in higher
revenues, improved margins and lower costs with a consequent turnaround to
profitability.
The outlook for the second half is positive in South Africa and Australia
while the future of the business in the United Kingdom is under review.
Steel Tube
Revenue Operating profit Net assets
R million
R million
6 months 6 months Year 6 months 6 months Year 6 months Year
ended ended ended ended ended ended ended ended
31 Mar 31 Mar 30 Sep 31 Mar 31 Mar 30 Sep 31 Mar 30 Sep
02 01 01 02 01 01 02 01
South Africa
793 631 1 343 29 (8) 9 520 419
Share of associate
Income 7 4 7
The turnaround to profit in the steel tube operations was the result of
several years of effort to reduce costs, achieve world class operating
efficiencies and eliminate underperforming assets.
Profitability was further enhanced by slightly higher domestic demand and
increased tube exports arising from improved marketing and a weaker rand.
The sale of the majority of the distribution outlets has been completed.
The second half is expected to show further improvement on the first half.
Financial Services & Other
Revenue Operating profit Net assets
R million
6 months 6 months Year 6 months 6 months Year 6 months Year
ended ended ended ended ended ended ended ended
31 Mar 31 Mar 30 Sep 31 Mar 31 Mar 30 Sep 31 Mar 30 Sep
02 01 01 02 01 01 02 01
Leasing
399 330 629 31 17 (2) 3 958 3 455
Other
341 358 751 (17) (41) (47) 2 064 2 148
740 688 1 380 14 (24) (49) 6 022 5 603
The leasing operations increased profitability following a reduction in bad
debts in the capital equipment leasing book. The total leasing book grew to
R4.2 billion (R3.6 billion at 30 September 2001), driven primarily by growth
in Europe and the United States and currency conversion.
Other includes the logistics and paper businesses, corporate operations in
the United Kingdom and South Africa, and shared services such as treasury,
risk management and information technology.
ACQUISITIONS AND DISPOSALS
During the period under review acquisitions included: Portland Holdings in
Zimbabwe through Pretoria Portland Cement Company Limited (PPC) for R428
million; 1 348 164 additional shares in PPC (now 66% owned) for R98 million;
a Sterling Truck dealership in Memphis, Tennessee through the purchase of
its stock for R9 million; and 50% of Execulink, a logistics company for R10
million. The disposal included of the steel distribution branches of Robor
Stewarts and Lloyds was substantially completed.
During April 2002 PPC contracted for the disposal of its 32.9% stake in
Natal Portland Cement to the Portuguese cement company Cimpor - Cimentos de
Portugal SPGS, S.A. for R329 million compared to a carrying value of R47
million.
PROSPECTS
During the second half of the year we expect to benefit from continued
growth in Europe and Australia and a possible upturn in the United States.
Prospects for our businesses in South Africa are positive in an expanding
economy where manufacturing output and consumer spending are rising. The
negative effect of increasing interest rates however remains a cause for
concern.
Taking these external factors into account and our internal drive to create
value, the company is expecting to report good progress in earnings per
share growth for the full year.
WAM CLEWLOW AJP PHILLIPS DC ARNOLD
CHAIRMAN CHIEF EXECUTIVE OFFICER DIRECTOR, FINANCE
& ADMINISTRATION
20 MAY 2002
Unaudited Audited
Group income statement
Six months ended Year ended
31 March 31 March % 30 September
R million Notes 2002 2001 Change 2001
Revenue 17 678 13 381 32 27 945
Operating
Profit 1 868 710 22 1 487
Finance costs 2 (207) (171) (305)
Income from
Investments 148 103 254
Goodwill amortisation (60) (39) (88)
Profit from
continuing operations 749 603 24 1 348
Exceptional items 41 7 (278)
Profit before taxation 790 610 1 070
Taxation 3 283 215 383
Profit after taxation 507 395 28 687
Income from associates
and joint ventures 43 28 31
Minority interest and 6%
preference shareholders
in Barloworld Limited (47) (43) (101)
Net profit 503 380 32 617
Weighted average number
of ordinary shares
in issue during the
period (000)
- Basic 195 284 195 988 195 613
- Fully diluted 202 655 201 541 198 859
Net profit per share (cents)
- basic 258 194 33 316
- fully diluted 252 191 32 311
Earnings per share from
Continuing operations
excluding exceptional items
(cents)
- basic 233 193 21 452
- fully diluted 228 190 20 444
Headline earnings per
share (cents) 270 211 28 499
Dividends per share
(cents) 90 75 20 220
Group balance sheet
Unaudited Audited
31 March 31 March 30 September
