Mustek is a public company incorporated and domiciled in South Africa. The main business of Mustek, its subsidiaries, joint ventures and associates is the assembling, marketing and distribution of Information Communication Technology (ICT) products and services.
Basis of preparation
The unaudited condensed financial information for the period ended 31 December 2016 has been prepared in accordance with the framework concepts and measurement and recognition requirements of International Financial Reporting Standards (IFRS), the SAICA Reporting Guides as issued by the Accounting Practices Committee and Financial Reporting Pronouncements as issued by the Financial Reporting Standards Council, the information at a minimum required by IAS 34 Interim Financial Reporting, the Listings Requirements of the JSE Limited (JSE) and the requirements of the Companies Act of South Africa. This set of condensed financial information, which is based on reasonable judgements and estimates, have been prepared using accounting policies that comply with IFRS. These are consistent with those applied in the audited consolidated financial statements for the year ended 30 June 2016.
The directors take full responsibility for the preparation of this condensed report. Any reference to future nancial performance included in this announcement has not been reviewed or reported on by the company’s auditors.
Fair value measurement of financial instruments
Fair value measurements of financial assets and liabilities are analysed as follows:
• Level 1 fair value measurements are those derived from quoted prices (unadjusted) in active markets for identical assets or
• Level 2 fair value measurements are those derived from inputs other than quoted prices included within Level 1 that are
observable for the asset or liability, either directly (ie as prices) or indirectly (ie derived from prices); and
• Level 3 fair value measurements are those derived from valuation techniques that include inputs for the asset or liability that are not based on observable market data (unobservable input).