Revenue Recognition3

Revenue recognition

Preparer: CG 28/03/2012

Reviewer: AK 26/04/2012

1812: 1/371812 Revenue RecognitionDate Issued/Date of last review: August 2010

Literature: ISA 500, ISA 240, DAAM 2815

Effective date of literature: ISA 500 (periods starting on or after 15 December 2009)

ISA 240 (periods starting on or after 15 December 2009)

GUIDANCE

Presumed significant risk - Revenue recognition

Risks of fraud - Revenue Recognition

Steps in work paper completion

3) Obtain an understanding of the relevant accounting policies and processes to account for revenue.

4) Pinpoint risks identified to relevant revenue stream, type of transaction and assertion.

1) Conduct the relevant discussions with engagement team, management and those charged with governance.

2) Perform preliminary analytical review procedures to identify risks relating to revenue recognition.

"When identifying and assessing the risks of material misstatement due to fraud, the auditor shall, based on a presumption that there are risks of fraud in revenue recognition, evaluate which types of revenue, revenue transactions or

assertions give rise to such risks. Paragraph 47 specifies the documentation required where the auditor concludes that the presumption is not applicable in the circumstances of the engagement and, accordingly, has not identified

revenue recognition as a risk of material misstatement due to fraud. [ISA 240.26]

The "Application and Other Explanatory Material" to ISA 240 provides the following guidance:

A28. Material misstatement due to fraudulent financial reporting relating to revenue recognition often results from an overstatement of revenues through, for example, premature revenue recognition or recording fictitious revenues. It

may result also from an understatement of revenues through, for example, improperly shifting revenues to a later period.

A29. The risks of fraud in revenue recognition may be greater in some entities than others. For example, there may be pressures or incentives on management to commit fraudulent financial reporting through inappropriate revenue

recognition in the case of listed entities when, for example, performance is measured in terms of year over year revenue growth or profit. Similarly, for example, there may be greater risks of fraud in revenue recognition in the case of

entities that generate a substantial portion of revenues through cash sales.

A30. The presumption that there are risks of fraud in revenue recognition may be rebutted. For example, the auditor may conclude that there is no risk of material misstatement due to fraud relating to revenue recognition in the case

where a there is a single type of simple revenue transaction, for example, leasehold revenue from a single unit rental property.

If the auditor has concluded that the presumption that there is a risk of material misstatement due to fraud related to revenue recognition is not applicable in the circumstances of the engagement, the auditor shall include in the audit

documentation the reasons for that conclusion. [ISA 240.47]

ISA240 creates a responsibility on auditors to presume a fraud risk exists around revenue recognition at the outset of each engagement and to consider these risks before designing tests to address the risks of material misstatement.

Our understanding of the process to identify and record revenue transactions, the revenue recognition policies and risks of material misstatement around revenue recognition, is documented in .

This work paper highlights each revenue stream, the significant fraud risks related to each revenue stream, and where appropriate allows for a rebuttal of the presumption that revenue is a significant risk. Revenue streams that are

not significant and are not expected to be significant, are excluded, as these are not risk areas where fraud could cause material misstatement. This however must be documented clearly with supporting arguments (refer 'Pinpointing'

tab).

"The auditor shall treat those assessed risks of material misstatement due to fraud as significant risks and accordingly, to the extent not already done so, the auditor shall obtain an understanding of the entitys related controls,

including control activities, relevant to such risks." [ISA 240.27]

Econet Wireless Global Limited Group - 28 February 2012

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Revenue recognition



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1. Discussions

2. Prelim AR

3. Understanding

4. Pinpointing

3) Obtain an understanding of the relevant accounting policies and processes to account for revenue.

4) Pinpoint risks identified to relevant revenue stream, type of transaction and assertion.

1) Conduct the relevant discussions with engagement team, management and those charged with governance.

2) Perform preliminary analytical review procedures to identify risks relating to revenue recognition.


















tab).




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tab).




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Revenue recognition



1812: 4/37DISCUSSIONS WITH ENGAGEMENT TEAM, MANAGEMENT AND THOSE CHARGED WITH GOVERNANCE

Engagement team

Key considerations and questions that the practitioner can include into these discussions include:These discussions should ordinarily take place during the Planning Meeting.

Procedures

1. Has the entity experienced any errors in the past with recognising revenue?

2. Does the industry the entity operates in have any experience of revenue recognition

problems?

