Accounting Policies
for the year ended 30 June 2006

Primedia Limited is the holding company of the Primedia group (“the group”) and is domiciled in the Republic of South Africa. These financial statements are presented in South African Rands, the currency of the primary economic environment in which the group operates, rounded to the nearest thousand, unless otherwise stated.

BASIS OF PREPARATION

1.   STATEMENT OF COMPLIANCE

The financial statements are prepared on a going concern basis, in accordance with International Financial Reporting Standards (“IFRS”) and interpretations of those Standards, as adopted by the International Accounting Standards Board (“IASB”). These are the group’s first consolidated financial statements under IFRS. An explanation of how the transition to IFRS has affected the reported financial position and the financial performance of the group is provided in note 35.

The financial statements are prepared using the historical cost convention, except for certain financial instruments that are stated at fair value.

2.   RECOGNITION OF ASSETS AND LIABILITIES

Assets are only recognised if it is probable that future economic benefits associated with the asset will flow to the group and the cost or fair value can be measured reliably.

Liabilities are only recognised if it is probable that an outflow of resources embodying economic benefits will result from the settlement of a present obligation and the amount at which the settlement will take place can be measured reliably.

Where a legally enforceable right of offset exists for recognised assets and liabilities and there is an intention to settle the liability and realise the asset simultaneously, or to settle on a net basis, all related financial effects are offset. Otherwise, unless specifically permitted by an accounting standard, assets and liabilities are not offset.

The principal accounting policies adopted in the preparation of the financial statements are set out below and have been consistently applied throughout the group other than as disclosed in note 35.

3.   BASIS OF CONSOLIDATION

3.1   Business combinations

The acquisition of subsidiaries is accounted for using the purchase method. The cost of acquisition is measured at the aggregate of the fair values, at the date of exchange, of assets given, liabilities incurred or assumed, and equity instruments issued by the group in exchange for control of the acquiree, plus any costs directly attributable to the business combination. The acquiree’s identifiable assets, liabilities and contingent liabilities that meet the conditions for recognition under IFRS 3 are recognised at their fair value at the date of acquisition.

3.2   Interests in subsidiaries

The consolidated financial statements incorporate the assets, liabilities, income, expenses and cash flows of the group and all entities controlled by the group (including special purpose entities). Control is achieved where the company has the power to govern the financial and operating policies of an entity so as to obtain benefits from its activities. In assessing control, potential voting rights that are presently exercisable or convertible are taken into account.

The results of subsidiaries acquired or disposed of during the year are included in the consolidated income statement from the date of acquisition or up to the date of disposal.

Inter-company transactions and balances between group entities are eliminated on consolidation.

As the company controls The Primedia Share Trust and the Kfm 94.5 Staff Share Trust, these entities have been consolidated into the group financial statements.

The minority interest in the net assets of consolidated subsidiaries is shown separately from the group equity. It consists of the amount of those interests at acquisition plus the minorities’ subsequent share of changes in equity of the subsidiary. On acquisition, the minorities’ interest is measured at the proportion of the pre-acquisition fair value of identifiable assets and liabilities acquired. Losses applicable to minorities in excess of their interests in the subsidiaries’ equity are allocated against the group’s interest, except to the extent that the minorities have a binding obligation and the financial ability to cover losses.

3.3   Investment in jointly controlled entities

Jointly controlled entities are those entities over which the group has joint control through a contractual arrangement with one or more other parties.

Jointly controlled entities are included in the consolidated financial statements using the proportionate consolidation method, whereby the group’s share of the assets, liabilities, income, expenses and cash flows are combined on a line-by-line basis with similar items in the consolidated financial statements.

Investments in jointly controlled entities are proportionately consolidated from the date on which the group has the power to exercise joint control up to the date on which the power to exercise joint control ceases.

The group’s proportionate share of all significant inter-company transactions, balances and resulting unrealised profits and losses are eliminated on consolidation.

3.4   Investments in associated companies

Associated companies are those entities over which the group is in a position to exercise significant influence, but not control, through participation in their financial and operating policy decisions.

