T2IB03355 Clover_S1.indd

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Annual financial statements Following the review by the committee of the consolidated and separate annual financial statements of Clover Industries Limited for the year ended 30 June 2012, the committee is of the view that they fairly present, in all material aspects, the financial position at that date and the results of operations and cash flows for the year then ended, in accordance with International Financial Reporting Standards and the requirements of the Companies Act. The committee has satisfied itself of the integrity of the remainder of the Integrated Annual Report. Having achieved its objectives for the financial year, the committee has recommended the annual financial statements and Integrated Annual Report for the year ended 30 June 2012 for approval to the Clover Industries Limited Board. The Board has subsequently approved the financial statements, which will be open for discussion at the forthcoming Annual General Meeting. On behalf of the committee Tom Wixley Chairman of the Audit and Risk Committee/Voorsitter van die Oudit- en Risikokomitee Date: 6 September 2012 Finansiële jaarstate Nadat die komitee die gekonsolideerde en afsonderlike finansiële jaarstate van Clover Industries Beperk vir die jaar geëindig 30 Junie 2012 nagegaan het, is die komitee van mening dat dit, in alle wesenlike opsigte die finansiële posisie op daardie datum, en die resultate van bedrywighede en kontantvloei vir die jaar wat op daardie datum geëindig het, in ooreenstemming met “International Financial Reporting Standards” en die vereistes van die Maatskappywet redelik weerspieël. Die komitee het homself vergewis oor die integriteit van die res van die Geïntegreerde Jaarverslag. Nadat sy doelwitte vir die finansiële jaar behaal is, het die komitee goedkeuring van die finansiële jaarstate en Geïntegreerde Jaarverslag vir die jaar geëindig 30 Junie 2012 deur die Direksie van Clover Industries Beperk aanbeveel. Die Direksie het vervolgens die finansiële state goedgekeur, en dit sal oop wees vir bespreking by die komende Algemene Jaarvergadering. Namens die die komitee Oudit- en Risikokomitee se verslag Clover Geïntegreerde Jaarverslag 2012 – 91
Approval of the fi nancial statements The Directors are required by the Companies Act 2008 to maintain adequate accounting records and to prepare fi nancial statements for each year which fairly present the state of aff airs of the Company and the Group at the end of the fi nancial year and of the profi t and cash fl ows for the period. In preparing the accompanying fi nancial statements, International Financial Reporting Standards have been followed, suitable accounting policies have been used and applied consistently, and reasonable and prudent judgements and estimates have been made. Any changes to accounting policies are approved by the Board and the eff ects thereof are fully explained in the annual fi nancial statements. The fi nancial statements incorporate full and responsible disclosure. The directors acknowledge that they are ultimately responsible for the system of internal fi nancial control established by the Group and place considerable importance on maintaining a strong control environment. To enable the Directors to meet these responsibilities, the board sets standards for internal control aimed at reducing the risk of error or loss in a cost-effective manner. The standards include the proper delegation of responsibilities within a clearly defined framework, effective accounting procedures and adequate segregation of duties to ensure an acceptable level of risk. These controls are monitored throughout the Group and all employees are required to maintain the highest ethical standards in ensuring the group’s business is conducted in a manner that in all reasonable circumstances is above reproach. The focus of risk management in the Group is on identifying, assessing, managing and monitoring all known forms of risk across the Group. While operating risk cannot be fully eliminated, the group endeavours to minimise it by ensuring that appropriate infrastructure, controls, systems and ethical behaviour are applied and managed within predetermined procedures and constraints. The Directors are of the opinion, based on the information and explanations given by management and the internal auditors that the system of internal control provides reasonable assurance that the financial records may be relied on for the preparation of the consolidated and separate annual financial statements. However, any system of internal financial control can provide only reasonable, and not absolute, assurance against material misstatement or loss. The Directors have reviewed the Group and Company’s budget and cash flow forecast up to 30 June 2013. On the basis of this review and in the light of the current financial position and existing borrowing facilities, the Directors are satisfied that CIL is a going concern and have therefore continued to adopt the going-concern basis in preparing the financial statements. 92 – Clover Integrated Annual Report 2012 The Group’s external auditors, Ernst & Young Inc., have audited the financial statements and their unqualified report appears on page 94. The consolidated and separate annual financial statements, set out on pages 96 to 197, which have been prepared on the going concern basis, were approved by the Board of directors on 6 September 2012 and were signed on their behalf behalf by: John Bredin Johann Vorster Vorster Chairman Chief Executive Certifi cate by Secretary – (in terms of Section 89(4) of the Companies Act) T he Secretary of Clover Industries Limited, Hermanus Bernardus Roode, certifi es that Clover Industries Limited has complied with all the requirements of the Companies Act and more specifi cally that all such returns as required by a public company in terms of the Companies Act 2008, as amended, have been lodged with the Registrar of Companies and that such returns are true, correct and up to date and that a copy of these annual fi nancial statements was sent to every person who is entitled thereto in terms of the Act. Hermanus Roode Secretary 6 September 2012
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