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We Create Stakeholder Value by Building Powerful Industrial Brands

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We Create Stakeholder Value by Building Powerful Industrial Brands 94859 new Barlow (1-25) 11/29/99 12:21 PM Page 1 POWER WeWe createcreate stakeholderstakeholder valuevalue byby buildingbuilding powerfulpowerful industrialindustrial brandsbrands andand long-termlong-term relationshipsrelationships 94859 new Barlow (1-25) 11/29/99 12:21 PM Page 2 CHAIRMAN’S REVIEW BUILDING POWERFUL BRANDS AND LONG-TERM RELATIONSHIPS INTO THE NEW MILLENNIUM 1999 was a difficult year in almost every business segment and in most markets in which Barlow operates. Turnover from continuing operations showed further growth rising 9% to R20 835 million (1998: R19 049 million). Difficult trading conditions and restructuring costs, which will yield benefits in future years, saw operating margins decline and operating profits from continuing operations reduce by 20% to R908 million (1998: R1 136 million). As a result of a substantial decrease in the interest charge and a lower tax rate, earnings per share excluding exceptional items, rose by 3% to 319,7 cents (1998: 309,7 cents). The disposal of non-core businesses, including 26 million of our 50 million shares in Comparex Holdings Limited, resulted in substantial exceptional profits of R875 million (1998: R96 million). Attributable profits increased from R818 million to R1 576 million resulting in a 90% increase in net profit per share to 735,6 cents (1998: 386,8 cents). Shareholder value has been greatly enhanced and the substantial positive cash flow is being reinvested in ongoing operations and used to reduce borrowings. Your board is pleased to announce a final dividend of 100 cents making a total dividend of 141 cents for the year (1998: 124 cents). 2 94859 new Barlow (1-25) 11/29/99 12:21 PM Page 3 NET PROFITS ROSE 93% TO 93% R1 576 MILLION (US$262 MILLION) “Africa outside South Africa remains a land of promise dogged by economic mismanagement, excessive bureaucracy and corruption, intensified civil wars and slow implementation of privatisation programmes. To do business in such conditions you have to be prepared to take on difficult challenges. Barlow is rising to this challenge with a goal of long-term value creation.” The Barlow Group performed Our operations in Africa outside South At the time of writing this report last year well in the face of extremely Africa have also experienced another year we, as did many others, saw signs of the difficult economic conditions in of unfulfilled potential with intensified civil South African economy starting to improve. South Africa unrest and economic mismanagement This improvement was not however affecting many of the key areas where we sustained, and as the months went by, to Although interest rates declined during the are involved. Botswana was again the our great disappointment, the South African second half of the year, even at the time of exception and is an example to this economy declined even further especially in writing, they remain amongst the highest in sub-continent with consistent GDP growth those sectors in which we operate. Our the developed world in real terms. This has of between 5% and 6% in a well- international markets, with Spain and had the effect of strangling the South African managed economy and a stable political Portugal being notable exceptions, also did economy, and current estimates are that environment. not experience growth quite to the extent GDP growth will be less than 1% for the we had expected. 1999 calendar year whilst fixed investment, Looking outside Africa, United Kingdom a key driver for Barlow’s South African manufacturing slowed down in the face of Accepting the inevitability of market interests, will actually decline. This is a the strength of Sterling. This has affected conditions not reaching expectations, we disappointing performance for an economy the lift truck and scientific products took the conscious decision to speed up all which has the potential of being a leader in businesses, and the latter also had to programmes planned for positioning the the world’s emerging economies and which contend with lower international demand group for its medium and long-term future. also carries the added responsibility of for certain of its products as an aftermath of Capital expenditure projects, principally being the economic driving force for African the Asian crisis. aimed at augmenting and upgrading countries south of the equator. manufacturing facilities to world standards Our lift truck business had to bear the high in the Cement, Paint and Steel Tube Regrettably we have witnessed the negative once-off cost of implementing an advanced divisions have now been completed; the impact of this low growth in almost every computer networking system, but it installation of state-of-the-art computer and one of the businesses in which Barlow nevertheless still made an acceptable profit communication systems was accelerated operates in South Africa. Examples include and return. and all value-added programmes at the the worst trading conditions