The results, assets and liabilities of associates are incorporated in the consolidated financial statements using the equity method of accounting (except when the investment is classified as held-for-sale, in which case it is accounted for as non-current asset held for sale (see accounting policy note 10 below). Interests in associates are carried in the balance sheet at cost adjusted thereafter for post-acquisition changes in the group’s share of the net assets of the associate, less any impairment in the value of individual investments. When the group’s share of losses in associates equals or exceeds its interest in associates, the group does not recognise further losses unless the group has a contractual obligation in respect of those associates.

Investments in associated companies are incorporated in the consolidated financial statements from the date on which the group has the power to exercise significant influence up to the date on which the power to exercise significant influence ceases.

Where a group entity transacts with an associate of the group, unrealised profits and losses are eliminated to the extent of the group's interest in the relevant associate.

Investments in subsidiaries, associates and joint ventures in the separate financial statements presented by the company are recognised at cost less impairment losses, if any.

4.   PROPERTY, PLANT AND EQUIPMENT

Property, plant and equipment are stated at cost less accumulated depreciation and impairment losses. Costs incurred in the construction of advertising structures are capitalised up to the date of commissioning. Cost includes the estimated cost of dismantling and removing the assets and site rehabilitation costs to the extent that they relate to the self-constructed advertising structures.

The group recognises in the carrying amount of property, equipment and vehicles, the replacement cost of parts which meet the asset definition set out in note 2 above. All other costs are recognised in the income statement as repairs and maintenance expenditure when incurred.

With the exception of land, all property, plant and equipment are depreciated on a straight-line basis at rates estimated to write each asset down to residual value over the term of its useful life. Land is not depreciated.

Where significant parts of an item have different useful lives to the item itself, these parts are depreciated over their estimated useful lives. The methods of depreciation, useful lives and residual values are reviewed annually, with changes accounted for prospectively as a change in accounting estimate. If the expected residual value of an asset is equal to or greater than its carrying value, depreciation on that asset ceases and is resumed when the

expected residual value falls below the asset’s carrying value. The estimated useful lives of depreciable property, plant and equipment are as follows:

Assets held under finance leases are depreciated over their expected useful lives on the same basis as owned assets or, where shorter, the term of the relevant lease.

The gain or loss on the disposal or scrapping of property, plant and equipment is recognised in profit and loss.

5.   LEASED ASSETS

Leases are classified as finance leases where the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee. All other leases are classified as operating leases.

Assets held under finance leases are capitalised as property, plant and equipment, at their cash equivalent cost. The corresponding liability is included in the balance sheet as a finance lease obligation. The cash equivalent cost is the lower of the fair value of the asset and the present value of the minimum lease payments at inception of the lease.

Lease payments are apportioned between finance charges and reduction of the lease obligation, so as to achieve a constant rate of interest on the remaining balance of the liability. Finance charges are charged to profit and loss.

Rentals in respect of operating leases with fixed escalations are recognised as an expense on a straight- line basis over the term of the lease so as to account for the time pattern of the lessee’s benefit.

6.   INTANGIBLE ASSETS

An intangible asset is an identifiable non-monetary asset without physical substance. It includes tradenames, copyrights and trademarks and capitalised software purchased, installation and development costs.

Intangible assets are measured initially at cost, if acquired separately or generated internally, or at fair value if acquired as part of a business combination. If assessed as having an indefinite useful life, an intangible asset is not amortised but is tested for impairment annually and impaired if necessary. If assessed as having a finite useful life, it is amortised over its estimated useful life on a straight-line basis. The estimated useful lives and residual values of intangible assets are reviewed on an annual basis. Impairment losses are recognised as an expense in the income statement.

The estimated useful lives of intangible assets are as follows:

7.   GOODWILL

Goodwill represents the future economic benefits arising from assets that are not capable of being individually identified and separately recognised in a business combination. It is determined as the excess of the cost of acquisition over the group’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the subsidiary, associated or jointly controlled entity, recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less any accumulated impairment losses.

Up to 30 June 2004, goodwill is stated at cost less accumulated amortisation and impairment. With effect from 1 July 2004 and in respect of business combinations concluded after 31 March 2004, goodwill is not amortised but is subject to an annual impairment test. Accumulated amortisation written off in previous years is not reversed.

The profit or loss realised on disposal or termination of an entity is calculated after taking into account the carrying value of any related goodwill.

