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Report of the independent auditor on the summarised group annual financial statements

To the members of Media24 Holdings Proprietary Limited

The summarised consolidated and separate financial statements, which comprise the summary condensed consolidated and separate statement of financial position as at 31 March 2015, and the summary consolidated and separate statements of comprehensive income and cash flows for the year then ended, were derived from the audited consolidated and separate financial statements of Media24 Holdings Proprietary Limited for the year ended 31 March 2015. We expressed an unmodified audit opinion on those consolidated and separate financial statements in our report dated 19 June 2015. Our auditor’s report on the audited consolidated and separate financial statements contained a paragraph, “Other reports required by the Companies Act” (refer below).

The summary consolidated and separate 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 and separate financial statements, therefore, is not a substitute for reading the audited consolidated and separate financial statements of Media24 Holdings Proprietary Limited.

Directors’ responsibility for the summary consolidated financial statements

The company’s directors are responsible for the preparation of a summary of the audited consolidated and separate financial statements in accordance with the requirements of the Companies Act of South Africa as applicable to summary financial statements and for such internal control deemed necessary by the directors to compile financial statements free from material misstatements, whether due to fraud or error.

Auditor’s responsibility

Our responsibility is to express an opinion on the summarised consolidated and separate annual 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 and separate financial statements derived from the audited consolidated and separate financial statements of Media24 Holdings Proprietary Limited for the year ended 31 March 2015 are consistent, in all material respects, with those consolidated and separate financial statements, in accordance with the requirements of the Companies Act of South Africa as applicable to summary financial statements.

The “Other reports required by the Companies Act” paragraph in our audit report dated 19 June 2015 states that as part of our audit of the consolidated and separate financial statements for the year ended 31 March 2015, we have read the directors’ report and the audit committee’s report 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 “Other reports required by the Companies Act” paragraph states that, based on reading these reports, we have not identified material inconsistencies between these reports and the audited consolidated and separate financial statements. The paragraph furthermore states that we have not audited these reports and accordingly do not express an opinion on these reports. The “Other reports required by the Companies Act” paragraph does not have an effect on the summary consolidated and separate financial statements or our opinion thereon.

PricewaterhouseCoopers Inc.
Director: H Zeelie

Registered auditor

Cape Town, South Africa
19 June 2015