Introduction to the summarised consolidated financial statements
FOR THE YEAR ENDED 31 DECEMBER 2014
BASIS OF PREPARATION AND ACCOUNTING
The summarised consolidated financial results for the year ended 31 December 2014 are prepared in accordance with the requirements of the JSE Listing Requirements and the Companies Act of South Africa. The JSE Listing Requirements require a summary to be prepared in accordance with the framework concepts and recognition requirements of International Financial Reporting Standards (IFRS), Reporting Guides as issued by the Accounting Practices Committee and must also, as a minimum, contain the information required by IAS 34 Interim Financial Reporting. The accounting policies applied in the preparation of the summarised consolidated financial statements are in terms of IFRS and also consistent with those applied in the consolidated financial statements for the year ended 31 December 2013, except for the adoption of applicable revised and/or new standards issued by the International Accounting Standards Board. The newly adopted standards did not materially impact the Group’s financial results, other than disclosures.
The summarised consolidated financial statements have been prepared by the corporate accounting staff of Sibanye headed by Pieter Henning, Vice President Corporate Finance. This process was supervised by Charl Keyter, Chief Financial Officer.
RELATED PARTY TRANSACTIONS
The Group, in the ordinary course of business, entered into various sale and purchase transactions with related parties.
INDEPENDENT AUDIT BY THE AUDITORS
These summarised consolidated financial results have been derived from the audited consolidated financial statements of Sibanye for the year ended 31 December 2014, on which the auditors, KPMG Inc., has expressed an unmodified audit opinion. KPMG Inc. has also issued an unmodified audit report on these summarised financial statements, stating that these summarised financial statements are consistent, in all material respects, with the audited consolidated financial statements. The auditor’s report does not necessarily report on all the information contained in this Summarised Report. Shareholders are therefore advised that in order to obtain a full understanding of the nature of the auditors engagement they should obtain a copy of the auditor’s report and the audited consolidated financial statements, which are available for inspection at the registered office of the Company.