To the extent that the fair value of the net identifiable assets of the entity acquired exceeds the cost of acquisitions, the excess is recognised in the income statement at the acquisition date.

8.   IMPAIRMENT OF ASSETS

The group’s assets are reviewed bi-annually or whenever events or changes in circumstances indicate that their carrying value may not be recoverable, to determine whether there is any indication of impairment. An annual impairment test is performed on all goodwill and intangible assets with indefinite useful lives.

The impairment amount recognised in the income statement is the excess of the carrying value over the recoverable amount. Recoverable amounts are estimated for individual assets or where an individual asset cannot generate cash flows independently, the recoverable amount is determined for the larger cash generating unit to which the asset belongs. The recoverable amount is the greater of fair value less cost of disposal and the value of the asset in use. In assessing its value in use, the estimated future pre-tax cash flows of an asset are

discounted to their present value using an appropriate pre-tax discount rate that reflects the current market assessment of the time value of money and the risk specific to the asset.

With the exception of goodwill, a previously recognised impairment will be reversed insofar as an estimate changes as a result of any event occurring after the impairment was recognised. An impairment is reversed only to the extent that the asset’s carrying amount does not exceed the carrying amount that would have been determined had no impairment been recognised. A reversal of an impairment is recognised in the income statement.

After the recognition of an impairment loss, any depreciation or amortisation charge for the asset is adjusted for future periods to allocate the asset’s revised carrying value, less estimated residual value, on a systematic basis, over its remaining useful life.

9.   DEFERRED TAX ASSETS AND LIABILITIES

Deferred tax is recognised, using the balance sheet liability method, on temporary differences arising between the carrying amount of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax is calculated at the tax rates that are expected to apply to the period when the asset is realised or the liability is settled.

A deferred tax asset represents the amount of income taxes recoverable in future periods in respect of deductible temporary differences, the carry forward of unused tax losses and the carry forward of unused tax credits (including unused credits for secondary tax on dividends). Deferred tax assets are only recognised to the extent that it is probable that taxable profits will be available against which deductible temporary differences can be utilised.

A deferred tax liability represents the amount of income taxes payable in future periods in respect of taxable temporary differences. Deferred tax liabilities are recognised for taxable temporary differences, unless specifically exempt.

Deferred tax assets and liabilities are not recognised if the temporary difference arises from goodwill, negative goodwill or the acquisition of an asset which does not affect either taxable or accounting income.

Deferred tax liabilities are recognised for taxable temporary differences arising on investments in subsidiaries and associates, except where the group is able to control the reversal of the temporary differences and it is probable that the temporary differences will not reverse in the foreseeable future.

The carrying amount of deferred tax assets is reviewed at each balance sheet date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.

10.   NON-CURRENT ASSETS HELD FOR SALE

Non-current assets are classified as held for sale if their carrying value will be recovered principally through a sale rather than continuing use. This condition is regarded as met only when the sale is highly probable, the asset is available for immediate sale in its present condition (subject to the usual and customary terms) and it is probable that the transfer will qualify for recognition as a completed sale within one year from classification.

Immediately prior to being classified as held for sale, the carrying amount of assets and liabilities are measured in accordance with the applicable standard. After classification as held for sale, it is measured at the lower of carrying value and fair value less costs to sell. A gain for any subsequent increase in fair value less costs to sell is recognised in profit or loss to the extent that it is not in excess of the cumulative impairment loss previously recognised.

Non-current assets that are classified as held for sale are not depreciated.

11.   INVENTORIES

Inventories are valued at the lower of cost and net realisable value. Cost is determined using the first-in-first-out basis or weighted average method for certain classes of inventory and includes all costs of purchase and conversion and other costs incurred in bringing the inventory to its present location and condition. All damaged or sub-standard materials and obsolete, redundant or slow moving inventories are written down to their net realisable value.

Net realisable value represents the estimated selling price less all estimated costs to be incurred in marketing, selling and distribution.

12.   FINANCIAL INSTRUMENTS

Financial instruments are recognised when the group becomes a party to the contractual provisions of the instrument. Financial assets and liabilities as a result of firm commitments are only recognised when one of the parties has performed under the contract.

