The Tongaat-Hulett Group Limited - Announcement
ISIN: ZAE000007449
Share code: TNT
The JSE Securities Exchange SA has, upon the recommendations of the GAAP
Monitoring Panel, advised that it requires the Company`s interim results
henceforth to comply with AC127. This will preclude the Company from reporting
the interim results of its sugar operations, as it has for many decades because
of the seasonal nature of the sugar industry, on the basis of one half of the
estimated results for the year. Accordingly, when next the company reports its
interim results, which will be for the half year ended 30 June 2003, the results
for that period will reflect the impact of applying changed accounting policies,
with restated results for the half year ended 30 June 2002.
The company advises that it intends to early adopt AC137 (Agricultural
Accounting), which requires that its biological assets be fair valued at each
accounting period and as stated above will cease accounting for its sugar
operations on a seasonal basis. This change in the basis of accounting is
unlikely to have a material effect on the results for the year to 31 December
2002. The annual financial statements for the year ended 31 December 2002 will
fully set out the impact of this change.
Date: 22/11/2002 04:20:00 PM Produced by the JSE SENS Department
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