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Companies Act, 1973 (Act No. 61 of 1973)

Schedule 4: Requirements for annual financial statements, interim reports and provisional annual financial statements

Part IV : Interim Report and Provisional Annual Financial Statements

 

 

Preliminary

 

74)
a) Where the information appearing in the interim report and the provisional annual financial statements are not audited, this fact shall be stated.
b) Where amounts are not available from the accounting records in respect of information to be shown in the interim report and the provisional annual financial statements, any such amount may be stated by way of estimate. provided the fact that it is an estimate is stated.

 

Interim Report

 

75)
a) The interim report shall deal in narrative form with all descriptive matters under appropriate headings, and amounts or statistics shall be set out as far as practicable in tabular form.
b) Any matter not prescribed by Part IV of this Schedule but which is material to the appreciation of the financial position and the results of the operations during the interim accounting period of the company and its subsidiaries (if any) shall be dealt within the interim report under appropriate headings, and in particular there shall be stated any material change, as compared with the book value, in the net realizable value or replacement value of any of the assets, of which the directors are aware.
c) Where any amounts are given, the corresponding amounts (if any) in respect of the immediately preceding corresponding interim period and the corresponding audited amounts (if any) in respect of the most recent completed financial period shall be stated.

 

 

Provisional Annual Financial Statements

 

76)
a) Any matter not prescribed by Part IV of this Schedule but which is material to the appreciation of the financial position and results of the company and its subsidiaries (if any) shall be dealt with in the provisional annual financial statements under appropriate headings.
b) Where any amounts are given, the corresponding audited amounts (if any) in respect of the previous financial period shall be stated.

 

Minimum Contents of Interim Reports and Provisional Annual Financial Statements

 

 

77) The interim report and the provisional annual financial statements, shall consist of-
a) an income statement, which shall include at least the following items, where applicable:
i) Turnover;
ii) net income before interest paid and taxation:
iii) net interest paid;
iv) taxation,
v) retained equity income from associates and non consolidated subsidiaries;
vi) net income attributable to ordinary shareholders;
vii) ordinary and preference dividends:
viii) earnings per share:
ix) dividends per share: and
x) any other information that is material to the appreciation of the affairs of the company:
b) a balance sheet in summary form which shall include at least the following items, where applicable:
i) Total assets;
ii) shareholders' funds;
iii) non interest bearing debt;
iv) interest bearing debt;
v) net asset value per share;
vi) number of ordinary shares in issue; and
vii) any other information that is material to the appreciation of the affairs of the company.

 

78) The interim report and the provisional annual financial statements shall include sufficient information on the cash position of the company.

 

79) Any comments on any facts or circumstances relevant to the financial position of the company, and where applicable, of the group, which are necessary to appreciate better the information given, including information regarding contingencies, capital commitments, acquisitions and disposals of subsidiaries and changes in the relative holding in any subsidiary shall be stated.

 

80) The extent, if any, to which any change in the accounting policies applied has materially affected the report as compared with previous reports, shall be stated.