Earnings releases


Audited Results & Final Dividend Declaration for the year ended 31 December 2003


BASIS OF PREPARATION OF THE RESULTS

 

The Group's accounting policies conform with South African Statements of Generally Accepted Accounting Practice. The results for the year ended 31 December 2003 have been prepared on a basis that is consistent with that of the previous year, except for the change detailed below.

The Group has implemented an accounting policy for the recognition of maize purchase commitments that are considered to be constructive obligations. Maize that relates to such a constructive obligation is recognised as inventory, the related liability is recognised as a current liability and to the extent that the final purchase price includes a financing element, this is recognised as interest over the period of the obligation. Comparative figures for the year ended 31 December 2002 have been restated on a consistent basis.