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TRANSITION to IFRS – Group

Aspen’s date of transition to IFRS is 1 July 2004, which represents the beginning of the earliest period of comparative information. In preparing the IFRS opening balance sheet as at the date of transition to IFRS in accordance with IFRS 1, the Group has applied the mandatory exemptions and certain optional exemptions from full retrospective application of IFRS. The Group has adopted the following exemptions available in terms of IFRS 1: Business combinations The Group has elected not to retrospectively apply the requirements of IFRS 3, Business Combinations, to business combinations with agreements dated before 31 March 2004. Fair value as deemed cost The Group has elected to measure certain items of property, plant and equipment at fair value at date of transition to IFRS, and to use these fair values as the items’ deemed cost as at 1 July 2004. This did not have a material effect on the Group’s financial statements, as the exemption was primarily used for assets acquired in business combinations, which had already been fair-valued on acquisition. Cumulative translation differences The Group has elected to transfer all foreign currency translation reserves to distributable earnings at the date of transition to IFRS. Share-based payment transactions The Group has applied the share-based payment exemption, therefore IFRS 2, Share-based Payment has only been applied to share options and appreciation rights that were awarded after 7 November 2002, that had not yet vested by 1 January 2005.

Year ended 30 June 2005

Reconciliation of net profit attributable to equity holders of the parent As previously reported under SA GAAP Share-based payment expenses – BEE Share-based payment expenses – employees Amortisation Depreciation Other

Notes

R’000

1 2 3 4 5

493 991 (282 441) (11 558) (21 479) 5 942 1 966

As reported under IFRS

186 421

Reconciliation of equity As previously reported under SA GAAP Property, plant and equipment Investment property Goodwill Intangible assets Inventories Other current assets Preference shares – liability component Other liabilities Tax effect of adjustments

4 6 7 3 8 8 1 8

As reported under IFRS

87

Aspen Annual Report 2006

30 June 2005

30 June 2004

R’000

R’000

1 106 768 28 058 — (76 161) 133 011 2 292 (15 555) (57 585) 19 862 (24 448)

1 066 481 23 069 (900) (71 099) 157 345 (3 674) (1 621) — 1 339 (45 630)

1 116 242

1 125 310

Profile for Aspen Holdings

Aspen Annual Report 2006  

Aspen Annual Report 2006