R million Notes
2002 2001 2001
Assets
Non-current assets 12 826 9 475 10 714
Property, plant and
Equipment 7 440 5 989 6 053
Other non-current
Assets 6 812 389 819
Goodwill and intangible
Assets 1 890 1 262 1 530
Investment in associates
and joint ventures
7 392 340 332
Finance lease receivables 2 111 1 298 1 723
Deferred tax assets 181 197 257
Current assets 12 412 9 590 11 232
Inventories 5 401 4 118 4 771
Trade and other receivables 5 525 4 564 4 680
Cash and cash equivalents 1 486 908 1 781
Total assets 25 238 19 065 21 946
Equity and Liabilities
Capital and reserves
Share capital and premium 682 682 682
Non-distributable reserves 3 666 1 557 2 319
Retained surplus 6 227 6 024 6 059
Equity portion of convertible
Bond 17 19 17
Interest of shareholders of
Barloworld Limited 10 592 8 282 9 077
Minority interest 634 564 625
Interest of all shareholders 11 226 8 846 9 702
Non-current liabilities 4 852 3 029 3 845
Interest-bearing 3 220 2 000 2 411
Deferred tax liabilities 367 294 318
Convertible bond 298 200 225
Non-interest bearing 967 535 891
Current liabilities 9 160 7 190 8 399
Amounts due to bankers and
short-term loans 3 599 2 927 3 586
Taxation 400 337 361
Trade and other payables 4 745 3 502 4 113
Provisions 416 424 339
Total equity and liabilities 25 238 19 065 21 946
Summarised group cash flow statement
Unaudited Audited
Six months ended Year ended
31 March 31 March 30 September
R million 2002 2001 2001
Cash available from
operations
Cash available from
Operations 884 664 1 487
Dividends paid (449) (271) (436)
Net cash flow from
operating activities 435 393 1 051
Net cash applied to
investing activities (1 068) (1 210) (2 004)
Acquisition of
subsidiaries and
investments (323) (507) (1 018)
Buy-back of Barloworld
shares (90) (90)
Acquisition of property,
plant and equipment
- rental assets (301) (436) (654)
- other (645) (480) (669)
Proceeds on disposal of
subsidiaries, investments
and property, plant and
equipment 201 303 427
Increase in interest-
bearing liabilities 133 746 1 625
Net (decrease)/increase
in cash and cash
equivalents (500) (71) 672
Cash and cash equivalents
at beginning of period 1 781 944 944
Effect of foreign
exchange rate movements 205 35 165
Cash and cash equivalents
at end of period 1 486 908 1 781
Statement of changes in equity Unaudited Audited
Six months ended Year ended
31 March 31 March 30 September
R million 2002 2001 2001
Interest of Barloworld
Limited shareholders
Balance at the beginning
of the period 9 077 7 898 7 898
Net movements not recognised
through the income statement 1 295 239 943
Buy-back of Barloworld
Limited shares (90) (90)
Exchange gains on translation
of the financial statements
of foreign entities 1 344 318 993
Other reserve movements (49) 11 40
Net movements recognised
through the income statement 220 145 236
Net profit for the period 503 380 617
Dividends on ordinary shares (283) (235) (381)
Balance at the end of the
Period 10 592 8 282 9 077
Group salient features
Unaudited Audited
Six months ended Year ended
31 March 31 March 30 September
2002 2001 2001
Number of ordinary shares
in issue (000) 195 284 195 284 195 284
Net asset value per share
including investments
at market value (cents) 5 633 4 238 4 774
Total liabilities to total
shareholders` funds (%) 121.5 112.3 122.9
Total borrowings to total
shareholders` funds
- gross excluding leasing
operations(%) 31.1 26.0 31.1
- gross including leasing
operations(%) 63.4 58.0 64.1
Interest cover (times)
- excluding leasing
operations 4.5 4.5 5.4
- including leasing
operations 3.1 3.1 3.3
EBITDA (Rm) 1 673 1 317 2 764
EBITDA (% of revenue) 9.5 9.8 9.9
SEGMENTAL SUMMARY
Revenue Operating profit Share of Net Assets
associate income*
6 months Year 6 months Year 6 month Year 6 month Year
ended ended ended ended ended ended ended ended
R million
31 31 30 31 31 30 31 31 30 31 30
Mar Mar Sep Mar Mar Sep Mar Mar Sep Mar Sep
02 01 01 02 01 01 02 01 01 02 01
Capital equipment
5 161 3 973 7 960 362 286 622 4 2 (3) 3 392 2 644
Industrial distribution
2 846 2 272 5 051 49 93 184 (1) 0 (8) 2 226 2 002
Motor
4 425 3 101 6 546 91 52 114 19 16 29 1 292 1 179
Cement & lime
1 198 909 1 970 249 184 445 13 8 24 2 580 2 223
Scientific products
1 190 778 1 805 9 105 150 0 0 0 2 031 1 506
Coatings
1 325 1 029 1 890 65 22 12 12 4 7 866 731
Steel tube
793 631 1 343 29 (8) 9 7 4 7 520 419
Financial services and other
740 688 1 380 14 (24) (49) 0 0 0 6 022 5 603
17 678 13 381 27 945 868 710 1 487 54 34 56 18 929 16 307
* Includes dividends from associates and share of retained income.
