The consolidated financial statements present the financial record for the years ended 31 March 2004 and 31 March 2003. The subsidiary and associated undertakings in the group operate in the local currency of the country in which they are based.
From a functional perspective, the group regards these operations as being US dollar-based as the transactions of these entities are, insofar, as is possible, evaluated in US dollars. In management accounting terms all companies report in US dollars.
The directors of the company regard the US dollar as the functional currency of the group, being the most representative currency of its operations. Therefore the consolidated financial statements are presented in US dollars. The exchange rates of rand to US dollar used in preparing the consolidated financial statements were as follows:
|Year ended 31 March 2003
|Year ended 31 March 2004
The weighted average exchange rates have been calculated based on an average of the exchange rates during the relevant year and weighted according to the turnover of the group’s businesses.
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