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Basis of presentation and accounting policies

The Sanlam Group IFRS financial statements for the year ended 31 December 2017 are presented based on and in compliance with IFRS.

The basis of presentation and accounting policies for the IFRS financial statements and shareholders’ information are in all material respects consistent with those applied in the 2016 Integrated Report and Annual Financial Statements.

All growth percentages reflected in this review are relative to the 12 months ended 31 December 2016, unless otherwise indicated.

The constant currency information included in this review and elsewhere in the Integrated Report has been presented to illustrate the impact of changes in currency exchange rates and is the responsibility of the Group’s board of directors. It is presented for illustrative purposes only and because of its nature may not fairly present the Group’s financial position, changes in equity, result of operations or cash flows. All references to constant currency information are based on the translation of foreign currency results for the 12 months to 31 December 2017 at the weighted average exchange rate for the 12 months to 31 December 2016, which is also applied for the translation of comparative information. The major currencies contributing to the exchange rate movements are the British pound, United States dollar, Indian rupee, Botswana pula, Moroccan dirham and the Nigerian naira (negative movements in the table below indicate a strengthening in the rand exchange rate):

 

Sanlam’s external auditor has issued a limited assurance report in respect of the constant currency information in terms of section 8 of the JSE Listings Requirements. The limited assurance report is available for inspection at Sanlam Limited’s registered address.

The full Independent Auditor’s Report of the Consolidated and Separate Financial Statements can be downloaded here.

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