FINANCIALS

TRENCOR LIMITED AND SUBSIDIARIES
ANNUAL FINANCIAL STATEMENTS

RESPONSIBILITY FOR ANNUAL FINANCIAL STATEMENTS
The board of directors is responsible for the preparation of financial statements, on a consistent basis and supported by reasonable and prudent judgements and estimates, that fairly present the state of affairs of the company and of the group in accordance with South African Statements of Generally Accepted Accounting Practice, the South African Companies Act and the Listings Requirements of the JSE Securities Exchange South Africa.

The board is satisfied that adequate internal accounting controls and systems are maintained, aimed at providing reasonable assurance that assets are adequately safeguarded, based on established policies and procedures implemented by competent personnel who are required to maintain the highest ethical standards at all times.

GOING CONCERN STATEMENT
The annual financial statements of the company and of the group for the year ended 31 December 2004 are prepared on the going concern basis. In the opinion of the directors, the company and the group will continue as a going concern for the foreseeable future.

BOARD APPROVAL
The annual financial statements and group annual financial statements for the year ended 31 December 2004, which have been approved by the board of directors, are attached:

• Directors' report
• Balance sheets
• Income statements
• Statements of changes in shareholders' equity
• Cash flow statements
• Notes to the financial statements

Signed on behalf of the board

N I JOWELL CHAIRMAN CAPE TOWN  24 MARCH 2005		E OBLOWITZ DIRECTOR