Independent auditor's report
Independent auditor’s report on summary consolidated financial statements to the shareholders of Illovo Sugar Limited
The accompanying summary consolidated financial statements of Illovo Sugar Limited, which comprise the summary consolidated statement of financial position as at 31 March 2015, the summary consolidated statements of comprehensive income, summary consolidated changes in equity and summary consolidated cash flows for the year then ended, and related notes, are derived from the audited consolidated financial statements of Illovo Sugar Limited for the year ended 31 March 2015. We expressed an unmodified audit opinion on those consolidated financial statements in our report dated 21 May 2015. Our auditor’s report on the audited consolidated financial statements contained an Other Matter paragraph, “Other reports required by the Companies Act” (included below).
The summary consolidated financial statements do not contain all the disclosures required by International Financial Reporting Standards and the requirements of the Companies Act of South Africa as applicable to annual financial statements. Reading the summary consolidated financial statements, therefore, is not a substitute for reading the audited consolidated financial statements of Illovo Sugar Limited.
Director’s responsibility for the summary consolidated financial statements
The directors are responsible for the preparation of the summary consolidated financial statements in accordance with the framework concepts, and the measurement and recognition requirements of International Financial Reporting Standards and the requirements of the Companies Act of South Africa, set out in note 1 to the summary consolidated financial statements, and for such internal control as the directors determine is necessary to enable the preparation of the summary consolidated financial statements that are free from material misstatement, whether due to fraud or error.
Auditor’s responsibility
Our responsibility is to express an opinion on the summary consolidated financial statements based on our procedures, which were conducted in accordance with International Standard on Auditing (ISA) 810, Engagements to Report on Summary Financial Statements.
Opinion
In our opinion, the summary consolidated financial statements derived from the audited consolidated financial statements of Illovo Sugar Limited for the year ended 31 March 2015 are consistent, in all material respects, with those consolidated financial statements, in accordance with the conceptual framework and the measurement and recognition requirements of International Financial Reporting Standards and the requirements of the Companies Act of South Africa as applicable to summary financial statements.
Other reports required by the Companies Act
The “Other reports required by the Companies Act” paragraph in our audit report dated 21 May 2015 states that as part of our audit of the consolidated financial statements for the year ended 31 March 2015, we have read the Directors’ Report, the Audit Committee Report and the Company Secretary’s Certificate for the purpose of identifying whether there are material inconsistencies between these reports and the audited consolidated financial statements. These reports are the responsibility of the respective preparers. The paragraph states that, based on reading these reports, we have not identified material inconsistencies between these reports and the audited consolidated financial statements. The paragraph furthermore states that we have not audited these reports and accordingly do not express an opinion on these reports. The paragraph does not have an effect on the summary consolidated financial statements or our opinion thereon.
Deloitte & Touche
Registered Auditors
Per G C Tweedy
Partner
21 May 2015
Durban
National executive: L L Bam (Chief executive), A E Swiegers (Chief operating officer), G M Pinnock (Audit), D L Kennedy (Risk advisory and legal services), N B Kader (Tax), T P Pillay (Consulting), K Black (Client and industries), J K Mazzacco (Talent and transformation), C R Beukman (Finance), M Jordan (Strategy), S Gwala (Special projects), T J Brown (Chairman of the board), M J Comber (Deputy chairman of the board)
Regional leader: G C Brazier
A full list of partners and directors is available on request.
B-BBEE rating: Level 2 contributor in terms of the Chartered Accountancy Profession Sector Code
Member of Deloitte Touche Tohmatsu Limited