INTEGRATED ANNUAL REPORT 2011 GRI RESPONSES  

Director’s responsibility and approval

The directors of Barloworld Limited have pleasure in presenting the consolidated annual financial statements for the year ended 30 September 2011.

In terms of the South African Companies Act, 2008 the directors are required to prepare the consolidated annual financial statements that fairly present the state of affairs and business of the group 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 annual financial statements have been drawn up to comply with International Financial Reporting Standards.

The annual financial statements comprise:

the consolidated statement of financial position
the consolidated income statement
the consolidated statement of comprehensive income;
the consolidated statement of cash flows
consolidated statement of changes in equity
a consolidated seven-year summary of statements of financial position, income statements, statements of cash flows, as well as statistics in respect of ordinary share performance, profitability and asset management, liquidity and leverage, and a summary in other currencies see www.barloworld.com;
the statement of total value added
segmental analyses;
notes; and
accounting policies

The reviews 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.

Supported by the audit committee, the directors 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 annual financial statements fairly present in all material respects the state of affairs and business of the group at 30 September 2011 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 2012 and believe that the Barloworld group has adequate resources to continue in operation for the foreseeable future. Accordingly, the annual financial statements have been prepared on a going-concern basis and the external auditors concur.

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

DB Ntsebeza
Chairman

CB Thomson
Chief executive

DG Wilson
Finance director

Sandton

14 November 2011