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  • Comprehensive
    Income
  • Statement of
    Financial Position
  • Statement of
    Cash Flows
  • Statement of
    Changes in Equity
  • Segmental
    Analysis
  • Supplementary
    Information
  • Notes
  • Commentary

Notes

Accounting policies
1.1

These interim financial results for the six months ended 29 February 2012 have been prepared in compliance with International Financial Reporting Standards (“IFRS”), the AC 500 Standards as issued by SAICA, the disclosure requirements of IAS 34,the South African Companies Act (71 of 2008, as amended) and have been consistently applied with those adopted for the year ended 31 August 2011.

The information contained in the interim report has neither been audited nor reviewed by the group’s external auditors. These condensed financial statements have been prepared under the supervision of M Fleming CA(SA), the Chief Financial Officer of the group.

1.2

The statement of comprehensive income as at 28 February 2011 and 31 August 2011 have been restated for the reclassification of income and expenses between turnover, cost of sales, other income and other operating expenses. This has resulted in an increase in cost of sales in Clicks of R13.4 million (28 February 2011) and R49.9 million (31 August 2011) with a corresponding increase in other income. Within UPD turnover has increased by R29.2 million (28 February 2011) and R82.9 million (31 August 2011) with a corresponding increase in other operating expenses. The inter-segmental elimination increased by R13.4 million (28 February 2011) and R49.9 million (31 August 2011) relating to turnover and cost of sales with a corresponding increase in the elimination relating to other income and other operating expenses of a similar amount. There has been no impact on profit, statement of financial position, statement of changes in equity or statement of cash flows.