3. Are the terms of the entitys sales contracts simple or complicated?

4. Is the entitys accounting policy appropriate for the types of revenue generated by the

entity, and is it in accordance with the relevant accounting framework (or other authoritative

guidance)?

5. Are there any particular pressures or opportunities for management to manipulate

revenue?

6. How easy would it be for management to manipulate revenue, and how would they do it?

7. Which assertions and / or types of revenue are more likely to be at risk of manipulation of

revenue recognition?

8. Any other relevant matters.

Management

Make inquiries of management regarding:Form "Perform Fraud Inquiries" is recommended as a best practice template and discussion tool.

Procedures

The auditors responsibilities relating to fraud in an audit of financial statements require that the practitioner make inquiries of management [ISA 240.17-.19] .

The ISA's require that the engagement partner and other key engagement team members discuss the susceptibility of the entitys financial statements to material misstatement and the application of the applicable financial reporting framework to the entitys facts and circumstances. [ISA 240.15] .


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Revenue recognition



1812: 5/371. Managements assessment of the risk that the financial statements may be materially misstated due to fraud, including the nature, extent, and frequency of such assessments. [ISA

240.17(a)]

2. Managements process for identifying and responding to the risks of fraud in the entity,

including any specific risks of fraud that management has identified or that have been brought

to its attention, or classes of transactions, account balances, or disclosures for which a risk of

fraud is likely to exist. [ISA 240.17(b)]

3. Managements communication, if any, to those charged with governance regarding its

processes for identifying and responding to the risks of fraud in the entity. [ISA 240.17(c)]

4. Managements communication, if any, to employees regarding its views on business

practices and ethical behaviour. [ISA 240.17(d)]

Those charged with governance

Perform the following procedures:Form "Perform Fraud Inquiries" is recommended as a best practice template and discussion tool.

Procedures

1. Unless all of those charged with governance are involved in managing the entity, the

auditor shall obtain an understanding of how those charged with governance exercise

oversight of managements processes for identifying and responding to the risks of fraud in

the entity and the internal control that management has established to mitigate these risks.

[ISA 240.20]

2. Unless all of those charged with governance are involved in managing the entity, the

auditor shall make inquiries of those charged with governance to determine whether they

have knowledge of any actual, suspected or alleged fraud affecting the entity. These inquiries

are made in part to corroborate the responses to the inquiries of management. [ISA 240.21]

The auditors responsibilities relating to fraud in an audit of financial statements require that the practitioner make inquiries of those charged with governance [ISA 240.20-.21] .


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Revenue recognition



1812: 6/37DISCUSSIONS WITH ENGAGEMENT TEAM, MANAGEMENT AND THOSE CHARGED WITH GOVERNANCE

Key considerations and questions that the practitioner can include into these discussions include:

Details

Based on our knowledge and understanding of the entity, errors in revenue has been identified.

The Telecommunications industry has experienced issues in revenue recognition. In June 2010, the

IASB1 and the FASB2 published an exposure draft ("ED")on revenue from contracts with customers,

which comprises proposals to replace existing guidance under both IFRSs and US GAAP. The ED

proposes a single principles-based model under which an entity would recognise revenue as it satisfies

the performance obligations in contracts with customers. A performance obligation would be satisfied

when control of the promised goods or services is transferred to the customer.

As per our knowledge and understanding of the entity, the sales contracts are complicated as it is

based on international carrier agreements.

The accounting policies has been reviewed as part of our tie-in of the notes.

Econet has intentions of listing on the London Stock exhange and this created pressure on

management to manilpulate revenue.

The following manipulation could occur:

> certain tariffs loaded on the system are not in accordance with the agreed tariffs

> inappropriate / premature / incomplete recognition of revenue

> not recording the revenue in terms of IFRS for each significant revenue stream

> interconnect revenue (Zimbabwe): invalid of revenue post non payment by other operators,

inaccuracy of the receivables balance and the allowability of the tax deduction

> incompleteness of switch data

Occurrence, cut-off, classification, completeness and accuracy

None noted.

Form "Perform Fraud Inquiries" is recommended as a best practice template and discussion tool.Details




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Revenue recognition



1812: 7/37Low risk as it is not considered likely to occur at a head office level.

Maintenance of regular review and adherence to authorization limits / processes as per chart of

authority.


authority.


authority.

