February 1997 i. A Teacher whose time fraction has varied during service payment will be paid at the proportionate rate, calculated by averaging the time fractions over the period of eligible service.
February 1997. No xxxxxxxexx xxxx x xxxxxxus employer counts for the purposes of the 1996 Act as part of Executive's period of continuous employment.
February 1997. An employee whose time fraction has varied during service is paid at a proportionate rate during long service leave. The rate is determined by calculating an average of the employee's time fractions over the period of eligible service.
February 1997. The Company has therefore applied a higher amortisation rate to leases than is allowed for in IAS 17. The reported amount of inflated accrued depre- ciation has been adjusted accordingly. Leases and commitments under lease contracts were accounted for in the off-balance-sheet accounts in accordance with IAS 17, which affected the IAS financial results for previous periods and the net profit figure at 30 June 2003. • The line ‘Other receivables and payables’ in the Company’s accounts, as recorded under RAR, consist of taxes, tax refunds and other charges. As allowed by IAS 1, Presentations of Financial Statements, such reciprocal receivables and payables have been netted off in the IAS financial statements for the first six months of 2003. In addition, certain amounts payable were not reflected in the RAR accounts for that period, but were included in the IAS balance sheet, with appropriate adjustments made to the expenses part of the profit and loss statement. • The Company’s provisions for bad debt are different under IAS and RAR. The provisions reported in the balance sheet and the corresponding costs in the IAS profit and loss statement for the first six months of 2003 have been adjusted for this difference. Selected financial data Balance-sheet summary R million 2002 1st half of 20031 Assets Non-current assets Property, plant and equipment, including advances to suppliers 16,663.7 17,503.1 Intangible assets, net 6.6 1.4 Investments in associates and other financial investments, net 510.4 100.5 Total non-current assets 17,180.7 17,605.0 Current assets Inventories, net 658.3 858.2 Accounts receivable, net 853.3 1,068.0 Other current assets 669.5 1,495.2 Cash and cash equivalents 229.8 431.0 Total current assets 2,410.9 3,852.5 Total assets 19,591.7 21,457.5 Equity and liabilities Shareholders’ equity Share capital2 1,297.8 1,297.8 Retained earnings and other provisions, including the effect of inflation on share capital 11,106.6 11,519.9 Current profit 1,046.1 393.3 Total shareholders’ equity 12,404.4 12,817.7 Minority interest 148.5 0.0 Non-current liabilities Borrowings, non-current portion of obligations under finance leases 1,164.4 1,243.1 Other non-current liabilities3 1,024.7 994.5 Total non-current liabilities 2,189.1 2,237.6 Current liabilities Payables and accrued liabilities, taxes payable and social security, accounts payable to Rostelecom 1,981.1 2,526.4 Dividends payable 204.9 467.0 Borrowings, current portion of long-term debt, current port...
