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BUSINESS MODEL
AND STRATEGIC
OBJECTIVES
LEADERSHIP
GOVERNANCE
OPERATING
PERFORMANCE
SHAREHOLDERS’
INFORMATION AND
ADMINISTRATION
FINANCIAL
PERFORMANCE
BLUE LABEL INTEGRATED ANNUAL REPORT 2014
105
STATEMENT OF DIRECTORS’ RESPONSIBILITY
The directors are responsible for the maintenance of adequate accounting records and the preparation, integrity
and fair presentation of the Group and Company financial statements of Blue Label Telecoms Limited. The financial
statements have been prepared in accordance with International Financial Reporting Standards (IFRS) and the
requirements of the Companies Act, No 71 of 2008.
The directors consider that having applied IFRS in preparing the Group and Company financial statements they have
selected the most appropriate accounting policies, consistently applied and supported by reasonable and prudent
judgements and estimates, and that all IFRS statements that they consider to be applicable have been followed.
The directors are satisfied that the information contained in the Group and Company financial statements fairly
presents the results of operations for the year and the financial position of the Group at year-end. The directors also
prepared the other information included in the Group and Company financial statements and are responsible for
both its accuracy and its consistency.
In addition, the directors are responsible for the Company’s system of internal financial control. This is designed to
provide reasonable, but not absolute, assurance as to the reliability of the financial statements, and to adequately
safeguard, verify and maintain accountability of the assets, and to prevent and detect misstatement and loss.
Nothing has come to the attention of the directors to indicate that any material breakdown in the functioning of
these controls, procedures and systems has occurred during the year under review.
The Group and Company financial statements have been prepared on the going concern basis, since the directors
have every reason to believe that the Group and Company have adequate resources in place to continue in
operation for the foreseeable future, based on forecasts and available cash resources. These Group and Company
financial statements support the viability of the Group and Company.
The Group and Company financial statements have been audited by the independent auditors, PricewaterhouseCoopers
Inc., who were given unrestricted access to all financial records and related data, including minutes of all meetings of
shareholders, the board of directors and committees of the Board. The directors believe that all representations made to
the independent auditors during their audit are valid and appropriate.
APPROVAL OF THE FINANCIAL STATEMENTS
The financial statements which appear on pages 112 to 255 were produced and approved by the board of directors
on 19 August 2014 and are signed on their behalf by:
LM Nestadt
DA Suntup
Non-executive Chairman
Financial Director
BM Levy
MS Levy
Joint Chief Executive Officer
Joint Chief Executive Officer