Form "Perform Fraud Inquiries" is recommended as a best practice template and discussion tool.Details


authority.

Those charged with governance are not aware of any actual, suspected or alleged fraud affecting the

entity.



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Revenue recognition



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Comments

Example of errors identified in prior years were as follows:

> error in posting income to other revenue instead of accrued purchases

> errors in recognition of deferred revenue

The above errors are not considered intentional and in addition, they are not considered

material and were unlikely to result in a material mistatement of the financial statements.

The revenue recognition problems has prompted the IASB and FASB to publish an exposure

draft.

Revenue recognition has been identified as a significant risk and adequate audit

procedures has been designed in .

Revenue recognition has been identified as a significant risk and adequate audit

procedures has been designed in .

The accounting policies has been reviewed as part of our tie-in of the notes. The acocunting

policy appears to be inline with IFRS.

As a result of the potential listing, the audit has been classified as greater than normal.

Revenue has been identified as a significant risk and adequate audit procedures has been

designed in .

We have identified these as significant risks and adequate audit procedures has been

designed in .

We have identified these as significant risks and adequate audit procedures has been

designed in .

None noted.

Comments t/m




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Revenue recognition



1812: 9/37Please refer to where discussions held with management (Lesley Mills - Head of Group Financial Reporting) has been documented.

Please refer to where discussions held with management (Lesley Mills - Head of Group

Financial Reporting) has been documented.





Comments t/m

Please refer to where discussions held with those charged with governance (Marlisa

Harris - Group CFO) has been documented.

Please refer to where discussions held with those charged with governance (Marlisa

Harris - Group CFO) has been documented.



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Revenue recognition



1812: 10/37PRELIMINARY ANALYTICAL REVIEWS

Materiality 10,000,000

1 Obtain an understanding of the risk of fraud relating to revenue recognition by looking at the following preliminary analytical and information:

Note: Complete the white cells with the relevant information and then evaluate the results.

# Revenue stream Type of revenue stream

1 Monthly access Revenue from services rendered

2 Usage airtime Revenue from services rendered

3 Interconnect - local Revenue from services rendered

4 Interconnect - international Revenue from services rendered

5 Roaming Revenue from services rendered

6 SMS Revenue from services rendered

7 Commercial payphones Revenue from services rendered

8 Traffic - wholesale Revenue from services rendered

9 Traffic - retail accounts Revenue from services rendered

10 Bandwidth Revenue from services rendered

11 Phonecards Revenue from services rendered

12 Service fees Revenue from services rendered

13 Product support and maintenance Revenue from services rendered

14 Commission Revenue from services rendered

15 Equipment sales Revenue from sale of goods

16 Sim cards Revenue from services rendered

17 POS sales Revenue from services rendered

18 Sales discounts Revenue from services rendered

19 Data (internet) Revenue from services rendered

20 VSAT Revenue from services rendered

21 Fibre Revenue from services rendered

22 IP Transit Revenue from services rendered

23 Other Revenue from services rendered

TOTAL REVENUE

As per revenue per Preliminary AR Difference

Revenue from services renderedRevenue from sale of goods

The auditor shall evaluate whether unusual or unexpected relationships that have been identified in performing analytical procedures, including those related to revenue accounts, may indicate risks of material misstatement due to fraud. [ISA 240.22]


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Obtain an understanding of the risk of fraud relating to revenue recognition by looking at the following preliminary analytical and information:

Materiality

CY revenue

balance% of total

PY revenue

balance% of total CY > Materiality

Increase/

(decrease)

from PY

10,226,229 1% 9,010,540 1% Yes 1,215,689

499,224,919 60% 392,455,102 62% Yes 106,769,817

46,289,797 6% 44,195,029 7% Yes 2,094,768

278,345 0% 221,624 0% No 56,721

9,579,663 1% 9,747,845 2% No -168,182

49,651,116 6% 54,242,758 9% Yes -4,591,642

380,897 0% 151,851 0% No 229,046

124,343,699 15% 102,372,577 16% Yes 21,971,122

150,102 0% 173,373 0% No -23,271

3,974,488 0% 9,484,811 2% No -5,510,323

310,312 0% 1,121,998 0% No -811,686

265,569 0% 74,701 0% No 190,868

2,193,830 0% 1,291,371 0% No 902,459

162,622 0% 139,266 0% No 23,356

591,771 0% 996,091 0% No -404,320

2,947,010 0% 3,280,277 1% No -333,267

5,998,207 1% 3,261,760 1% No 2,736,447

5,998,207 1% (38,450,083) n/a No 44,448,290

29,320,062 4% 9,909,950 2% Yes 19,410,112

2,089,575 0% - n/a No 2,089,575

2,160,719 0% - n/a No 2,160,719

3,410,980 0% - n/a No 3,410,980

30,023,739 4% 25,935,347 4% Yes 4,088,392

829,571,858 100% 629,616,188 106%

-775,331,017 !54,240,841

828,980,087 [Formula]591,771 [Formula]


