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During the financial year, the SA rand strengthened against the US dollar, and the rate demonstrated more stability than in recent prior years, with the currency ending the financial year at R6.39 to the US dollar (2003: R7.91). The weighted average rand/dollar rate improved by 34.6% to R7.06, compared with R9.50 in the prior year and this has enhanced the results of the South African businesses, as reported in US dollars. Currencies in central Europe also strengthened against the US dollar and this has contributed to the improvement in reported results.

Translation differences on non-dollar assets and liabilities are recognised in the statement of total recognised gains and losses. It is not the group’s policy to hedge foreign currency earnings and their translation is made at weighted (by monthly turnover) average rates.

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Picture of Malcolm Wyman - Chief financial officer
Malcolm Wyman
Chief financial officer