The fair value of financial instruments traded in an organised market is measured at the applicable quoted prices. The fair value of financial instruments not traded in an organised market is determined using a variety of methods and assumptions that are based on market conditions and risks existing at balance sheet date, including independent appraisals and discounted cash flow models.

12.1    Financial assets

Financial assets include cash, equity instruments of other entities, a contractual right to receive cash or another financial asset from another entity or to exchange financial assets or financial liabilities with another entity under conditions that are potentially favourable to the entity.

Trade and other receivables

Trade and other receivables are stated at their fair value and are subsequently measured at amortised cost, using the effective interest rate method. These are reduced by appropriate allowances for estimated irrecoverable amounts based on estimated future cash flows.

Investments

Investments in securities are recognised and derecognised on a trade date basis and are initially measured at fair value. At subsequent reporting dates, where the group has the intention and ability to hold the investments to maturity, the investments are measured at amortised cost, using the effective interest rate method less any provision for impairment losses recognised to reflect any irrecoverable amounts.

Held for trading investments are classified as financial assets and are carried at fair value with any gains or losses being recognised in profit or loss. Fair value, for this purpose is market value if the investment is listed or a value arrived at by using appropriate valuation models if the investment is unlisted.

Other investments, classified as available for sale financial assets are carried at fair value with any gains or losses being recognised directly in equity.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand, demand deposits and other short-term liquid investments that are readily convertible to cash. These are measured at fair value, based on the relevant exchange rates at balance sheet date, with changes in fair value being included in profit or loss.

De-recognition

Financial assets are de-recognised when the group’s right to the cash flows expires or when the group transfers substantially all the risks and rewards related to the financial asset or when the group loses control of the financial asset. On de-recognition, the difference between the carrying amount of the financial asset and the proceeds receivable and any prior adjustment to reflect fair value that had been reported in equity are recognised in the income statement.

12.2   Financial liabilities

A financial liability is a contractual obligation to deliver cash or another financial asset to another entity or to exchange financial assets or financial liabilities with another entity under conditions that are potentially unfavourable to the entity.

The group’s principal financial liabilities are interest-bearing debt and trade and other payables.

Interest-bearing debt

These include bank loans and overdrafts, finance leases and other secured or unsecured obligations, which are initially measured at fair value and are subsequently recognised at amortised cost.

Finance costs are recognised on an accrual basis in the income statement using the effective interest method and added to the carrying amount of the instrument to the extent that they are not settled in the period in which they arise.

Trade and other payables

Trade payables and other payables are initially measured at fair value, and are subsequently measured at amortised cost, using the effective interest rate method.

De-recognition

Financial liabilities are de-recognised when the obligation specified in the contract is discharged, cancelled or expired. On de-recognition, the difference between the carrying amount of the financial liability and settlement amount paid is recognised in the income statement.

12.3   Derivative financial instruments

Derivative financial instruments are initially recorded at cost and are re-measured to fair value at subsequent reporting dates. Gains and losses from changes in the fair value are included in net profit or loss in the period in which the change arises.

Derivatives embedded in other financial instruments or other non-financial host contracts are treated as separate derivatives when their risk and characteristics are not closely related to those of the host contract and the host contract is not classified as at fair value through profit or loss.

13.   PROVISIONS

Provisions are liabilities of uncertain timing or amount. Provisions are recognised when the group has a present or constructive obligation, as a result of past events, for which it is probable that an outflow of economic benefits will be required to settle the obligation, and a reliable estimate can be made for the amount of the obligation. Provisions are adjusted to reflect the time value of money where the effect of the discounting to present value is material.

14.   SHAREHOLDER DISTRIBUTIONS PAYABLE

Shareholder distributions and any related tax thereon are recognised as a liability in the period in which they are declared.

15.   EQUITY

All transactions relating to the acquisition and sale of shares in the group, together with their associated costs, are accounted for in equity.

Own shares purchased by the company are cancelled. Shares held by group entities are treated as treasury shares and are presented as a reduction of equity. Gains or losses on disposal of treasury shares are accounted for directly in equity.

The Primedia Trust is consolidated and, accordingly, the number of shares held by The Primedia Trust is deducted from the total shares in issue as set out in note 19.

