Annual Financial Statements

Financial Statements for the year ended 31 December 2003

Directors' Approval of Annual Financial Statements

for the year ended 31 December 2003

The directors are responsible for the preparation and integrity of the annual financial statements of the company and the Group and other information included in this report which has been prepared in accordance with South African Statements of Generally Accepted Accounting Practice.
The directors, supported by the audit and compliance committee, are of the opinion, based on the information and explanations given by management and the internal auditors and on comment by the independent auditors on the results of their statutory audit, that the Group's internal accounting controls are adequate, so that the financial records may be relied upon for preparing the financial statements and maintaining accountability for assets and liabilities. The directors believe that the Group's assets are protected and used as intended in all material respects with appropriate authorisation. Nothing has come to the attention of the directors to indicate that any material breakdown in the functioning of these controls, procedures and systems has occurred during the year.
In preparing the financial statements, the Group has used appropriate accounting policies, supported by reasonable and prudent judgements and estimates, and has complied with all applicable accounting standards. The directors are of the opinion that the financial statements fairly present the financial position of the company and the Group at 31 December 2003 and the results of their operations for the year then ended. The directors are also of the opinion that the Group will continue as a going concern in the year ahead.
The independent auditors concur with the above statements by the directors.
The annual financial statements were approved by the board of directors on 20 February 2004 and are signed on their behalf by:


C M L Savage  P H Staude
Chairman  Chief Executive Officer
Tongaat, KwaZulu-Natal         
20 February 2004