Directors' responsibility and approval
The directors of Barloworld Limited have the pleasure of presenting the consolidated annual financial statements for the year ended 30 September 2015.
In terms of the South African Companies Act 71 of 2008 the directors are required to prepare the consolidated annual financial statements that fairly present the state of affairs and business of the group at the end of the financial year, and of the profit or loss for that year. To achieve the highest standards of financial reporting, these annual financial statements have been drawn up to comply with International Financial Reporting Standards.
The annual financial statements comprise:
- Preparer of annual financial statements
- Independent auditors’ report
- Certificate by secretary
- Audit committee report
- Directors’ report
- the consolidated statement of financial position
- the consolidated income statement
- the consolidated statement of comprehensive income
- the consolidated statement of cash flows
- the consolidated statement of changes in equity
- notes
- accounting policies
The reviews by the chairman, the chief executive, the finance director and the detailed operational reports discuss the results of operations for the year and those matters which are material for an appreciation of the state of affairs and business of the company and of the Barloworld group.
On the recommendation by the audit committee, the directors considered and are satisfied that the internal controls, systems and procedures in operation provide reasonable assurance that all assets are safeguarded, that transactions are properly executed and recorded, and that the possibility of material loss or misstatement is minimised. The directors have reviewed the appropriateness of the accounting policies, and concluded that estimates and judgements are prudent. They are of the opinion that the annual financial statements fairly present in all material respects the state of affairs and business of the group at 30 September 2015 and of the profit for the year to that date. The external auditors, who have unrestricted access to all records and information, as well as to the audit committee, concur with this statement.
In addition, the directors have also reviewed the cash flow forecast for the year to 30 September 2016 and believe that the Barloworld group has adequate resources to continue in operation for the foreseeable future. Accordingly, the annual financial statements have been prepared on a going-concern basis and the external auditors concur.
The annual financial statements were approved by the board of directors and were signed on their behalf by:
DB Ntsebeza
Chairman
CB Thomson
Chief executive
DG Wilson
Finance director
Sandton
13 November 2015