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BARLOWORLD LIMITED - BARLOWORLD CHAIRMAN`S STATEMENT AND RESULTS OF ANNUAL
GENERAL MEETING
Barloworld Limited
(Incorporated in the Republic of South Africa)
(Registration number 1918/000095/06)
(Share code: BAW)
(ISIN: ZAE000026639)
(`Barloworld`)
Barloworld Chairman`s Statement and Results of Annual General Meeting
Trading conditions
At the Annual General Meeting of Barloworld shareholders held today, the
Chairman provided a trading update on the first quarter of the financial year,
referring first to an extract from the prospects section of the Chairman`s
statement of 17 November 2004 which said:
`The future outlook is positive and we are well on track to achieve our medium
term goal of doubling the value of the company in the 4 years to September 2006.
In 2005 we will continue to focus on growing profits and returns in all our
businesses and, supported by modestly favourable economic conditions in the
territories in which we operate, we look forward to being able to report another
year of progress.`
He continued to update the meeting on trading conditions in the past quarter,
commenting:
`Trading conditions in the first quarter of this financial year have been
favourable across most of our businesses.
In Southern Africa, which accounted for 74% of profits last year, we have seen
increased demand for our products and services. This has been primarily due to
the growth in fixed capital formation. This has impacted positively on our
cement, construction equipment, motor, coatings and steel tube operations. By
contrast the strength of the rand continues to dampen car rental demand growth
as inbound tourism continues to decline.
Outside Southern Africa we are experiencing positive market conditions in key
areas. Equipment sales in Spain are in line with last year and our materials
handling business in the United Kingdom, Belgium and the Netherlands is
experiencing stronger demand. In the United States we have seen demand growth in
both the materials handling and truck dealership businesses.
A key uncertainty remains the strength of the rand which, if it maintains
current levels impacts adversely on both translation of non-South African
earnings and fair value adjustments.
Overall I remain positive regarding the financial year to September 2005.`
All resolutions approved
Thereafter, those shareholders present in person or by proxy approved all the
resolutions proposed at the AGM with the required majorities. This included an
amended resolution 5 granting the directors authority to issue shares up to 10%
of the issued share capital for the purposes of the Barloworld Share Option
Scheme. The original motion was for 12.5%.
Board appointment
The appointment of Mr S. A. M. (Selby) Baqwa as an independent Director was also
announced at the meeting.
The minutes of the Annual General Meeting will be posted on Barloworld`s
website, www.barloworld.com in due course.
Sandton
20 January 2005
Sponsor
Cazenove
Date: 20/01/2005 01:30:28 PM
Produced by the JSE SENS Department
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