Metropolitan - Adoption of International Financial
Metropolitan - Adoption of International Financial Reporting Standards (IFRS)
Metropolitan Holdings Limited
Incorporated in the Republic of South Africa
Registration Number: 2000/031756/06
JSE share code: MET
NSX share code: MTD
ISIN: ZAE000050456
(`Metropolitan` or `the company`)
Adoption of International Financial Reporting Standards (IFRS)
Metropolitan has adopted International Financial Reporting Standards with effect
from 1 January 2005 in accordance with the revised JSE Limited Rules and
Regulations for South African listed companies. The effective date of transition
agreed to by the Board of Directors is 1 January 2004. Where required,
comparative information will be restated from this date. There are certain
voluntary exemptions, where restatement of comparatives is not required, and in
these cases the relevant standards have been implemented as at 1 January 2005.
As required by the JSE, Metropolitan has prepared its consolidated financial
statements for the six months to 30 June 2005 in accordance with IFRS. These
financial statements will be released on 14 September 2005.
The following is an abridged version of the impact of the group`s transition to
IFRS, which includes the application of certain international accounting
standards. The detailed documentation is available on the group`s website -
www.metropolitan.co.za. This sets out the group accounting policies used in the
preparation of financial information restated under IFRS plus the restated
information for the six months ended 30 June 2004 and the year ended 31 December
2004. An explanation of the effect of applying the relevant international
accounting standards with effect from 1 January 2005 is also included.
It should be noted that the same group accounting policies are being used in the
preparation of the group`s interim results for the six months ended 30 June
2005.
Bellville
7 September 2005
Sponsor
Merrill Lynch South Africa (Pty) Ltd
Date: 07/09/2005 02:00:07 PM
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