Notes to the condensed consolidated financial statements for the 6 months ended 30 June 2016
ACCOUNTING POLICIES, BASIS OF PREPARATION OF RESULTS AND REVIEW OPINION
The condensed consolidated interim financial statements have been prepared in accordance with International Financial Reporting Standards (“IFRS”), (IAS) 34 Interim Financial Reporting, the SAICA Financial Reporting Guides as issued by the Accounting Practices Committee and Financial Pronouncements as issued by the Financial Reporting Standards Council and in the manner required by the Companies Act of South Africa and the JSE Listings Requirements. The principal accounting policies applied in the preparation of the condensed consolidated interim financial statements are in terms of IFRS and are consistent with those applied in the comparative consolidated annual financial statements.
The results of the Group, were prepared under supervision of the Group’s financial director, Mr B Shanahan CA (SA).
These interim condensed consolidated financial statements for the period ended 30 June 2016 have been reviewed by Nexia SAB&T, who expressed an unmodified review conclusion. A copy of the auditor’s review report is available for inspection at the company’s registered office together with the interim condensed consolidated financial statements identified in the auditor’s report.
REVIEW OF RESULTS AND FINANCIAL POSITION
The condensed consolidated interim financial results represent the trading results of the Company and its subsidiaries which are active in the financial services and private equity markets. The Group showed sustained improvement in its performance for the period under review. The expansion strategy, substantially increased the portfolio of financial services assets. Funding for the expansion strategy was secured through the registration of Ecsponent’s listed preference share programme enabling the company raise capital to fund its investments on an ongoing basis. The market subscription of the preference shares has continued to grow.