Vodacom Annual Report - 2009 - Notes to the consolidated annual financial statements

Vodacom Group Limited Annual Report - for the year ended 31 March 2009

IN THIS SECTION

Statement of responsibility by the board of directors

Certificate by the company secretary

Vodacom Group Limited group

Report of the independent auditors

Directors’ report

Consolidated income statement

Consolidated balance sheet

Consolidated statement of changes in equity

Consolidated cash flow statement

Notes to the consolidated annual financial statements

Vodacom Group Limited company

Report of the independent auditors

Income statement

Balance sheet

Statement of changes in equity

Cash flow statement

Notes to the abridged annual financial statements

Interest in material subsidiaries – Addendum A

Notes to the consolidated annual financial statements

for the year ended 31 March 2009

BASIS OF PREPARATION
These consolidated annual financial statements of Vodacom Group Limited ("the Group") have been prepared in accordance with International Financial Reporting Standards as issued by the International Accounting Standards Board and have been prepared on the historical cost basis, except for financial assets and financial liabilities (including derivative instruments) recorded at fair value or at amortised cost. The consolidated annual financial statements have been presented in South African rand, as this is the currency in which the majority of the Group’s transactions are denominated.

The principal accounting policies are consistent in all material respects with those applied in the previous period, except where disclosed elsewhere.

The following are the principal accounting policies adopted by the Group in the preparation of these consolidated annual financial statements:

ACCOUNTING POLICIES

A.		CONSOLIDATION
B.		PROPERTY, PLANT AND EQUIPMENT
C.		INVESTMENT PROPERTIES
D.		INTANGIBLE ASSET
E.		INVENTORY
F.		FOREIGN CURRENCIES
G.		TAXATION
H.		EMPLOYEE BENEFITS
I.		BROAD BASED BLACK ECONOMIC EMPOWERMENT ("BBBEE") TRANSACTIONS
J.		REVENUE RECOGNITION
K.		LEASES
L.		FINANCIAL INSTRUMENTS
M.		PROVISIONS
N.		IMPAIRMENT OF ASSETS
O.		INSURANCE CONTRACTS
P.		CASH AND CASH EQUIVALENTS
Q.		BORROWING COSTS
R.		EXPENSES
S.		INCENTIVES
T.		NON-CURRENT ASSETS HELD FOR SALE
U.		USE OF ESTIMATES
V.		COMPARATIVES
W.		OPERATING SEGMENTS

NOTES

1.		REVENUE
2.		DIRECT NETWORK OPERATING COST
3.		IMPAIRMENT OF ASSETS
4.		OPERATING PROFIT
5.		FINANCE INCOME
6.		FINANCE COSTS
7.		(LOSSES)/GAINS ON REMEASUREMENT AND DISPOSAL OF FINANCIAL INSTRUMENTS
8.		NET (LOSSES)/GAINS *
9.		TAXATION
10.		EARNINGS AND DIVIDEND PER SHARE
11.		PROPERTY, PLANT AND EQUIPMENT
12.		INTANGIBLE ASSETS
13.		FINANCIAL ASSETS
14.		INVESTMENT IN ASSOCIATE
15.		DEFERRED TAXATION
16.		INVENTORY
17.		TRADE AND OTHER RECEIVABLES
18.		LEASE ASSETS
19.		ORDINARY SHARE CAPITAL
20.		OTHER RESERVES
21.		MINORITY INTERESTS
22.		ANALYSIS OF RECOGNISED INCOME AND EXPENSES
23.		INTEREST BEARING DEBT
24.		NON-INTEREST BEARING DEBT
25.		PROVISIONS
26.		OTHER NON-CURRENT LIABILITIES
27.		TRADE AND OTHER PAYABLES
28.		CASH GENERATED FROM OPERATIONS
29.		FINANCE COSTS PAID
30.		FINANCE INCOME RECEIVED
31.		REALISED NET LOSSES ON REMEASUREMENT AND DISPOSAL OF FINANCIAL INSTRUMENTS
32.		TAXATION PAID
33.		ADDITIONS TO PROPERTY, PLANT AND EQUIPMENT AND INTANGIBLE ASSETS
34.		BUSINESS COMBINATIONS AND OTHER ACQUISITIONS
35.		DISPOSAL OF SUBSIDIARIES
36.		CASH AND CASH EQUIVALENTS AT THE END OF THE YEAR
37.		CAPITAL COMMITMENTS
38.		OTHER COMMITMENTS
39.		CONTINGENCIES
40.		RETIREMENT BENEFITS
41.		EVENTS SUBSEQUENT TO YEAR END
42.		RELATED PARTY TRANSACTIONS
43.		FINANCIAL INSTRUMENTS AND RISK MANAGEMENT
44.		GOODWILL IMPAIRMENT TEST
45.		UNDRAWN BORROWING FACILITIES AND GUARANTEES
46.		SEGMENTAL INFORMATION
47.		INTERESTS IN JOINT VENTURES
48.		NEW INTERNATIONAL FINANCIAL REPORTING STANDARDS ACCOUNTING PRONOUNCEMENTS