Unaudited Audited
Notes Six months ended Year ended
31 March 31 March 30 September
R million 2002 2001 2001
1. Operating profit
Included in operating
profit are:
Cost of sales 14 434 10 952 21 236
Depreciation 657 504 1 023
Profit on sale of plant
and equipment 24 3 26
2. Finance costs
Total 358 301 579
Less: Interest classified
as cost of sales 151 130 272
Less: Capitalised to
property, plant and equipment 2
207 171 305
3. Taxation
Taxation 283 215 383
Add:Taxation on exceptional
items 2 4 (3)
Less: Secondary tax on
companies (STC) (51) (29) (43)
Taxation on profit before
STC and exceptional items 234 190 337
Profit from continuing
Operations 749 603 1,348
Dividend income (29) (23) (60)
Profit from continuing
operations before dividends
received 720 580 1 288
Effective taxation rate
(excluding exceptional items,
STC
and dividends received) (%) 32.5% 32.8% 26.2%
4. Net profit from continuing
operations excluding
exceptional items
Net profit attributable
to ordinary shareholders 503 380 617
Profit realised on share
issue to minorities in
subsidiary (62)
Impairment losses 23 207
Additional obligations under
IAS 93
Attributable exceptional items
of associates 13
Other (2) 2 (35)
(41) 2 278
Taxation (2) (4) 3
Interest of outside
shareholders (5) (14)
Exceptional (profits)/losses (48) (2) 267
Net profit from continuing
operations, excluding
exceptional items
attributable to ordinary
shareholders 455 378 884
5. Headline earnings
Net profit from continuing
Operations 455 378 884
Goodwill amortisation 60 39 88
Interest in associate
goodwill amortisation 7
Loss/(profit) on sale of
plant and equipment* 6 (4) 4
528 413 976
* - Excluding profit/loss
on sale of rental assets.
Unaudited Unaudited Audited
Six months ended Six months ended Year ended
31 March 2002 31 March 2001 30 September 2001
Market Book Market Book Market Book
value/ value value/ value value/ value
Directors` Directors` Directors`
valuation valuation valuation
6. Other non-current assets
Listed investments
16 12 10 4 19 12
Unlisted investments
263 250 273 263 265 252
279 262 283 267 284 264
Other non-current assets
550 122 555
812 389 819
7. Investment in associates and joint ventures
Listed associates
274 175 218 153 233 157
Unlisted associates
585 197 320 148 401 153
372 301 310
Loans and advances
20 39 22
859 392 538 340 634 332
Unaudited Audited
Six months ended Year ended
31 March 31 March 30 September
2002 2001 2001
8. Borrowings
The company`s borrowings
are limited by
its articles of association.
The most restrictive
limitations are as follows:
Maximum permissible 10 959 8 576 9 395
Actual 7 353 5 274 6 522
9. Capital expenditure 946 917 1 323
Rental assets 301 436 654
Other 645 481 669
10. Commitments
Capital commitments to be
Incurred 523 438 723
Contracted 383 315 537
Approved 140 123 186
Operating lease
Commitments 1 785 1 278 1 658
Finance lease commitments 89 1 89
11. Contingent liabilities
Bills, lease and hire-
purchase agreements
discounted with recourse 3
Other guarantees and claims 236 147 300
12. Accounting policy
The accounting policies used to prepare the interim financial statements are
consistent with those used in the
2001 annual financial statements, which were in accordance with
International Accounting Standards (IAS).
The group is currently evaluating the impact of implementing IAS 39
(Financial Instruments: Recognition and
Measurement), which is effective for the current financial year. The year
end results will be fully compliant
with IAS.
DIVIDEND DECLARATION FOR THE HALF YEAR ENDED 31 MARCH 2002
Notice is hereby given that an interim ordinary dividend (No. 145) of 90
cents per ordinary share (2001: 75 cents per ordinary share) has been
declared by the directors for the half-year ended 31 March 2002. In
compliance with the requirements of the electronic settlement system of the
JSE Securities Exchange South Africa, the following dates are applicable:
Last day to trade "CUM" dividend Friday 05 July 2002
Shares trade "EX" dividend Monday 08 July 2002
Record date Friday 12 July 2002
Payment date Monday 15 July 2002
Share certificates may not be dematerialised or rematerialised between
Monday 1 July 2002 and Friday 12 July 2002.
On behalf of the Board, M J Barnett, Secretary
DIRECTORS
Non executive: WAM Clewlow (Chairman) RKJ Chambers MJ Levett DB Ntsebeza
SB Pfeiffer** G Ross Russell* LA Tager EP Theron RC Tomkinson*
Executive: AJ Phillips (Chief Executive)* DC Arnold K Brown* MD Coward
LS Day* BP Diamond R Fernandez Urrutia *** JE Gomersall* AJ Lamprecht
PJ Maybury* PM Surgey
*British **USA ***Spanish
ADDRESSES
Registered office and Transfer secretaries:
business address:
180 Katherine Street Computershare Investor
P O Box 782248 Services 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
ph +27 11 445 1202 e-mail invest@barloworld.com
www.barloworld.com
Date: 21/05/2002 09:03:13 AM Produced by the SENS Department
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