Summarised consolidated financial statements
Basis of preparation
The summarised consolidated financial statements for the year ended 31 December 2016 were prepared in accordance with the requirements of the Companies Act of South Africa as applicable to summarised financial statements. These summarised consolidated financial statements have been prepared in accordance with the framework concepts and the measurement and recognition requirements of International Financial Reporting Standards (IFRS) and the SAICA Financial Reporting Guides as issued by the Accounting Practices Committee and Financial Pronouncements as issued by the Financial Reporting Standards Council. It also contains, as a minimum, the information required by IAS 34: Interim Financial Reporting. The accounting policies applied in the preparation of the summarised consolidated financial statements are in terms of IFRS and are consistent with those applied in the previous consolidated annual financial statements.
The summarised consolidated financial statements are presented in rand, which is the group’s functional and presentation currency.
The preparation of financial statements, in conformity with IFRS, requires the use of certain critical accounting estimates. It also requires management to exercise its judgement in the process of applying the accounting policies. The areas involving a higher degree of judgement or complexity, or areas where assumptions and estimates are significant to the financial statements are:
- The assumptions used in impairment tests of carrying values of cash-generating units and intangible assets
- Estimates of useful lives and residual values for intangible assets and property, plant and equipment
- Estimates for share-based payments in terms of IFRS 2
These summarised consolidated financial statements do not include all the information required for full annual financial statements and should be read in conjunction with the consolidated annual financial statements for the year ended 31 December 2016, which have been prepared in accordance with IFRS and the Companies Act of South Africa. Deloitte & Touche has issued an unmodified opinion on the group annual financial statements, which included the material uncertainty relating to the going concern paragraph also found in an ISA 810 opinion issued on this report. A full set of the audited consolidated annual financial statements is available for inspection from the company secretary at the registered office of the company, and has been published on the company’s website.
The summarised consolidated financial statements were prepared under the supervision of Mr D Subramanian, the group’s chief financial officer, CA(SA).