Preparation and results
These half-year ended December 31 results have not been audited or reviewed by the Group’s auditors. The condensed interim consolidated financial statements have been prepared by CAM Bishop (CA)SA, under the supervision of DE Cleasby CA(SA), and were approved by the board of directors on February 19 2019.
The consolidated statement of profit or loss, consolidated statement of cash flows, segmental analysis and related notes have been re-presented as a result of classifying the remaining UK logistics activities, PCL, as a discontinued operation in the 2019 interim period, together with the related notes.
As a result of this disclosure change, the June 30 2018 consolidated statement of profit or loss, consolidated statement of cash flows, segmental analysis and related notes have been described as “unaudited” in the 2019 interim financial statements contained herein.
The adoption of IFRS 9: Financial Instruments and IFRS 15: Revenue from Contracts from Customers, which became effective from July 1 2018, has not had a material impact on the financial position or performance of the Group. No transition adjustments have been processed to retained earnings.
IFRS 16: Leases will be adopted by the Group with effect from July 1 2019. Management’s initial assessment of IFRS 16 is that it will have an impact on the following areas (but not limited to):
- an overall increase in the Group’s total assets, net debt and debt/equity ratio due to the inclusion of the lease liability on statement of financial position;
- higher trading profit due to an element of the operating lease charge being disclosed as a finance charge; and
- higher finance charges and lower trading interest cover levels due to the finance element of the current lease charge being moved to the finance charges line on the statement of profit or loss.
Exchange rates
The following exchange rates were used in the conversion of foreign interests and foreign transactions during the periods:
| December 31 | June 2018 Audited |
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| 2018 Unaudited |
2017 Unaudited |
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| Rand/Sterling | ||||||
| Closing rate | 18,29 | 16,67 | 18,06 | |||
| Average rate | 18,34 | 17,65 | 17,27 | |||
| Rand/Euro | ||||||
| Closing rate | 16,49 | 14,80 | 16,00 | |||
| Average rate | 16,32 | 15,74 | 15,30 | |||
| Rand/Australian dollar | ||||||
| Closing rate | 10,15 | 9,65 | 10,15 | |||
| Average rate | 10,26 | 10,43 | 9,94 | |||