BASIS OF ACCOUNTING
The reviewed provisional Group financial results have been prepared in accordance with International Financial Reporting Standards, IFRIC interpretations, the Listings Requirements of the JSE Limited, South African Companies Act, 2008 and the presentation and disclosure requirements of IAS 34: Interim Reporting.
The accounting policies applied in the preparation of these provisional Group financial results are in terms of International Financial Reporting Standards and are consistent with those used in the annual financial statements for the year ended 30 June 2017.
The provisional Group financial results have been reported in Rand millions in the current year to augment effective financial analysis. This has changed from the previous year where the financial results were reported in Rand billions.
These provisional Group financial results have been prepared under the supervision of the Deputy Group Chief executive, MG Attridge CA(SA) and approved by the Board of Directors.
These results have been reviewed by Aspen’s auditors, PricewaterhouseCoopers Inc. Their unmodified review conclusion is available for inspection at the Company’s registered office. Any reference to future financial performance included in this announcement, has not been reviewed or reported on by the Company’s auditors.
The illustrative constant exchange rate report on selected financial data has been derived from the audited financial information and has been reported on by Aspen’s auditors in an assurance report which is available for inspection at the Company’s registered office. This information has been prepared for illustrative purposes only and is the responsibility of the Group’s Board of Directors.
Post year end Aspen concluded an agreement to divest of its Nutritionals Business to the Lactalis Group, a leading multinational dairy corporation based in Laval, France, for a fully funded cash consideration of EUR739,8 million/R12,9 billion (translated at ZAR17,4 EUR). This transaction includes all assets and liabilities included in the Nutritionals segment.