Group Five Integrated Annual Report 2014

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FOR THE YEAR ENDED 30 JUNE 2014
154
GROUP FIVE
Integrated annual report 2014
Summary consolidated
annual financial statements
These consolidated annual financial statements comprise a
summary of the audited consolidated annual financial
statements of the group for the year ending 30 June 2014 that
were approved by the board on 5 August 2014.
The summary consolidated annual financial statements are not
the group’s statutory accounts and do not contain all the
disclosures required by International Financial Reporting
Standards. Reading the summary consolidated annual financial
statements, therefore, is not a substitute for reading the audited
consolidated annual financial statements of the group, as they
do not contain sufficient information to allow for a complete
understanding of the results and state of affairs of the group.
The audited consolidated annual financial statements are
available online at or may be obtained from
the company secretary. The annual financial statements have
been audited by the independent accounting firm,
PricewaterhouseCoopers Inc. Their unmodified audit report is
available for inspection at the group’s registered office and their
opinion on these summary consolidated annual financial
statements is on page 153.
BASIS OF PREPARATION
The summary consolidated financial statements are prepared in
accordance with the JSE Limited’s (“JSE”) requirements for
summary financial statements, and the requirements of the
Companies Act applicable to summary financial statements. The
JSE requires summary financial statements to be prepared in
accordance with the framework concepts and the measurement
and recognition requirements of International Financial
Reporting Standards, the SAICA Financial Reporting Guides as
issued by the Accounting Practices Committee and Financial
Pronouncements as issued by the Financial Reporting Standards
Council, and to also, as a minimum, contain the information
required by IAS 34 Interim Financial Reporting. The accounting
policies applied in the preparation of the consolidated financial
statements, from which the summary consolidated financial
statements were derived, are in terms of International Financial
Reporting Standards and are consistent with the accounting
policies applied in the preparation of the previous consolidated
annual financial statements.
The summary consolidated annual financial statements have
been prepared on the historical cost basis, except for certain
items, including derivatives, investment in service concessions
and investment property that are stated at fair value, and are
presented in South African Rand, which is the parent company’s
presentation currency.
The significant accounting policies and methods of computation
are consistent in all material respects with those applied in the
previous period. The summary consolidated annual financial
statements should be read with the full set of annual financial
statements as available on the company’s website.
The financial statements were prepared by the Chief Financial
Officer CA(SA) and approved by the board of directors on
5 August 2014 and are signed on its behalf by:
P (Philisiwe) Mthethwa
Chairperson
MR (Mike) Upton
Chief executive officer
CM (Cristina) Freitas Teixeira
Chief financial officer
5 August 2014