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for the year ended 30 June 2007 vir die jaar geëindig 30 Junie 2007 (b) Estimated uncertainty (b) Geraamde onsekerheid The key assumptions concerning the future and other key sources of estimation uncertainty at the balance sheet date that have a signifi cant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next fi nancial year are discussed below. Notes to the Financial Statements Aantekeninge by die Finansiële State Property plant and equipment (PP&E) Eiendom, aanleg en toerusting (EA&T) The carrying values of PP&E are based on management estimates of the useful lives and residual values. These estimates are based on product life cycles and assessments by engineering and other specialist staff. Die belangrikste aannames betreffende die toekoms en ander belangrike bronne van ramingsonsekerheid op die balansstaatdatum wat ’n betekenisvolle risiko inhou dat dit in die volgende fi nansiële jaar wesenlike aanpassing van die drawaardes van bates en laste kan veroorsaak, word hieronder bespreek. Die drawaarde van EA&T word gebaseer op bestuur se ramings van die bruikbare lewe en reswaardes. Sulke ramings is afhanklik van produklewensiklusse en van evaluerings deur ingenieurs- en ander spesialispersoneel. 2.4 Summary of signifi cant accounting policies 2.4 Opsomming van belangrike rekeningkundige beleid (a) Foreign currency transactions (a) Transaksies in buitelandse valuta Transactions in foreign currencies are translated at the foreign exchange rate ruling at the date of the transac- Transaksies in buitelandse valuta word omgeskakel teen die heersende wisselkoers op die datum van die tion. Monetary assets and liabilities denominated in foreign currencies at the balance sheet date are trans- transaksie. Monetêre bates en laste in buitelandse valuta op die datum van die balansstaat word in rand lated to rand at the foreign exchange rate ruling at that date. omgesit teen die heersende wisselkoers op daardie datum. Foreign exchange differences arising on translation are recognised in the income statement. Non-monetary assets and liabilities that are measured in terms of historical cost in a foreign currency are translated using the exchange rate at the date of the transaction. Valutaverskille by omskakeling word in die inkomstestaat erken. Nie-monetêre bates en laste wat ingevolge historiese koste in buitelandse valuta gemeet word, word teen die wisselkoers op die datum van die transaksie omgeskakel. (b) Financial statements of foreign operations (b) Finansiële state van buitelandse ondernemings The assets and liabilities of foreign operations, including goodwill and fair value adjustments arising on consolidation, are translated to rand at foreign exchange rates ruling at the balance sheet date. The revenues and expenses of foreign operations are translated to rand at rates approximating the foreign exchange rates ruling at the dates of the transaction. Die bates en laste van buitelandse ondernemings, wat positiewe klandisiewaarde en billikewaarde-aanpassings by konsolidasie insluit, word in rand omgeskakel teen wisselkoerse wat op die balansstaatdatum geld. Die inkomste en uitgawes van buitelandse ondernemings word in rand omgesit teen wisselkoerse wat by benadering dieselfde is as die wisselkoerse op die datum van die transaksie. Annual Report/Jaarverslag 2007 Page/Bladsy 45
Notes to the Financial Statements Aantekeninge by die Finansiële State for the year ended 30 June 2007 vir die jaar geëindig 30 Junie 2007 (c) Derivative fi nancial instruments (c) Afgeleide fi nansiële instrumente The Group uses derivative fi nancial instruments to hedge its exposure to foreign exchange and interest rate risks arising from operational, fi nancing and investment activities. In accordance with its treasury policy, the Group does not hold or issue derivative fi nancial instruments for trading purposes. Derivative fi nancial instruments are recognised initially at fair value. Subsequent to initial recognition, derivative fi nancial instruments are remeasured at fair value. The gain or loss on remeasurement to fair value is recognised immediately in the income statement. The fair value of interest rate swaps is the estimated amount that the Group would receive or pay to terminate the swap at the balance sheet date, taking into account current interest rates and the current creditworthiness of