Directors' responsibility and approval

The directors of Barloworld Limited (the company) have the pleasure of presenting the consolidated (Barloworld Limited and its subsidiaries also referred to as the group) and company financial statements for the year ended 30 September 2018.

In terms of the South African Companies Act 71 of 2008 (as amended) the directors are required to prepare the consolidated and company financial statements that fairly present the state of affairs and business of the group and company at the end of the financial year, and of the profit or loss for that year. To achieve the highest standards of financial reporting, these financial statements have been drawn up to comply with International Financial Reporting Standards (IFRS) and interpretations of IFRS standards, as issued by the International Accounting Standards Board, the SAICA Financial Reporting Guides as issued by the Accounting Practices Committee and Financial Reporting Pronouncements as issued by the Financial Reporting Standards Council and the Companies Act.

The reports by the chairman, the chief executive, the finance director and the detailed operational reports discuss the results of operations for the year and those matters which are material for an appreciation of the state of affairs and business of the company and of the Barloworld group.

On the recommendation by the audit committee, the directors considered and are satisfied that the internal controls, systems and procedures in operation provide reasonable assurance that all assets are safeguarded, that transactions are properly executed and recorded, and that the possibility of material loss or misstatement is minimised. The directors have reviewed the appropriateness of the accounting policies, and concluded that estimates and judgements are prudent. They are of the opinion that the financial statements fairly present in all material respects the state of affairs and business of the group and company at 30 September 2018 and of the profit for the year to that date. The external auditors, who have unrestricted access to all records and information, as well as to the audit committee, concur with this statement.

In addition, the directors have also reviewed the cash flow forecast for the year to 30 September 2019 and believe that the Barloworld group and company have adequate resources to continue in operation for the foreseeable future. Accordingly, the financial statements have been prepared on a going concern basis.

The financial statements were approved by the board of directors and were signed on its behalf by:

DB Ntsebeza
Chairman

DM Sewela
Chief executive

DG Wilson
Finance director

Sandton
16 November 2018