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The condensed unaudited consolidated interim financial statements are prepared in accordance with IFRS® Accounting Standards as issued by the International Accounting Standards Board (IASB), IAS 34 – Interim Financial Reporting, the SAICA Financial Reporting Guides as issued by the Accounting Practices Committee, Financial Pronouncements as issued by Financial Reporting Standards Council and the requirements of the South African Companies Act, as amended. The accounting policies applied in the preparation of these interim financial statements are in terms of International Financial Reporting Standards (IFRS) and are consistent with those applied in the previous annual financial statements.
The Group has implemented the latest accounting pronouncements from the IASB, that are effective to the Group from 1 June 2024, none of which had any material impact on the Group's financial results for the period. The Group has not early adopted any upcoming accounting pronouncements, that are not yet effective, and the Group is not expecting these pronouncements to have a material impact on the financial results of the Group. Details on changes in accounting policies will be disclosed in the Group's consolidated financial statements for the year ending 31 May 2025.
We aim to provide stakeholders with the same additional information that management uses to evaluate the performance of the Group's operations. Accordingly, we make reference to operating profit before depreciation, amortisation and impairment charges (EBITDA). In addition, the Group applies core net profit and core headline earnings as non‑IFRS measures in evaluating the Group's performance. This supplements the IFRS measures. Core net profit is calculated by adjusting net profit for the year with the amortisation of intangible assets that arise as a consequence of the purchase price allocations completed in terms of IFRS 3(R) – Business Combinations. Core headline earnings are calculated by adjusting core net profit with the headline earnings adjustments required by SAICA Circular 4/2018.
The results for the period ended 30 November 2024 have not been reviewed or audited.
