Reliance and Impact on Key Capitals
Governance and Leadership
Statutory approvals and reports
Group financial statements
Company financial statements
Directors’ Statement of Responsibility and approval
OF THE ANNUAL FINANCIAL STATEMENTS
The directors are responsible for the preparation and integrity of the annual financial statements of the company and the group, which have been prepared in accordance with International Financial Reporting Standards, the Companies Act, No 71 of 2008, as amended, and the JSE Listing Requirements, under the supervision of the Chief Financial Officer, Mr D A Austin CA (SA).
In preparing the annual financial statements, the company and the group have used appropriate accounting policies, supported by reasonable and prudent judgement and estimates, and have complied with all applicable accounting standards. The directors are of the opinion that the annual financial statements fairly present the financial position of the company and the group at 31 December 2015, the results of its operations and cash flows for the year then ended. The directors have considered the group's past results, expected future performance and reasonable changes thereto, and access to its funding, material and other resources, and are of the opinion that the company and the group will continue as a going concern.
The directors are responsible for the systems of internal control. These are designed to provide reasonable, but not absolute, assurance as to the reliability of the annual financial statements, to adequately safeguard, verify and maintain accountability of assets, and to prevent and detect material misstatement and loss.
Based on the results of a formal documented review of Hulamin's system of internal controls and risk management by the internal audit function during the year, the information and explanations given by management and the comment by the independent auditors on the results of their statutory audit, nothing has come to the attention of the directors which indicates that, in all material aspects, Hulamin's system of internal controls and risk management is not effective and that the internal financial controls do not form a sound basis for the preparation of reliable annual financial statements. The opinion of the directors is supported by the group's Audit Committee.
The company's independent external auditors, PricewaterhouseCoopers, have audited the annual financial statements and their unqualified report appears on here.
The annual financial statements as set out here were approved by the board of directors on 19 February 2016 and are signed on its behalf by:
|Mafika Mkwanazi||Richard Gordon Jacob|
|Chairman||Chief Executive Officer|
19 February 2016