in 11 years in centre supporting group company activities the motor industry, a 7% decline in national The Spanish and Portuguese economies were reviewed. cement demand, a 20% decline in continued their strong growth in excess of decorative coatings demand and, with 3% per annum and, with their Caterpillar The minority shareholders in Finanzauto much lower mining and construction products backed by strong management were acquired and a medium-term facility activity, a collapse in capital equipment and product acceptance, our businesses in of £105 million was negotiated with eight utilisation and demand. that region produced record results. leading international banks. Plans were 3 94859 new Barlow (1-25) 11/29/99 12:22 PM Page 4 Net profit per share (cents) 800 700 600 500 400 300 200 100 0 95 96 97 98 99 made with our key principals to strengthen tighter than anticipated economic conditions, The Barlow Group has extensive business relationships for the future. With many of the group’s capital base and shareholder interests in Spain and Portugal, and our South African and African customers value was nevertheless greatly enhanced consideration will be given as to whether under pressure from the negative through the sale of non-core assets. an additional listing on the growing Madrid economic conditions, we worked closely Stock Exchange could be of advantage to But perhaps what is more important, is with them to give them support during the group. that the groundwork was laid to these difficult times. position Barlows in the medium to long- In recent years the shareholder base has Throughout the group, particular emphasis term to take advantage of improvements increased in the international investment was laid on plans to drive down costs and in the market sectors and countries community to the extent that non-South make the optimum use of capital in every where we operate. African shareholders hold approximately half “The steady expansion of Barlow’s of the company’s stock (excluding the interest of our major shareholder The Old Mutual). geographic footprint sees operations now Key factors influencing this trend are size, established in 31 countries and products liquidity and hence tradeability of the and services being sold in over 90.” Barlows stock. In addition we can be measured by international accounting and corporate governance standards. business unit. The non-core building An expanding international materials and paper businesses were sold shareholder base Shareholder approval is being and the sale of part of the stake in sought for share buybacks Comparex greatly enhanced our capital Barlows has its headquarters and central base and liquidity. management team based in Johannesburg. Following the recent changes to the Our business activities outside South Africa Companies Act and the Johannesburg Stock The international management team was accounted for 61% of operating profit Exchange regulations, the board will be strengthened, to play a key role in the during the year compared with 51% in the asking shareholders to approve a change to development of the Barlow Group previous year – a trend which has the Company’s Articles of Association and worldwide. Reporting structures were increased steadily in recent years permission to acquire up to 10% of the streamlined as we continued to consolidate establishing Barlows as an international issued share capital at the forthcoming our paint and motor activities in Australia industrial group with strong roots in South annual general meeting. Share buybacks, and to establish our capital equipment Africa. The primary stock exchange listing whilst new to South Africa, have been operations in Siberia. Additional is on the Johannesburg Stock Exchange common practice in the United States and, opportunities in the USA and UK have been and, as we are presently structured, I more recently, in the United Kingdom. examined and some acquisitions were would not presently recommend that this be Depending on the circumstances at the time, made. Ways of expanding our international changed. In addition to this primary this can also be effectively used as a cement operations are being considered. Johannesburg Stock Exchange listing the mechanism for enhancing shareholder value. Zimbabwe has been re-entered following company has, since 1969, a secondary an absence of 12 years and expansion into Looking ahead listing on the London Stock Exchange China and India is also being considered. where the shares can be actively traded, Looking at the year 2000 the key external Thus, in a year where our trading prospects as well as listings in Frankfurt, Paris, factors which will influence our level of were being severely hampered by much Brussels, Zurich and Windhoek. growth will be the timing and extent of a 4 94859 new Barlow (1-25) 11/29/99 12:22 PM Page 5 Volume of shares traded as a percentage of total issued shares (%) 70 60 50 40 30 20 10 0 95 96 97 98 99 South African economic recovery and a to open up more job opportunities for the Mr Garth Griffin, I would like to thank them return to stability in other African countries unemployed.
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