Nature of business

Barloworld Limited (Barloworld or the company) is a registered holding company for a group that is a distributor of leading international brands providing integrated rental, fleet management, product support and logistics solutions. Barloworld comprises businesses that fit the strategic profile above, meet strict performance criteria and demonstrate good growth potential.

Barloworld maintains a primary listing on the main board of the JSE Limited. The company also has secondary listings on the London and Namibia stock exchanges.

The company comprises the following main divisions:

• Equipment (earthmoving and power systems)
• Automotive (car rental, fleet services and motor retail)
• Handling (forklift truck distribution and fleet management)
• Logistics (logistics and supply chain management )

Financial results

The financial results for the year ended 30 September 2009 are set out in detail here of these annual financial statements.

Audit committee report

The report of the audit committee in terms of section 270A (f) of the Companies Act 1973, as amended, for the year ended 30 September 2009 is set out in detail within this website.

Year under review

The year under review is fully covered in the chairman’s, the chief executive’s and the finance director’s reviews.

Share capital

Details of the authorised and issued share capital, together with details of shares issued during the year, appear in note 13 to the annual financial statements.

Dividends

Details of the dividends and distributions declared and paid are shown in note 28 to the annual financial statements.

Disposals

Proposed disposal of Avis Scandinavia

Discussions are continuing with interested parties on the disposal of our Scandinavian car rental operations.

Directors

Biographical notes of the current directors are given within this website. Details of directors’ remuneration, share appreciation rights and options appear here.

Changes in directorate

During the financial year under review, Mr MJN Njeke was appointed to the board as an independent non-executive director. Mr MJ Levett retired from the board.

According to the company’s articles of association, at the forthcoming annual general meeting, Mr MJN Njeke, being a director appointed during the financial year under review, retires and Messrs SAM Baqwa, DB Ntsebeza, OI Shongwe and DG Wilson retire by rotation. All are eligible and have offered themselves for election/re-election.

Company secretary and registered office

The company secretary is Mr Sibani Mngomezulu and his address and that of the registered office are as follows:

Business address	Postal address
180 Katherine Street Sandton South Africa	PO Box 782248 Sandton, 2146 South Africa

Auditors

Deloitte & Touche continued in office as auditors for the company and its subsidiaries.

At the annual general meeting shareholders will be requested to reappoint Deloitte & Touche as auditors of Barloworld Limited and to confirm that Mr AG Waller will be the designated lead audit partner

Insurance

The group has placed cover in the London and South African traditional insurance markets up to €200 million in excess of R15 million. Group captive insurers provide cover for losses that may occur below the R15 million level, retaining R30 million in the aggregate.

Subsidiary companies

Details of principal subsidiary companies appear here of the annual financial statements

International Financial Reporting Standards (IFRS)

The company’s financial statements were prepared in accordance with International Financial Reporting Standards.

Going concern

The directors consider that the company has adequate resources to continue operating for the foreseeable future and that it is therefore appropriate to adopt the going-concern basis in preparing the company’s financial statements. The directors have satisfied themselves that the company is in a sound financial position and that it has access to sufficient borrowing facilities to meet its foreseeable cash requirements.

Major shareholders

Shareholders holding beneficially, directly or indirectly, in excess of 5% of the issued share capital of the company are detailed within this online annual report.

Events subsequent to the balance sheet date

No other material events have occurred between the date of these financial statements and the date of approval, the knowledge of which would affect the ability of the users of these statements to make proper evaluations and decisions.