Revenue changes


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Movement % t/m

13%

27% {b}

5%

26%

-2%

-8%

151%

21% {c}

-13%

-58% {d}

-72%

256%

70%

17%

-41%

-10%

84%

-116%

196% {e}

0%

0%

0%

16%



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Revenue recognition



1812: 13/37UNDERSTANDING THE REVENUE FLOW OF TRANSACTIONS

# Revenue stream

1 Monthly access

2 Usage airtime

3 Interconnect - local

4 Interconnect - international

5 Roaming

6 SMS

7 Commercial payphones

8 Traffic - wholesale

9 Traffic - retail accounts

10 Bandwidth

11 Phonecards

12 Service fees

The practitioner needs a detailed understanding of the different revenue transaction types, related accounting policies and the process followed to initiate, authorise, record, review and disclose the various revenue transactions.

Perform an assessment of each revenue stream against relevant Accounting pronouncements (IAS 18, IAS 11, IAS 39, IFRS for SME's, GRAP 9, GRAP 11, GRAP 23, GRAP 104) definitions and criteria to assess if there is compliance with the accounting standards and how and when revenue is being recognised.


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Revenue recognition



1812: 14/3713 Product support and maintenance

14 Commission

15 Equipment sales

16 Sim cards

17 POS sales

18 Sales discounts

19 Data (internet)

20 VSAT

21 Fibre

22 IP Transit

23 Other


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Reference to understanding




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Revenue recognition



1812: 16/37


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Document the relevant accounting policy applied by the

entity based on understanding and prior year

knowledge

Assessment against relevant framework

TAB This will be tested at Component level and any issues

identified will be reported to the group audit team.


























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Revenue recognition



1812: 18/37 TAB This will be tested at Component level and any issues identified will be reported to the group audit team.






















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Is the accounting policy

in line with the relevant

framework?

Included significant risk

on tab

Yes Yes

Yes Yes

Yes Yes

Yes Yes

Yes Yes

Yes Yes

Yes Yes

Yes Yes

Yes Yes

Yes Yes

Yes Yes

Yes Yes




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Revenue recognition



1812: 20/37Yes Yes

Yes Yes

Yes Yes

Yes Yes

Yes Yes

Yes Yes

Yes Yes

Yes Yes

Yes Yes

Yes Yes

Yes Yes


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Revenue recognition



1812: 21/37PINPOINTING THE RISK OF FRAUD RELATING TO REVENUE RECOGNITION

Approach

1

23

[Link] [Link]

Revenue Streams Amount Material?

Revenue from sale of goods 591,771 No

For each material revenue stream, consider and identify the significant risk(s) of material misstatement due to fraud, in the following table. Link each significant risk to the relevant assertion(s).

If the audit team has not identified a significant risk related to a revenue stream, we should document the reasons and evidence to support our conclusions. [ISA 240.47]

Note: A filter can be used to display only material revenue streams by selecting "Yes" in C11 once tab has been completed.For each significant risk that has been identified, determine if there is a mitigating control and test the design and implementation of the control.Is the control identified sufficient (direct and precise enough) to place reliance for testing the operating effectiveness of the control and reducing the extent of substantive procedures?

If YES, perform the applicable level of substantive analytical procedures (DAAM 5200) or substantive test of details (DAAM 5410).

If NO, perform specifically responsive tests, including tests of details to address the significant risk. (ISA 330.21)

Revenue from services rendered 828,980,087 Yes


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Revenue recognition



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Is there a significant risk

related to revenue stream?

No






Step 1

Yes


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Revenue recognition



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Description of significant risk /

Document reasons why no significant risk related to revenue recognition has been identified

Accuracy of tarrifs - Certain tariffs loaded on the system are not in accordance with the agreed

tariffs. The audit team should compare the agreed tariffs to the system tariffs and the related

impact on revenue.