the swap counterparties. The fair value of forward exchange contracts is their quoted market price at the balance sheet date, being the present value of the quoted forward price, for contracts with similar maturity profi les. (d) Property, plant and equipment (d) Eiendom, aanleg en toerusting (i) Owned assets (i) Eie bates Plant and equipment are stated at cost, excluding the costs of day-to-day servicing, less accumulated depreciation and accumulated impairment value. Such cost includes the cost of replacing part of such plant and equipment when that cost is incurred if the recognition criteria are met. When each major service and/or inspection is performed, its cost is recognised in the carrying amount of the plant and equipment as a replacement if the recognition criteria are satisfi ed. All buildings are measured at cost less accumulated depreciation and accumulated impairment. The carrying values of plant and equipment are reviewed for impairment when events or changes in circumstances indicate that the carrying value may not be recoverable. An impairment loss is recognised in the income statement whenever the carrying amount of an asset exceeds its recoverable amount. An item of property, plant and equipment is derecognised upon disposal or when no future economic benefi ts are expected from its use or disposal. Any gain or loss arising on derecognising of the asset (calculated as the difference between the net disposal proceeds and the carrying amount of the asset) is included in the income statement in the year in which the asset is derecognised. The asset’s residual values, useful lives and depreciation methods are reviewed, and adjusted if appropriate, at each fi nancial year-end. Annual Report/Jaarverslag 2007 Page/Bladsy 46 Die Groep gebruik afgeleide fi nansiële instrumente om sy blootstelling aan wissel- en rentekoersrisiko’s wat uit bedryfs-, fi nansierings- en beleggingsaktiwiteite voortspruit, te verskans. In ooreenstemming met die Groep se tesouriebeleid word geen afgeleide fi nansiële instrumente vir handelsdoeleindes gehou of uitgereik nie. Afgeleide fi nansiële instrumente word aanvanklik teen billike waarde erken. Na aanvanklike erkenning word afgeleide fi nansiële instrumente teen billike waarde aangegee. Die wins of verlies by die hermeting van billike waarde word onmiddellik in die inkomstestaat erken. Die billike waarde van rentekoersruiltransaksies is die geraamde bedrag wat die Groep sou ontvang of betaal om die ruiltransaksie op die balansstaatdatum te beëindig as huidige rentekoerse en die huidige kredietwaardigheid van die teenpartye in die ruiltransaksie in ag geneem word. Die billike waarde van valutatermynkontrakte is die gekwoteerde prys op die balansstaatdatum, naamlik die huidige waarde van die gekwoteerde termynprys, vir kontrakte met ’n ooreenstemmende vervalprofi el. Aanleg en toerusting word teen kosprys getoon, met uitsluiting van die koste van daaglikse versiening, min opgelope depresiasie en opgelope waardedaling. Die koste sluit die vervangingskoste van ’n deel van die aanleg en toerusting in wanneer sodanige koste aangegaan word indien daar aan die erkennings kriteria voldoen word. Met elke belangrike versiening en/of inspeksie word die koste daarvan in die drabedrag van aanleg en toerusting erken as ’n vervanging indien daar aan die erkenningskriteria voldoen word. Alle geboue word teen kosprys min opgehoopte depresiasie en opgehoopte waardedaling gemeet. Drawaardes van aanleg en toerusting word vir waardedaling hersien wanneer gebeure of veranderinge in omstandighede daarop dui dat die drawaarde moontlik nie verhaalbaar is nie. ’n Waardedalingsverlies word in die inkomstestaat erken wanneer die bate se drawaarde sy verhaalbare waarde oorskry. ’n Item van eiendom, aanleg en toerusting word ontken wanneer dit vervreem word, of wanneer geen toekoms tige ekonomiese voordele uit die gebruik of vervreemding daarvan verwag word nie. Enige wins of verlies by die ontkenning van die bate (bereken as die verskil tussen die netto wegdoe n ingsopbrengs en die drabedrag van die bate) word in die inkomstestaat aangetoon in die jaar waarin die bate ontken word. Die bate se reswaardes, nuttige lewensduur en depresiasiemetodes word teen elke fi nansiële jaareinde hersien en aangepas indien nodig.
Page 2 and 3: Ons Kommunikasie KULTUURDRYWERS Geh
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