16.   REVENUE RECOGNITION

Revenue is measured at the fair value of the consideration received or receivable and represents the net invoice value of goods and services provided to third parties after deducting sales and value added taxes. Sales of goods are recognised when goods are delivered and title has passed. Revenue arising from services, commission, royalties and rebates is recognised on the accrual basis in accordance with the substance of the relevant agreements.

17.   INCOME FROM INVESTMENTS

Interest income is accrued on a time basis, by reference to the principal amount outstanding and the effective interest rate applicable. Dividend income is recognised when the shareholders’ rights to receive payment have been established.

18.   BORROWING COSTS

Borrowing costs are recognised in the income statement in the period in which they are incurred.

19.   EXCEPTIONAL ITEMS

Exceptional items cover those amounts which are not considered to be of an operating nature, and generally include profit and loss on disposal of property, investments and businesses, other non-current assets and impairments of capital items and goodwill.

20.   TAXATION

The charge for current tax is based on the results for the year as adjusted for income that is exempt and expenses that are not deductible, using tax rates and laws that have been enacted or substantially enacted at the balance sheet date and includes any adjustments to tax payable in respect of prior years.

Deferred tax is recognised in the profit or loss except when it relates to items credited or charged directly to equity in which case, it is also recognised in equity.

21.   FOREIGN CURRENCY TRANSACTIONS

The functional currency of each entity within the group is determined based on the currency of the primary economic environment in which that entity operates.

Transactions in currencies other than the entity’s functional currency are recognised at the foreign exchange rate ruling at the date of the transaction.

Monetary assets and liabilities denominated in foreign currencies are translated at the foreign exchange rate ruling at the settlement date or balance sheet date. Exchange differences on the settlement or translation of monetary assets or liabilities are recognised in the income statement in the period in which they are incurred.

Where appropriate, in order to hedge its exposure to foreign exchange risks, the group enters into forward exchange contracts. See note 12.3 above for details in respect of the group's accounting policy in respect of such derivative financial instruments.

The annual financial statements of entities within the group, whose functional currencies are different from the group’s presentation currency, are translated into South African Rands for incorporation in the consolidated financial statements. Assets and liabilities are translated at the exchange rate prevailing at the balance sheet date. Income, expenditure and cash flows are translated at the average exchange rates for the period. Material exceptional items are translated at the rate on the date of the transaction.

Exchange differences on the translation of the net assets of foreign entities, are recognised in equity. On subsequent disposal, the cumulative amounts of unrealised exchange differences are recognised in the income statement as part of the gain or loss on disposal.

The group used the following exchange rates for financial reporting purposes:

22.   EMPLOYEE BENEFITS

22.1   Short-term employee benefits

Remuneration to employees is recognised in the income statement during the period in which the employee renders the related service. Provision is made for accumulated leave and incentive bonuses.

22.2   Post-employment benefits

Contributions to defined contribution plans in respect of service during a particular period are recognised as an expense in the relevant period.

The cost of providing defined benefits is determined using the projected unit credit method. Valuations are conducted every three years and interim adjustments to those valuations are made annually. Past service costs, experience adjustments, the effects of changes in actuarial assumptions and plan amendments in respect of existing employees in defined benefit plans are recognised as an expense or income over the expected remaining working lives of those employees. The effects of plan amendments in respect of retired employees in

defined benefit plans are measured at present value and recognised as an expense or income in the period in which the plan amendment is made. Where there is uncertainty as to the group’s entitlement to any surplus arising from a reassessment of the group’s defined benefit plans, no asset or income is recorded.

22.3   Post-retirement medical benefits

The group’s policy is not to provide post-retirement medical benefits for employees. The obligation in respect of future post-retirement medical benefits payable to pensioners and employees of certain subsidiary companies relates to the period before the new policy became effective and is accounted for as a defined benefit.

23.   SHARE-BASED PAYMENTS

Executive directors and senior executives have been granted equity settled share options in terms of the Primedia Share Scheme. The fair value of options granted is recognised as an expense with a corresponding increase in equity. The fair value is measured at grant date and spread over the period during which the employees become unconditionally entitled to the options. The fair value of the options granted is measured using an actuarial binomial option pricing model, taking into account the terms and conditions upon which the options are granted.

The amount recognised as an expense is adjusted to reflect the actual number of share options that vest except where forfeiture is due to share prices not achieving the threshold for vesting.

