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| INTRODUCTION TO THE FINANCIAL STATEMENTS |
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| ACCOUNTING POLICIES |
The group financial statements for the year ended 31 March 2006 are prepared in accordance with International Financial Reporting Standards (IFRS), on
the going-concern principle, using the historical cost basis, except where otherwise indicated.
In terms of IFRS as well as international trends, unrealised gains as well as unrealised losses are recognised in the period during which these arise.
Luxembourg Law, following the European Union law, does not permit the recognition of such unrealised gains. Accordingly, unrealised gains have
only been recognised on consolidation, and not in the holding company.
The directors are of the view that the group financial statements, prepared in accordance with IFRS, represent more appropriately the financial
position of the group and the results of its operations and cash flows and have, accordingly, adopted IFRS for the group.
The accounting policies are consistent with those applied in the previous year. |
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| SUPPLEMENTARY INFORMATION |
| Presentation currency |
| The group statements as at 31 March 2006 have been prepared using the US Dollar as the presentation currency and are consistent with the previous
financial year. The presentation currency and the functional currency of Brait SA are the same. |
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| Supplementary Rand information |
| The results of the group have also been presented in Rand for the convenience of South African stakeholders in the group using IFRS interpretation
SIC 30. The supplementary Rand results have been converted from the USD measurement results using the closing rate for the balance sheet and
the average rate for the income statement. |
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| Currency conversion guide |
| The approximate US Dollar cost of a unit of the following currencies at 31 March 2006 was: |
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2006 |
2005 |
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| Rand |
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| – closing rate |
0,1619 |
0,1603 |
| – average rate |
0,1563 |
0,1600 |
| Sterling – closing |
0,5339 |
1,8905 |
| Euro – closing |
0,7827 |
1,2964 |
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| The approximate Rand cost of a unit of the following currencies at 31 March 2006 was: |
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2006 |
2005 |
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| US Dollar |
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| – closing rate |
6,1765 |
6,2395 |
| – average rate |
6,3979 |
6,2503 |
| Sterling – closing |
10,7181 |
11,7955 |
| Euro – closing |
7,4738 |
8,0858 |
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