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| Notes to the group
financial statements |
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| for the year ended
31 March 2006 |
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2006 |
2005 |
| 1. |
Foreign currency
exchange rates |
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The income statements and
balance sheets of material foreign subsidiaries
have been translated as follows: |
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Rand : Sterling |
R : £ |
R :
£ |
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Weighted average rate |
11,3 |
11,5 |
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Closing rate |
10,8 |
11,7 |
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Swiss franc : Sterling
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CHF : £ |
CHF
: £ |
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Weighted average rate |
2,28 |
2,27 |
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Closing rate |
2,28 |
2,22 |
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Other less material foreign
subsidiaries have been translated to Rands in
line
with the relevant accounting standard, using the
weighted average rates for
income statement items and closing rates for balance
sheet items. |
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The International Risk Services
business transacts a portion of its insurance
broking income in US dollars. Income from such
business and the related
insurance balances have been translated to Sterling
as follows: |
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US dollar : Sterling
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US$ : £ |
US$
: £ |
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Weighted average rate |
1,78 |
1,84 |
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Closing rate |
1,74 |
1,84 |
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