Chairmans Statement, Results of Annual General Mee
Barloworld Limited - Chairmans Statement, Results of Annual General Meeting ad
Change to the Board
Barloworld Limited
(Incorporated in the Republic of South Africa)
(Registration number 1918/000095/06)
(Share code: BAW)
(ISIN: ZAE000026639)
(Barloworld)
Chairmans Statement, Results of Annual General Meeting and Change to the Board
Trading conditions in the first quarter of the current financial year have been
favourable across most of the companys businesses, Barloworld chairman, Warren
Clewlow told the companys Annual General Meeting today.
In South Africa lower interest rates have lead to increased demand for cement,
paint and lift trucks. However, the strength of the rand has adversely affected
our equipment and steel tube sales to the mining industry as well as demand for
lime. Our South African motor business is undergoing a major transformation and
comparatives to last year are not meaningful. The proposed acquisition of Avis
Southern Africa is currently on track for completion by the end of March 2004.
he said.
In Europe, revenues in our equipment business in Spain and UK-based materials
handling business are above last year. This contrasts with the Laboratory
business which had a difficult first quarter with demand below the same period
last year.
In the United States the anticipated recovery has been seen in higher revenues
in our industrial distribution business (and especially in our Freightliner
truck dealerships) as well as in our Melles Griot laser and optics business
which has a positive book to bill ratio for the first time since 2001.
In Australia demand for both paint and motor vehicles is above last year
however margins in the motor business are under pressure.
As I stated when we announced our 2003 results in November last year, our
strategy remains focused on improving the quality of our existing operations to
generate sustainable higher margins and profits, and to grow the business both
organically and through acquisition. In this regard, we remain on track to make
further progress in 2004.
Shareholders approved all the resolutions proposed at the AGM with the required
majorities.
Changes to the board
Mr Gonzalo Rodriguez De Castro (62) has been appointed as an independent non-
executive director with effect from 30 January 2004. He is a former CEO of the
Madrid Stock Exchange and has been a non-executive director of Barloworlds
equipment business in Spain since 1995. Mr RKJ Chambers retired today, 29
January 2004 at close of business from the board and the chairman thanked him
for many years unstinting service to the company Mr RC Tomkinson was appointed
chairman of the Audit Committee.
The minutes of the Annual General Meeting will be posted on Barloworlds
website, www.barloworld.com in due course.
The companys interim results are scheduled to be announced on Wednesday 13 May
2004.
Sandton
29 January 2004
For further information contact Mark Drewell at Barloworld: ph +27 (11) 445 1000
or e-mail mdrewell@barloworld.com
Sponsor
Cazenove
Date: 29/01/2004 03:48:06 PM Produced by the JSE SENS Department
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