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BAW
BAW
Barloworld Limited - Chairman"s Statement
Barloworld Limited
(Registration number 1918/000095/06)
JSE code: BAW
NSX Code: BWL
ISIN code: ZAE000026639
("Barloworld")
Proceedings at the Barloworld AGM
Chairman"s Statement
The Chairman of Barloworld, Mr WAM Clewlow made the following statement at the
eighty-ninth annual general meeting of members ("AGM"):
"In southern Africa, cement demand during the first quarter of the financial
year has exceeded expectations and this division will continue to contribute
positively to the group. Increased volumes in the equipment division will,
however, be offset by negative currency effects if the rand remains at current
levels. The motor division continues to benefit from strong trading conditions
in the retail operations, although the car rental business is being negatively
affected by weaker rental rates. The coatings business continues to perform
well.
Our equipment business in Iberia continues to operate at high levels of
activity, and our car rental operations in Scandinavia, boosted by the recent
acquisition of the Avis and Budget franchises in Denmark, are performing
satisfactorily. While the industrial distribution business in the US is showing
some of the benefits of the changes made in 2005, trading conditions in the UK
have weakened and further restructuring is being undertaken in this region. The
benefits of the restructuring initiatives taken last year in the scientific
businesses are being realised with significant cost savings achieved.
Fixed capital formation in South Africa remains key to the outlook for the
group, with details of the government"s Accelerated and Shared Growth Initiative
due to be released soon. The combination of the proposed R370 billion of public-
sector infrastructure spending and steadily improving business confidence should
ensure a significant improvement in the low levels of investment in
infrastructure that has characterised the economy since the early-eighties.
Looking at the prospects for this year, in my Chairman"s statement in our 2005
Annual Report I said:
"After taking relevant factors into account, including the economic prospects of
the industries and countries where we operate, existing forward order books,
market share prospects, competitive activities and our operating and management
skills, I believe we can look ahead to further positive growth in the year that
lies ahead."
I am pleased to report that this view is unchanged.
I also stated that certain interests no longer fit the future group profile and
will be disposed of or prepared for disposal when appropriate, and we are making
progress in this regard.
I would sincerely like to thank Louise Tager, who has reached the mandatory
retirement age, for her valuable contribution to the board over the past 13
years. The board has appointed Sibongile Mkhabela as an independent non-
executive director of the company with effect from 27 January 2006, and I would
like to officially welcome her and look forward to her contribution to the
company."
Results of the AGM
All the resolutions proposed at the AGM, including the special resolution
authorising the directors of Barloworld to repurchase shares were passed with
the requisite majorities.
The special resolution will be lodged for registration with CIPRO in due course.
Sandton
26 January 2006
Sponsor
J.P.Morgan Equities Limited
Date: 26/01/2006 01:57:16 PM Produced by the JSE SENS Department
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