Revenue recognition - Audit teams should consider the inappropriate / premature / incomplete

recognition of revenue.

Audit teams should consider the inaccurate revenue and deferred revenue computations.

Revenue recognition - Assess that the revenue has been correctly recorded in terms of IFRS for each

significant revenue stream. Also assess the exitance of multi deliverable contracts, and the

appropriate accounting treatment for these contracts.

Interconnect revenue - Audit teams should consider the accounting treatment and net-off of

international interconnect revenue with cost of sales.

Interconnect revenue (Zimbabwe) - Audit teams should consider:

- The validity of the revenue post non payment by other operators

- the accuracy of the receivables balance

- the allowability of the tax deduction

Completeness of switch data - Ensure that revenue from the swithch is recorded in the billing system

Significant portions of the revenue are related party transactions and needs to be eliminated on

consolidatilon

No significant risks related to revenue recognition has been identifed as it is unlikely that material

mistatements will occur as the amount of total revenue from sale of goods is less than materiality of

USD 10 000 000 .






Step 1


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Step 2

Pinpoint risk to relevant

assertion(s)

Control identified that address

significant risk

Control sufficient

to result in OE?

Occurence

Cut off

Classification

Control activities will be identified

at component level

No

Occurence

Cut off

Classification


at component level

No

Occurence

Cut off

Classification


at component level

No

Occurence

Cut off

Classification


at component level

No

Occurance

Accuracy


at component level

No

Occurence

Completeness

Classification


at component level

No

Classification

Accuracy

Hyperion keeps a list of all the

related parties transactions and

eliminates them on consolidation

at component level

No

n/a n/a No






Step 1 Step 3


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Select the relevant response

Perform specifically responsive tests to address significant

risk


risk


risk


risk


risk


risk


risk


risk






Step 3


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Ref to testing

Testing will be performed at component level and any issues will be

reported to Group auditors. The impact of these issues will be assessed

at Group level.



at Group level.



at Group level.



at Group level.



at Group level.



at Group level.Testing will be performed at component level and any issues will be


at Group level.

Intercompany matrix will be obtained that will include all the

intercompany amounts and we will ensure that all the intercompany

transactions agree to the signed packs and that all the intercompany

amounts are eliminated

Step 3


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Revenue recognition

The main categories of revenue and bases of recognition for the group are:

Contract products

Connection feesRevenue is recognised on the date of activation.

Access chargesRevenue is recognised in the period to which it relates.

Contract products continued

AirtimeRevenue is recognised on the usage basis.

Telephone and leased line rentalsRevenue is recognised on an accrual basis.

Metered callsRevenue is recognised on the usage basis

Pre-paid productsAirtime

Starter packsRevenue is recognised on the date all risks and rewards associated with the starter-packs are transferred to the purchaser.


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Revenue recognition



1812: 29/35Internet services

SubscriptionsSubscriptions revenue is recognised on a straight-line basis over the period to which it relates.

ServicesRevenue is recognised on the accrual basis in accordance with the substance of the agreement.

Automated transaction services

Software and hardware salesRevenue is recognised when goods are delivered and ownership has passed.

Service revenuesRevenue is recognised on the accrual basis in accordance with the substance of the agreement.

Other revenue and income

Other salesRevenue is recognised on the date all risks and rewards associated with the sale are transferred to the purchaser.


Interest income

Dividend incomeDividend income from investments is recognised when the shareholders rights to receive payment have been established.


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Revenue recognition



1812: 30/35Please note:

The following Accounting policy has been obtained from prior years workingpapers in which the group accounting policies

were disclosed in line with that implemented by companies in the EWG Group.

Inspected the current year annual financial statements and noted that the revenue policy are consistent with the prior year

Revenue recognition

Revenue, which excludes sales taxes, cash discounts and sales between group companies, represents the invoiced value of

goods and services supplied by the group. The group measures revenue at the fair value of the consideration received or

receivable. Revenue is recognised only when it is probable that economic benefits associated with the transaction will flow to

the group and the amount of revenue and associated costs incurred, can be measured reliably. If necessary, revenue is split

into separately identifiable components.

The Group operates a Bonus Points customer loyalty program in which its subscribers earn points for particular activity on

the Groups network. The bonus points accumulated by subscribers can then be redeemed in exchange for free products,

subject to a minimum number of points being obtained.