Following the issue of interpretation IFRIC 8, the group has extended the scope of IFRS 2 Share based payments to include the group’s black economic empowerment initiative. Consequently, the fair value of the shares issued at par value to Mineworkers Investment Company (Pty) Limited pursuant to the group’s BEE initiative has been expensed in the income statement with the corresponding increase in equity.

24.   RESEARCH AND DEVELOPMENT COSTS

Expenditure on research activities is recognised as an expense in the period in which it is incurred.

An internally generated intangible asset arising from development expenditure is recognised only if all of the following conditions are met:

• an asset is created that can be separately identified;
  
• it is probable that the asset created will generate future economic benefits; and
  
• the development cost of the asset can be measured reliably.
  

Internally generated assets are amortised on a straight-line basis over their estimated useful lives. Where no internally generated intangible asset can be recognised, development expenditure is recognised as an expense in the period in which it is incurred.

25.   JUDGEMENTS MADE BY MANAGEMENT

The preparation of financial statements in accordance with International Financial Reporting Standards requires the use of certain accounting estimates. It also requires management to exercise judgements, estimates and assumptions that affect the application of policies and reported amounts of assets and liabilities, income and expenses. Estimates and associated assumptions are based on historical experience and various other factors that are believed to be reasonable under the circumstances, the results of which form the basis of making the judgements and carrying values of assets and liabilities. Actual results may differ from these estimates.

These estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the year in which the estimate is revised.

There are no key assumptions concerning the future and other key sources of estimation uncertainty at the balance sheet date that management have assessed as having a significant risk of causing material adjustments to the carrying amounts of the assets and liabilities within the next financial year.

In the current year, the areas involving a higher degree of judgement or complexity, or areas where assumptions and estimates are significant to the financial statements are as follows:

• Asset lives and residual values

Property, plant and equipment are depreciated over their useful lives taking into account residual values, where appropriate. The actual lives of the assets and residual values are assessed annually and may vary depending on a number of factors. In reassessing asset lives, factors such as technological innovation, product life cycles and maintenance programmes are taken into account. Residual value assessments consider issues such as future market conditions, the remaining life of the asset and projected disposal values.

• Impairment of assets

Goodwill is considered for impairment at least annually. Property, plant and equipment and intangible assets are considered for impairment if there is reason to believe that impairment may be necessary. Factors taken into consideration in reaching such a decision include the economic viability of the asset and where it is a component of a larger economic unit, the viability of that unit itself.

Future cash flows expected to be generated by the asset are projected, taking into account market conditions and the expected useful lives of the asset. The present value of these cash flows, determined using appropriate discount rates, is compared to the current net asset value and if lower, the asset is impaired to the present value.

• Deferred tax assets

Deferred tax assets are recognised to the extent that it is probable that taxable income will be available in future against which they can be utilised. Future taxable profits are estimated based on business plans which include estimates and assumptions regarding economic growth, interest, inflation and taxation rates and competitive forces. Deferred tax assets are also recognised on STC credits to the extent that it is probable that future dividends will utilise these credits.

• Post-employment benefit obligations

Post-retirement defined benefits are provided for certain existing and former employees. Actuarial valuations are based on assumptions which include employee turnover, mortality rates, the discount rate, the expected long-term rate of return of retirement plan assets, healthcare inflation costs and rates of increases of employee costs.

• Valuation of financial instruments

The valuation of derivative financial instruments is based on the market situation at balance sheet date. The value of the derivative instruments fluctuates on a daily basis and the actual amounts realised may differ materially from their value at the balance sheet date.

26.   SEGMENTAL REPORTING

The primary basis for reporting segment information is business segments. This basis is consistent with internal reporting for management purposes as well as the source and nature of business risk and returns. All intra-segment transactions are eliminated on consolidation.

27.   POST BALANCE SHEET EVENTS

Recognised amounts in the financial statements are adjusted to reflect events arising after the balance sheet date that provide evidence of conditions that existed at the balance sheet date. Events after the balance sheet date that are indicative of conditions that arose after the balance sheet date are dealt with by way of a note.

28.   COMPARATIVE FIGURES

Comparative figures are restated in the event of a change in accounting policy or prior period error.