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Highlights Accounting policies
Letter to shareholders Income statements
Board and governance structure Balance sheets
Group overview Cash flow statements
Building and developing people Notes to the cash flow statements
Corporate governance Statement of changes in equity
Value added statement Notes to the annual financial statements
Segmental analysis Principal subsidiaries
Five-year financial review Share ownership analysis
Summary of statistics Shareholders' diary
Definitions Corporate administration and information
Directors' responsibility Notice of annual general meeting
Report of the independent auditors Currency conversion table
Secretaries' certification Proxy form
Statutory information  

Report of the independent auditors
For the year ended 30 September 2003
We have audited the annual financial statements and group annual financial statements set out on pages 39 to 85 for the year ended 30 September 2003. These annual financial statements are the responsibility of the company’s directors. Our responsibility is to express an opinion on these annual financial statements based on our audit.


We conducted our audit in accordance with statements of South African Auditing Standards. Those standards require that we plan and perform the audit to obtain reasonable assurance that the annual financial statements are free of material misstatement.

An audit includes:
  • examining, on a test basis, evidence supporting the amounts and disclosures in the annual financial statements;
  • assessing the accounting principles used and significant estimates made by management; and
  • evaluating the overall financial statement presentation.

We believe that our audit provides a reasonable basis for our opinion.


In our opinion, the annual financial statements fairly present, in all material respects, the financial position of the company and the group at 30 September 2003, and the results of their operations and cash flows for the year then ended in accordance with South African Statements of Generally Accepted Accounting Practice and in the manner required by the Companies Act in South Africa.

Deloitte & Touche
Chartered Accountants (SA)
Registered Accountants and Auditors

Sandton 26 November 2003

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