The Group accounts for award points as a separately identifiable component of the sales transaction in which they are granted

and the fair value of the consideration received from the customer is allocated between the award points and other

components of the sale. The fair value of the award points is determined by applying a statistical analysis but is deferred and

recognised as revenue only when the points are redeemed and the Groups obligations have been fulfilled.

The main categories of revenue and bases of recognition for the group are:

Contract products

Connection feesRevenue is recognised on the date of activation.

Access chargesRevenue is recognised in the period to which it relates.

Contract products continued

AirtimeRevenue is recognised on the usage basis.

Telephone and leased line rentalsRevenue is recognised on an accrual basis.

Metered callsRevenue is recognised on the usage basis

Pre-paid productsAirtime

Revenue is recognised when a customer utilises the airtime, at which point the risks and rewards have been transferred. Upon

purchase of an airtime voucher the customer receives the right to make outgoing voice calls and to use the short message

service to the value of the voucher. Revenue is deferred until such time as the customer uses the airtime, or the credit expires.

Starter packsRevenue is recognised on the date all risks and rewards associated with the starter-packs are transferred to the purchaser.


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Revenue recognition



1812: 31/35Internet services

SubscriptionsSubscriptions revenue is recognised on a straight-line basis over the period to which it relates.


Automated transaction services

Software and hardware salesRevenue is recognised when goods are delivered and ownership has passed.

Service revenuesRevenue is recognised on the accrual basis in accordance with the substance of the agreement.

Other revenue and income

Other salesRevenue is recognised on the date all risks and rewards associated with the sale are transferred to the purchaser.


Interest incomeInterest income is accrued on a time basis, by reference to the principle outstanding and at the effective interest rate

applicable, which is the rate that exactly discounts estimated future cash receipts through the expected life of the financial

Dividend incomeDividend income from investments is recognised when the shareholders rights to receive payment have been established.


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Revenue recognition



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Assertion

1. Occurrence

2. Completeness

3. Accuracy

4. Cut-off

5. Classification

1. Existence

2. Rights and obligations

3. Completeness

4. Valuation and allocation

1. Occurrence and rights and obligations

2. Completeness

3. Classification and understandability

4. Accuracy and valuation

Acc

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nt

bal

ance

sC

lass

es

of

tran

sact

ion

sP

rese

nta

tio

n a

nd

dis

clo

sure


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Revenue recognition



1812: 33/37Target Source Ref Source Document Name(775,331,017) (775,331,017) Perform Preliminary Analytical Procedures1610


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Revenue recognition



1812: 34/37Agree!


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Revenue recognition



1812: 35/37

Tickmarks

{b}

{b}

{c}

{c}

{d}

{d}

{e}

{e}

As per discussion with Lesley Mills (Head of Group Financial Reporting), usage airtime

has increased mainly as a result of an increase in Econet Wireless Zimbabwe Ltd

revenue of USD104 million. Corroborated by inspection of the key indicators for

February 2012 and noted the following:

> number of subscribers connected increased from 5 509 988 (2011) to 6 409 480

(2012) (increase of 16%)

> number of active subscribers increased from 4 800 773 (2011) to 5 576 775 (2012)

(increase of 16%)

Therefore, accept the revenue increase of 26% as reasonable.

As per discussion with Lesley Mills (Head of Group Financial Reporting), the increase of

USD21.9 million relate to an increase in Liquid as a result of an increase in the total

traffic carried by the company as evidenced by the total increase in minutes for the

current year at 539 532 628 (total minutes).

Therefore, accept therevenue increase of 21% as reasonable.

As per discussion with Lesley Mills (Head of Group Financial Reporting), due to the

expansion of fibre optic capacity in Zimbabwe, as noted in tickmark {e}, this has

resulted in a decrease in Bandwidth revenue as fibre optic cables represents a faster

mode of communication and a better product in comparison to Bandwidth

communication. This is inline with our expectations and can be accepted as reasonable.

As per our knowledge and understanding of the business, Liquid has increased in

capacity by expanding its fibre optic cables in Zimbabwe. This has resulted in an

increase of USD19 million. As per discussion with Lesley Mills (Head of Group Financial

Reporting), revenue has increased substantially from September 2011 onwards due to

the increase in capacity. Accept as reasonable.


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Documents

Revenue Recognition3