| Tue 6 Oct 2015, 14:55 | | MASTER DRILLING GROUP LTD - Unaudited condensed consolidated financial statements of the Master Drilling Group for the six months ended 30 June |
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MDI 201510060031A
Unaudited condensed consolidated financial statements of the Master Drilling Group for the six months ended 30 June
Master Drilling Group Limited
(Incorporated in the Republic of South Africa)
(Registration number 2011/008265/06)
JSE share code: MDI
ISIN: ZAE000171948
(“Master Drilling” or the “Company”)
UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS OF THE MASTER
DRILLING GROUP FOR THE SIX MONTHS ENDED 30 JUNE 2015
In terms of section 8.57 (a) of the Listings Requirements of the JSE Limited (“Listings Requirements”),
shareholders of Master Drilling are referred to the Company’s unaudited interim results
announcement dated 28 September 2015 and are hereby advised that:
ACCOUNTING POLICIES – BASIS OF PREPARATION
The unaudited condensed consolidated interim financial statements of Master Drilling Group Limited
have been prepared on the historical cost basis, except for certain financial instruments that are
stated at fair value. The Group Financial Statements for the six months ended 30 June 2015 have
been prepared in compliance with IAS 34: Interim Financial Reporting, International Financial
Reporting Standards (IFRS) as issued by the International Accounting Standards Board and the
SAICA Financial Reporting Guides as issued by the Accounting Practices Committee and presented
in accordance with the minimum content, including disclosures, prepared in accordance with the JSE
Limited Listings Requirements and the requirements of the South African Companies Act, 2008 (as
amended).
The group’s accounting policies used in the preparation of these financial statements are consistent
with those used in the Annual Financial Statements for the year ended 31 December 2014.
The unaudited financial statements for the six months ended 30 June 2015 have been prepared by
the corporate reporting staff of Master Drilling Group Limited, headed by Elzaan Swanepoel (CA
(SA)), the Group’s Management Accountant. This process was supervised by André Jean van
Deventer (CA (SA)), the Group’s Financial Director.
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GOING CONCERN
Based on the information available to it, the Board of Directors believes that the Group remains a
going concern.
ISSUED CAPITAL
There has been no change to the issued capital since 31 December 2014.
OPERATING SEGMENTS
There are no changes to the operating segments from those disclosed at 31 December 2014.
FUNCTIONAL AND PRESENTATION CURRENCY
Items included in the financial statements of each of the Group’s entities are measured using the
currency of the primary environment in which the entity operates, i.e. its “functional currency”. The
functional currency of the Group is Rands. The consolidated financial statements are presented in US
Dollars (the “presentation currency”). Management believes that this currency is more useful to the
users of the consolidated financial statements, as this currency most reliably reflects the global
business performance of the Group as a whole.
Fochville
6th October 2015
Sponsor
Absa Bank Limited (acting through its Corporate and Investment Banking division)
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